The New York herald., 1921-02-13
BUY VACANT LAND Is
ADVICE OF REALTOR
Urges Those Of Moderate
Means to Regard 1t as Safest
of All Investments.
BY JOSEPH p. DAY.

There Is no question in my mind but
that the period OF readjustment which
business Is now going through will be
most beneficial to the real estate mar
ket and will make thousands OF con-
verts. For few months we had run
away" market for certain classes OF inn
proved properties. notably those OF resi-
Dental character. This activity was
not due to wild and uncalled for specu-
lation, but because an actual shortage
existed. To be sure. to-day the shortage
still exists. butt general business condi-
tons have had SOLDERING effect and
realty will, In my opinion, come through
the readjustment period better than any
other form OF investment.
Those who are the most loudly opti-
mistic in times Of prosperity, who disre-
gard all danger signals and words of ad-
vice are frequently the most pessimitic
when the market slackens down. Per-
sonally Il have always been,. and am to-
day. q stanch friend Of and believer
In real estate, but that does not mean
that prudence and Judgment must not be
exercised.
The best field for investment for the
man of moderate means, and I am re-
ferring to the man who has not enough
money to build home, is we'll located
good at the presentttime, because vacant
land has not Increased In value and a
rise should occur just as soon as build
Ing starts anew There are pitfalls in
the selection Of vacant land which must
be avoided. so my first advice Is to con-
suit good broker, one who has made a
study Of vacant property and can give
good, sound advice.
Generally speaking, the first thing to
consider Is the accessibility Of the sec
ton where the purchase is contemplated
and then the individual property offered.
1t Is important to study what the prob
able future of the section will be,
whether It Is zoned for business, residen-
tial purposes or Is otherwise restricted.
or, on the other hand. II il be in an unre-
stricted neighborhood.
The investor In real estate Is assured
that this sterling means of investment Is
not subject to tho violent fluctuations
which some other classes of securities
sometimes encounter. The owner Is his
own board of directors. which certainly
counts. If reasonable Judgment is used
in the selection of his purchase a profit
should be his, due to natural conditions.
1t must be kept In mind that the
amount OF available vacant real estate is
limited; also that the city of New York
Is ever increasing in population. BY fol-
lowing the trend of population, which in
reality means going along the lines of
transit. the chances of mistakes being
made are lessened. or course, as said
before, judgment must be used and ad-
VICE followed, and great care must be
taken that the initial amount paid for
the property is not excessive. BY fol-
lowing these simple rules the investment
should be profitable.
Vacant land has been kept down and
pushed down on account of our going
into the war, and after the war on ac-
count of the high cost of materials and
construction. II there are any signs at
all discernible at the present time they
point to the vacant lot market as one Of
the channels for keen speculation.
Take the man who buys with the idea
In mind of improving the site with a
home for his own occupancy. There are
two classes of houses which can be
erected without the outlay of an excess
sive sum, namely. the single family
house and the two family house. a part
of which can be rented and the income
return applied to the reduction OF his
overhead.
After having selected the property, a
good. sensible floor plan must be decided
upon. Mistakes are frequently made, es-
pecially In the two family houses, In
choosing some "freakish" plan, which,
while 1t may please the owner, is ,in-
desirable from the tenants standpoint
In building try to please the greatest
number of people and then the least
amount of difficulty will be experienced
in securing tenants over a period Of
years