New-York tribune., 1920-05-02
Auction Market Has Tested
The Value of Real Estate
Buying Public Has Supported Public Selling as Never
Before; Owners Have Embraced Il as Cre,,
Liquidator; Profits Have Come to Tr,ds,.

park. suitable for business md ,...
Dental purposes, and it was the l,,
chance to buy lots on Broadway :.
PUBIC bidding, as the remainder Of Il,
frontage IN that thoroughfare had b.s,
disposed of at previous sales. m.
ssle was pronounced success. n.
average Of more than $500 a los -.
broadway locations was the best ev.,
obtained for 25-foot units, and y.
fected the stability of presen. .n.
future values in that world -t.ms;
highway.
Ziegler Sale Exploded Auction Theor.
The great sale of the rema;nde, ..
the suburban holdings of the Willisu
LlegIer estate, sold by me during thre,
Gays, November 8, 10 and IL, at n,
rate OF 100 lots an hour, as late ss n,
middle OF November, demonstrate. tbs
any number and variety of lots locatst
Wltnln the committing zone of Ne,
YORK could be sold at any time in Ii,
Fesey Street auction room when proo.
erly advertised and promoted. Nam
douotlng Ihomases questioned the VIII.
dom of offering widely scattered pros
ertles IN the suburban area on Sal.
urday and subsequent days, with
Sunday intervening. but the gratifyin,
results obtained proved that their theors
was wrong. Buyers came in drovs,
from Babylon, Brooklyn, Flushing. Tot.
tonvlile, y. y, and Linden, n j.. and
paid good prices for the miscellaneOu,
offerings. The magnet which broueh,
such an outpouring of buyers, and or,
when sellers might emulate WI,
pfoflt, was the announcement that Ii,
Wlillam Ziegler estate would furni,h
building loans to buyers I'D 10 60 ps,
cent of the value of the land and build.
ing. Many buyers took ADVANTAGE o.
the offer, with the result that hundred,
IF homes are now being built on LAM
winch would otherwise remain In
primitive state.
Why Not All-Year Market
Now that the Vesev Street sa!esroor
Is a forum tor real estate buyers. the.
Is no reason why lot selling should MOI
be maintained throughout the year. in
stead Of being confined 70 the summs:
months. The argument that prospec
i've purchasers cannot inspect The
property'to be sold during the wintsr
months is a fallacy which can essilf
be dlsproved, as many buvers come 10
the salesroom who know little abCu:
real estate and have never even seer
the lots TO be sold, and join in The
competitive bidding with others wnc
are better versed in the merits of .ss
properties which have been ADVERTISED
and rarely bid above the actual value /
1hls. Of course, is only possible when
sales are conducted under the direction
Of recognized auctioneer Of unim.
peachable standing, and one who er-
joys the confidence Of the public s;
large.
Real estate, like other commoditiss
IS regulated by the law of supply and
demand, and, taking that as a criterlor,
1t IS obvious that the long an1icips,ed
activity viii prevail for some time @
come. Never again, or at least Tor
generation. will the market suffer from
sn oversupply of housings. Neither +
the much predicted lowering Of build
ing construction near at hand.
With practically every section Of y.
suburban district linked up with RAPID
transit lines and most of the available
properties in the hands Of strong pro,
m motlng syndicates the buyer Of real
estate should watch the auction mar
ket with even closer scrutiny ths'
should the bidder for properties IN ne
most crowded city centers. Promoting
syndicates are in a position to hoa
their properties above the real marSs'
value and distribute them slowly g.
private sale, but suburban properly
tnat is offered at public auction ID
variabiy goes to the highest bidder