The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-05-14
FINDS CITY LOTS
IN GREAT DEMAND
Joseph P. Day Asserts Public
Will Buy II Inducements
Are Attractive.

! Due to exorbitant gents and the
general acuteness of the housing sit
uation throughout the country. homes
are in greater demand than ever be-
fore, according to Joseph p. Day, the
New York'auctioneer and real estate
deler, who 10 in Washington with his
| organization to take charge of the
auction sale of the Marshall Brown
Syndicate property. comprising ITO
building plots on and adjoining
Georgia avenue.
| Whenever the citizenship of this
country has been brought to the test
| IL has always been found that the
home owners of the country were the
bedrock upon which our liberties
rested" Mr.. Day declared, and for
this reason there has swept over the
4 country a sincere desire on the part
OF all good citizens to aid and encour-
age all men and women who desire to
secure homes OF their own"
STRONG AUCTION MARKET.
Mr.. Day predicted strong auction
market during 1921, particularly IN
unimproved property.
Before long thousands of houses In
and around the larger cities will
/ L, Il
for vacant lots, an element which has
been out of the market for long
time. There will be hundreds of
homes erected by private investors
fer their own occupancy and there
4 will be also many purchasers for this
class of city property for speculative
| purposes"
''The Park estate sale consisting of
about /, 200 lots located in the Astoria
\ section of Long Island City. New
York, which was conducted by me
last Saturday and Monday, and at
which sale the lots averaged about
1915 each, an aggregate OF S9sl.s5o
| indicated in a very positive manner
the existence of a real lot market"
The Park estate auction sale devel-
! ored an entirely new set of buyers
PEOPLE who are anxious to buy few
| lots for their homes. This auction
sale was the largest ever held in
Long Island City. and, as ! said. dem
onstrated beyond a doubt that there
Is a tremendous buying power In exist
epce at this time. which speaks well
for the development in the immediate
| future in our larger cities.
''One peculiar feature of this buy
ing power on the part of the public
is its unknown quantity. Every &C
| tive real estate man and banker in
| the country knows from contact with
! the public that an acute demand ex-
| lists for homes, but no one can tell
how far the public is able to go when
| it begins to buy"
BOUGHT LOTS FOR CASH.
This was clearly demonstrated In
recent sale conducted by me at
bridgeport, Conn. The Remington
Arms Company had a large Industrial
| pIant for which they had no further
Use after the war ended, and | sold IL
| for them, which left on their hanos
| 4O4 war workers homes and some -oo
vacant lots for which they had no
use After attempting to dispose OF
these houses and lots by private sale
methods. the company finally request
| ed me sell them at public auction
which / did for about 81 100000. the
| peculiar feature, however, in connec-
! ton with this sale illustrates the
| point | desire to make in that al
| though the sale ran over S1,5OO,Ooo,
the purchasers did not draw checks
fer their deposits. nor did they bor-
row money from the banks or from
any loaning institutions.
They paid in cash. which demon
strated that many thousands of dol
lars were hidden away under mat
II esses and other hiding places un-
known to bankers and other business
n en- to whom recourse is had for in