The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1921-01-29
PLAYING It SAFE
IN JOINT PURCHASE
Factors Which Should Not Be
Overlooked In Cooper
alive Enterprises.

panic seized the tenants In many
apartment buildings in this city re-
sardins the solution OF their housing
situation. The question was whether
or not they could renew leases falling
due and, II they could, whether or
not the increases in rent would be
within their means. The psychological
moment had then arrived which
turned the attention of the owners OF
many OF these buildings toward sell
ing their properties to their tenants.
How could this be done? Obviously
through the medium OF a joint owner
ship plan. called incorrectly In COM
mon parlance. cooperative owner
ship"
LOOK FOR THESE ESSENTIALS.
Let us see what are the essentials
OF a joint ownership building to be
erected for a group OF joint owners.
The skillful selection and purchase OF
the proper site; the knowledge TO
select the correct types of apartments
to be created; the layout OF the pro-
posed moor plans by a housing expert
with genius and wide experience
In solving these problems; the ability
to produce the building so economic
ally that. the apartments on compile
ton may be rented at a price under
market rates. and the abandonment
OF all factors OF cost which do not
add to practical and commercial sue
cess.
Only in exceptional cases should the
mortgage on the premises be In ex-
cess OF 80 per cent of cost; II should
be at as low an interest rate and for
as long a term as possible. with an
nual amortization Of as near per
cent as the earnings will permit. I'm
der these conditions the tenant-owne
can safely rely on q saving eQuiva-
lent to from IL per cent to Is per
cent per annum on the vestment.
The constructor of such an opera
ton should abandon any enterprise,
even though salable. which will not
conservatively show satisfactory saw
ings for the owners. Such contractor
must be content to take a modest
profit on the whole operation. giving
it's patrons in return the savings re-
Elected through quantity production,
and finally. until this type Of owner
ship is a matter of universal knowl-
edge and practice. ready with q corps
of efficient statesmen to sell at estab.
lished commission rates. the invest
ments OF those who may desire to dis
pose OF their holdings.
SIMPLICITY NECESSARY.
As to exteriors. the best standards
should be followed. which will give
the architectural effect through lines
and proportions rather than through
the employment of expensive orna-
ment alton. In these buildings there
should be no opportunity for the dis
play in the exterior design OF the
vanities, mistakes, vagaries or hob
bies of any one.
The interior should be Spartan In
simplicity and generous In cupboard
and closet provision, SO dear to the
housewife; practical in It's Kitchen
equipment, free from dark holes ana
long corridors. having good sized
rooms, with ready accessibility from
one part to another. The introduc-
ton of light and air should be fore
most in the mind of the designer.
The occupant should be left free.
after having been given a perfectly
comfortable "move-in" proposition, to
the premises at his own expense and
not BY the contributions of his CO.
associates.
The cost OF procuring and running
a private residence In n similar loca-
ton and with the same area 10 far In
excess of that OF a joint ownership
building. but the ease Of living in a
joint ownership building is Its great
est claim. Freedom from the furnace
man, Waterman, snow shoveler, care
taker, tinsmith, plumber; a thousand
other Nightmares of this character
annexed to the individual house, nit
through ones mind.
FIELD ALMOST UNLIMITED.
A we'll organized joint ownership
building always holds a title insur-
ance policy for full value Of its prop
erty, its accounts are usually kept
and audited by responsible trust
company, and therefore a dependable
examination of it's title and financial
affairs can quickly be made, so that
transfer of a block of it's stock 10
simple as compared with a transfer OF
title to real estate.
This class Of ownership makes for
comfort, ease and economy in living
conditions. and Is bound to become
deservedly moro popular when better
understood and executed with busi-
ness judgment and integrity. 1t lends
itself with equal facility and advan-
tage to suburban Developments.
The field then for activity in this
line should practically be unlimited.
The results cannot fail to be satisfac-
tory II the methods employed do not
violate any Of the well-established
standards Of organization and action.
When times become normal the
beach will be strewn with the wreck
age from enterprises planted on q
frightened tenantry, under the pleas
ing title of cooperative apartment
buildings" Let us hope that the CO.