The New York herald., 1921-01-16
WESTCHESTER SEES
BUSY YEAR AHEAD
Brokers Are Optimistic and
look for No Great Price
Recessions.
BY cHAUNcEY n. GRIFFEy,

President OF ChduHoey B. GTiffen q CO.
The realty market during the pas-
year has been most unusual in many
respects. The beginning OF the yea
found the market most active with fewer
homes offered than under normal con-
ditions. Building costs were soaring
daily. with many building materials I'm
possible OF immediate delivery. There
were no homes available on a rental
basis and many who ordinarily would
have leased were compelled. in order
TO have q permanent home, to purchase.
These combined conditions made a most
active sales market from January to
September. and properties OF all types.
from the $1,000,00 estate to the modest
home, were readily saleable at fair fig
ures.
Many owners took advantage Of this
market and sold their homes. which they
had purchased or built previous to the
war, and on which they had a supposed
profit. anticipating that they would pur-
chase plot and again build. After OBJ
tanning building costs from legitimate
architects and builders they learned
with regret that they could not dupl-
cate what they had sold without taking
n terrific loss. In other words. the new
building costs were so far in excess
>
profit was more than doubly taken up
with the increase in the present day
construction costs.
On September the price OF building
materials began TO break from the peak
Of the high market. which was In May
and June. General depression in all
lines OF business and the stringency in
the mortgage field compelled a COM
plete revolution of the market, and the
last four months OF the year brought an
inactive selling situation. But, strange
as II may seem. there were practically
no decreases in prices asked earlier in
the year. with exception OF few cases
In each locality where exorbitant prices
had been asked during the active mar
ket
Building material prices have receded
from the peak OF the market i'm MAY
and June. but have not yet reached fig
ures which are as low as a year ago,
and IL seems the consensus OF opinion
that present prices must increase early
in the spring OF 1921 when building
again becomes active. This must be the
fact, as Westchester county Is short
thousands OF homes. due 10 lack OF
construction during the last five years,
and many who have anticipated con-
struction during the last year are hav-
Ing plans perfected and will start con-
struction early i'm 1921.
The labor situation is being given
careful consideration. During the year
1890 all skilled mechanics were in
creased on April and October /. and it
is now necessary to pay 50 a day for all
the Skilled trades. These wages. in the
opinion OF the building contractors, will
not be reduced because OF the amount
of contemplated work and the organ
ization of this labor.
We have sold millions OF dollars worth
OF Westchester county realty during tho
past fourteen years. and from this expc-
rience and the present general condf-
tions we cannot help but feel that now
is the opportune time for one 10 pur-
chase. feeling that in the early spring
there will be an active demand which
will absorb the greater part of the homes
now available and which will give the
proposed purchaser a more limited
| choice and save him the advance In
price which must take place.
The general. feeling OF the leading
Westchcster brokers is that 1921 win
be the banner year. Optimism prevails
and the pessimlst Is unheard Of