New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-01-04
BY Charles F. Neergaard
President, Garden City Developmem

President, Garde,, City Development
Corporation
From the real estate news angle the
announcement made last August, that
the Garden City Estates residential
colony in Nassau County, l.. l.. hae
been acquired in it's entirety by the
Garden City Development Corporation
was interesting.
OF far greater Importance, however
was the additional announcement that
the newly organized corporation woulc
Immediately erect number Of high
grade residences, to be sold for less
than $4,000 each.
This requirement of one of the larg-
est and best developed residential colo
MES In the suburban section of New
York, together with the announcement
Of an active building campaign, came
just at time when many persons were
seeking to purchase permanent homes
in preference to continuing as apart
ment tenants at constantly increasing
and abnormally high rentals.
This news came also at time when
house builders and home seekers had
about arrived at the decision that the
present high cost Of building is a con-
dition they must be prepared to face
for long time to come.
House Owners Can Name Price
This condition has been emphasized
since July J. by the increase of ap-
proXimately 30 per cent in the cost OF
building, and the end is not yet in
sight. Prices, in fact, are almost GER
tain to go to higher levels. The buyer
of to-day will be the seller Of to-mor-
row at substantial profit. That profit
is absorbed, however, when it comes
time to reinvest in another house Sell
ers are fortunate, indeed, If they "break
even" on their purchasers.
So few In number are the houses ia
be let that renting practically Is a
dead issue. The owners Of houses are
in a position, therefore, to demand al
most any price within reason. Even
under these conditions there are COM
paratively few houses available.
How has the average builder met the
situation arisen from high costs. an
abnormal demand and an inadequate
supply?
Some Builders Have Skimped
In many instances he has adopted
the policy Of sacrificing the quality of
the materials, the equipment, the deco
rations and the workmanship that go to
produce suburban home Of Equality"
one that Is fit to be occupied by per-
sons, Of discriminating taste, who in
purchasing a permanent home seek
comfort and safety of investment, not
gingerbread" effects or construction.
In following out this policy he has
not neglected to avail himself of the
opportunity to revise his price list
upward Jones pays the freight"
Not Garden City Way
Garden City Estates, established
twelve years ago on o sure and firm
foundation, is its own best protection
against the bad effects of the adoption
OF any such building policy. 1t would
DO suicidal for any builder to erect
otner than quality" house there,
where the 2oo or more residences
erected during the last twelve years,
and practically all occupied by their
owners, arc or an order to challenge
comparison with those of any other
suburban residential communitv Tho
physical attributes Of the colony ars
equally as fine and honest II il this
combination that places Garden Citv
Estates quite in class by itself.
There is but one way. however In
which the cost Of producing "uualitv,'
houses can be minimized.
This can be accomplished nv co-
operating closely with an experienced
and fully equipped organization Of
house builders. an organization TIM,
pays cash for its materials and couins
msnt and that buys direct from tke
producers IN sufficiently large ouanti-
t,es 70 make Il an object to sell 20
them. The came organization must ON
Ply only the highest class and most
SmalenS Labor. By thaaa msthoda. anS