The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1920-06-21
BY RONALD S. O'NEILL
n esI Estate Editor. wsshiagtoa Times


esi Estate Editor. wsshiagtos Times
Declaring as utterly false state
ments that the next few years will
witness the greatest auction sale OF
homes in the Districts history, wash
ington realtors summon as proof OF
their contention a most impressive
array Of facts.
Never before in the history OF
Washington have builders and own
ers demanded such a high initial pay
ment for homes as they have during
the past year or two. 1t is almost
impossible for the man with less than
$500 cash to buy a home. This con-
dition has prevailed since the begin
ming OF the war.
Not only have buyers been COM
PEELED to make a high cash payment
for their property, factor which al
ways induces a buyer to end-avor to
go through" with his purchase. but
the buyers have been protected on
every hand by the real estate dealers
in making the deferred payments.
READY TO AID DEFAULTERS.
Although sickness or other acciden.
tai causes have frequently caused
prospective buyers to run behind in
their payments on home, there has
always been a most general and gem
erous disposition on the part of WASH
ington realtors to provide some way
for these buyers TO work out on their
property.
Ben T. Webster. secretary OF Boss
e. Phelps, commenting on the reported
auction sales, said:
For ten years OF the existence OF
our firm Mr.. Boss has been building
houses. During that time We have
never had an auction sale OF any OF
the FIRMS houses, and to the best OF
my recollection there has never been
over two or three auction sales in
this office as a result OF sales made
directly by us. ] know OF two OF the
largest builders in this city who have
both told me that they have never
had sale by auction OF any OF their
houses"
SALES on SOUND BASIS.
When a real estate firm OF the
prominence of Boss '& Phelps can say
that in ten years business experience
IL has never had an auction sale OF
OF its properties because OF failure OF
the purchaser to complete his pay
ments. the evidence is pretty con-
elusive that real estate sales are on
very sound basis in Washington.
w. Gilbert Dent. OF Gardiner &
Dent, adds testimony to me statement
OF Mr. Webster. Mr.. Dent told me
this morning that in the past fifteen
years he has only known OF two or
three auction sales at the most of
property cold through his office.
Perhaps no one in Washington has
sold more homes on comparatively
small cash payments than has II. r.
Howenstein. The Howenstein firm
never has an auction sale. Mr.. How
epstein was unable to recall OF any
properties that he had sold during the
past FIVE years that have been turned
back to the firm to be sold at auction.
ONLY ONE AUCTION IN IL YEARS.
jesse II. Hedges, president OF
Hedges & Middleton. says:
IT have been selling real estate in
Washington for the past seventeen
years, and know of only one case in
all that time when house that was
sold on terms was sold at auction.
and that house then sold at auction
for more than the original cost"
Seven OF the most prominent real.
tors in Washington told me this morn
ing that II has been their unwilling
custom. during tho past two years,
to advise clients that Il was almost
useless for them to endeavor to buy
homes for less than 81. 900 cash. They
aid not like to do this they asserted,
but IL was necessary because OF the
high initial payments asked by both
builders and owners. because OF the
greatly increased cost OF construc-
ton
PEW SMALL PAYMENT SALES.
There L. little danger OF washing
ton homes becoming . glut on the
auction market during the asxt few
years. Only In rare and Isolated
cases have houses been sold on small