The New York herald., 1922-03-06
REALTOR TO TALK
ON APPRAISAL WORK
How Reasonable Values Are
Determined Will BE Dis
cussed i'm Lecture.

Fixing the fair and reasonable value
or real estate does not necessarily mean
that the property could always be mar
ke;ed at the appraised value" accord
in.r to William T.. De Bost, vice-presi-
dent OF Cruikshank Company, who will
address the Peal Estate Students at the
West side Y. Nj. C. A. Tuesday evening
ON the subject. THE Appraisins of Real
Estate
"Whiio every commodity in the world
has a iair and reasonab bic value" said
Mr. De Bost, 'it is not always readily
salabe at such. and one can see st n
glance that 1t would retard development
and building. and do great injustice
to the owner. lender and community. IL
mortgages were only made on the in-
mediate salable or liquidation value OF
real estate. However. an appraisal must
necessarily be at 4 rgure at which in
ordinary times, with 4 reasonable period
in which 10 negotiate sale. a willing
buyer could be found.
appraisers are often pressed to issue
an appraisal in great hurry, and will
lie Obliged TO do so In many cases, but
they should never be hurried TO such
an extent that they send out an ap-
pra sal until they are fully convinced
that IL is right, for one must never over
look the fact that after an appraisal is
once signed and sent out IL becomes
history. and II Is practically impossible
20 withdraw II, and that on the strength
or this appraisal money may be loaned
by trustees representing widows and in
fants or by trust companies or savings
banks. not only for their own investment
but for estates, so that no matter how
much an appraiser is pressed. unless
he is fully convinced that he is right
al al - nf
ing his client-ne should hold up the
appraisal until he is ready to issue it.
".As to structural value OF building
due 10 war conditions and the necessary
high cost OF materials and labor. this
side of appraisag has become most dif-
ficult. No matter what a building may
have cost, unless IL is an adequate inn
provcment and well planned, 1t does not
add its cost value to the land The in
ducement for erecting buildings during
the last few years, at the prevailing
high costs. has been largely that owners
could obtain high rentals for the space
offered. and in this way write off dur
ins; certain number OF years the differ
eHce between abnormal and normal
costs. After all, building is only
worth what it will make the land pro.
duce, and | find in my appraising work
that in very few instances can l give o
land valuation and q cost valuation,
add the two together and say that that
is the feir and xea asonable value OF the
property"
Bryan J.. Kennedy, the auctioneer and
appraiser. will preside at this meeting
AMI introduce the speaker of the eve
ming.
Apartment and Tenement Deals.
Frederick Brown has resold through
]. j. Martin q Ave story apartment
house. 20x100. at 10S West End avenue
held at $4,000.
Froman g. Taubert sold for the estate
OF George Il. Germann FIVE story tene-
ment with two stores at f67 East
Eighty seventh street. 26.Sx102.2.
Lessee VIII Alter Dwelling.
Everett NJ Seixas Company has
leased for John Morgan Wing his Ave
story dwelling at IS West Forty-ninth
street. 2010x1o0. to Wesley s. Bessell,
who will alter and occupy same as his
Offices. The upper part of building will
be altered into modern apartments and
managed by the leasing agents. The
lease is for seven and half years with
twenty-one year renewal privilege.
Plan for Private school.
Plans for a five story private school,
33x10o, at so and So East Sixty-second
street were filed yesterday by the
Browning Jones Realty Co.. Inc. Grow.
Lewis & Wick. architects. estimate the
cos. at 100000.
Builders Active mt Mnlba, l.. I.
The spring building campaign at
Malba promises TO be the most extern
sive in the history of this home colony.
In addition TO the new country club
house under construction, G. u. Bower
of Flushing Is erecting house for his
occupancy on North Drive. George
Choos or Manhattan Is building $780,
900 home. Charles Crane. architect, o.
Manhattan. is building a home. Mrs.
John Hynds is erecting new residence
adjoining her Fourth avenue home. J.
C. Raftcry has purchased large water
front show place. and George *. Nor
row, Fred Fear and W. s. Champ arc
making extensive improvements to their
homes. or the twenty-six new houses
recently erected by the Malba Estates
Corporation. Champ & Dasey. sales d-
rectors. report that all except five have
been sold.