New-York tribune., 1921-12-18
Both Sides
Learn Meaning
OF Fair Values
misunderstanding of Buyer
and Seller Has Not Helped
Suburban Market; West
chester to Have Good Year
By ]. Carlisle Peet

Vice-President of Ladd e Nichols
During the last year the country and
suburban realty situation has been in
the same unsettled condition which
was evident in practically every mar
ket. Vicinities have varied without
much relation. Certain suburban mar
kets have remained strongly active for
no very evident reason, while others
have failed completely. There has
been no rule of uniformity.
l have found, for instance, that the
market in nearby Connecticut, espe-
cially in Greenwich, has been continu-
ously active, sales in that field aver
aging very closely in Importance and
volume with those of the three years
preceding, though at substantially
lower price as rule. In Rye and
southern Westchester there has been
much more uncertainty, with smaller
properties holding their own we'll,
while in Long Island a far greater
quiet has prevailed, so far as the
North Shore is concerned. In this last
field several important sales have been
made during the year. The demand for
small residences has been fairly active.
The market in general throughout the
district has lacked the breadth of for
nler years.
Why Realty Should Be Good
1t would seem reasonable, however,
in summing up the situation to say
that while the readjustment has pro-
ceeded in realty just about as it has
in other lines, tho changes have taken
place with much more smoothness and
with less serious disturbance than in
most other directions. We believe that
this is due to two very important fac
tors. First, that the orgy of money
clude a very great amount of real
estate buying. Funds for homes are
now appearing. Second, that people in
general are learning to live in the
country and that the foundations for a
great wave of migration to the "com-
muting country" have been laid.
We are looking forward to a great
resumption of prosperity, based on a
fundamental soundness of the market.
The past year and a half have taught
owners to price their property fairly
and to accept fair offers. The market
is on a sound basis and for the first
time in many months just estimates
can be formed of the present and per-
Owners have done their share. The
problem has been transferred to the
buyers. And it is because buyers are
gaining confidence in conditions that
we look forward to a firmly grounded
prosperity. For the past year buyers
have been plentiful, but their ideas
have been distorted. For some cur
ious reason every man with money
has been obsessed with the idea that
he alone had saved, and that many
owners were in desperate straits and
would sell at any price he saw fit to
offer. AS matter of fact the financial
disasters fell for the most part on
people who had never done much saw
ing. Serious troubles were probably
least prevalent among tAe owners of
, properties ranging from $4,000 to
100000. The records Of foreclosure
sales bear out this assertion. The
class of owners whose country prop
critics range between the figures named
are the most conservative and sound
est members of the population.
Owners Are Not Making Sacrifices
The result of this is that the think
ing people who are now trying to buy
are pitted against equally sagacious
! people who wish to sell, but who have
no reason for sacrifice. Until now
| buyers have refused to recognize true
conditions and have been so addicted
to undertaking as to block all chance
of success. At the same time the ma
| jority of bids are all cash or almost
all cash, showing the great buying
power which underlies the market.
We believe that the situation is
Strengthening out and that the next
two months will see prosperous times
we'll under way. Buyers are dividing
into two classes. First, those whose
confidence has returned and who re-
alize that hundreds of houses on which
they have been underbidding are actu-
ally purchaseable at prices which are
perfectly reasonable for the long pull.
These people are beginning to buy
now, and are growing daily more nu-
merous and active. The second and
smaller class is composed of those who
believe that building prices will read
just more and who feel that the loss
which they are incurring through rent
will be made up for by the actual
building of their own homes a year or
two hence. These people, however, are
learning that land to-day is "buy,"
whether for future use or investment,
and their ranks are rapidly growing.
/ We, therefore, believe that with con-
ditions solidifying toward permanent
values, with great public realizing
this and daily becoming more CON
fident, and with strong faction of
lot and acreage buyers appearing, the
1922 business may be expected to outdo
anything for many years, notwith-
standing the records set up in the un-
healthy "boom" of two years ago.
---------o-----
Matlock, Riggs Estate at
Ridgefield, Sold to Society