Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-24
R|CHMOND's EXPANSION
SEEN IN HOUSING DEMAND
Enhancement in Realty Values
Next Spring Anticipated
by Dealers.
OTHERS LOOK FOR DECLINE
These Latter Base Conclusions on
Belief That building Materials,
In Common With Other Com.
moditics, VIII Take Drop.

Many Richmondcrs who are NOV
ing are'storing their household goods
and are taking furnished flats or
apartments or suits OF rooms, accord
ing to records of moving blanks
filled out for the police. under the law
requiring notice of change OF resi-
dcncc. This was revealed yesterday
through an averaging Of the records
tor six days.
During six days lGo moving blanks
were issued. or this number seventy
three persons sent their goods TO
storage. One day eighteen persons
moved. Thirteen Of them stored their
furniture. the report blanks show.
on another day forty-nvc moved. and
htteen made arrangements through
which they would not need furniture
on hand.
Last Monday thirty persons moved.
Tuesday thirty-onc moved. and eleven
Wednesday.
May He Underestimate.
Probably these figures are not an
accurate gauge on the situation. 1t
u possible. and even probable. that a
larger number OF persons than re-
corded have been forced to give up
their homes for more crowded quar-
tors doubled up" AZ the real estate
agents say. through the housing
shortage. Again. some OF the total
number who stored furniture prob
ABLY have left Richmond or decided
not to continue housekeeping because
OF other reasons than inability to get
suitable quarters here.
But II Is the contention OF the
Richmond realtors that this Is not the
case. They say that many persons
ar" doubling up" because they de-
apalr OF getting houses suitable for
their needs.
They say that hundreds OF persons
who arc seeking homes are unable TO
yet them because there are none TO
get.
Many Compelled to my.
Rental property is probably the
most sought and the Ecarcest. To
obtain J. house into which to move
many persons are compelled to buy.
They. naturally, must purchase prop
er;y which Ia for sale. Practically all
property offered on the market now Is
at present occupied by tenants. Few
persons are selling their homes. Only
persons who do not live here. or who
own several houses. purchased either
NJ an Investment or on speculation,
arc now Offering them for sale. or
course. there Is the usual minor drib-
bic OF small sales through dissatis-
faction with ncIghborhoods, Wills. be-
caIs. OF mortgages which owners
arc unable 20 meet. and there Is said
70 he a great lot OF this class now
ana other trivial reasons for sale,
bui most property offered Is that of
persons not actually having to sell.
hut who are holding it for 4 price.
Purchase OF rental property forces
the tenant to vacatc and either find
new quarters through purchase or
take an apartment.
\ negligible amount OF building
work is now In progress. compared
With tho housing needs OF the city:
at the same time. the population OF
Richmond is steadily increasing.
There Is some indication tina; real
estate will advance in price in the
%est and northern sections Of the
city. Agents are reticeHt about prop
c:ty elsewhere, at least about any
Few agents who declare property
VIII decline In the spring. Practical
is all Of them are positive that build
ing materials will be easier, the sup
ply more plentiful and the price much
better
II is this that has been one OF the
main factors in the iesi;ancy OF real
estate men 10 continue buiIdin.
been planning erection OF entire
blocks and sections have cancelled
work for the presnn, because OF the
L",ief that materials will be moro
reasonable next snring. Big reiuc-
tons are predicted by SOME realtors
and number OF important firms
are said to have suspended opera
tons for the present waiting for the
long-expected drop.
Many business men plainly say that
il would be foolish at the present
time. with chances OF decreased
prices very good. 10 tie up money
In expensive building materials,
which, within few months. may be
quoted much lower on the market.
II is claimed that n house, the cost
of which would be $500 now will
be erected next spring for $4,000.
Labor Is another factor. and it is
believed that help as we'll as ma
,erials will be more plentiful and can
be obtained at cheaper rates next
spring than now.
Men who claim that realty will fol
low the trend OF other investments
next spring and fall off several points
claim that the tight money market
VIII continue, and that it will be
necessary for many property owners
70 sacrifice their holdings in order to
get cash to meet obligations. This,
il is said. will start general de-
cline, which will tear down prices
and will add realty to other arti-
rlcs which nro said to be due to take