The New York herald., 1922-01-22
SUBURBS ENTER ERA
OF STEADY GROWTH
Healthy Development Force
seen: Values on Sounder
Basis Than in Boom Times. /
BY A. w. LoCKYEAR,


Secretary Of Prince 6 Ripley.
Tho past year has been a most un-
usual period In real estate history. As 4
study the results on the sales chart I
realize that any attempt to use these
figures for generalizing or for compari-
son is futile. 1t has been a freak in 30
far as our organization IS concerned.
One thing, however. stands out quite
clearly. westchester county has enjoyed
during 1921 a real estate activity that
was very remarkable considering ths
general conditions existing IN the busi-
ness world. If we had been able to hang
Up a sales record anywhere near to our
1921 record In the days before the war
we should have been overjoyed.
Two facts have stood out very plainly
during 1921. There has been q splendid
demand for sci m to nine room houses
priced between $4,000 and $50. 900.
but there has been practically no d.
mand for the large estate with acy~ ga
The demand has centered around the
small house with the low uplieep. and
has shied away from the luxurious man.
sicns. This is perfectly in keeping with
the trend OF the times. and this sana
element will show itself to a lesser de-
gree during 1922.
Last spring was a very difficult prob
lem to the westchester realtor. He puY-
chased a the peak and he had to face q
buying public that was cxaggerating ths
extent Of the drop In prices. An owner
would hold firmly to price Of $4,000
on his property. and a buyer would
hold off with equal conviction that In
n few months the house could be
brought for $4,000. This condition of
offairs has been largely overcome by the
owners coming down to normal prices
and the buyers realization, after due
waiting. that there would be no drastic
drop
With the past six months as q fore
runner IL is comparatively easy to pre-
diet what will happen during 1892.
Building operations will increase--pey-
haps they will advance too rspidly--and
high prices come into the iimelight again
during the late spring. There win be IN
excellent market for unimproved lane,
especially that which is already doc0-
oped the demand for the small houas
will continue with increasing forcA;
many lot buyers will decide to bug
rather than build as building prices "a.
vance there will be an increasing mar
kct for the more expensive Westchestsr
houses, priced from $4,000 to s75.ooe.
particularly those with small acreage In
good high class sections priced around
$50. 900, as there Is a marked scarcity Of
these properties: there will be few. jf
any. houses for rent as none are being
built for this purpose.
Sections which have been dormant for
years are beginning TO be improved.
Land values in these sections, which
have not increased for years, will ad-
vance rapidly during the next SIX
months.
Another factor which will materially
help the market OF 1922 is the condition
OF the mortgage field. Money IL return
ing to real estate Good mortgages ars
compa lively easy 10 place now, and
this means the leveling OF a great bar
rier 10 home buying and home building.
believe we are on the edge Of q
period In suburban rsa, -~state which
will witness the NOSE conservative, nor
NAL and steadfast growth that we have
had for ten years. A quick rise Of
prices on improved property without
building and without a corresponding
advance in the value OF the land II nos
a healthy development. This condition
has existed too long. Unimproved land
Is n burden TO the owner and TO the
community unless there n means cf
improving it. Now we see homes srrout-
Ing W all over westchester and the
real value OF the land Is being realized.
Wcstchcctcr realtors are expecting good
Zines In 1922. and they arc rightfullv
expecting them. With the great volume
OF sales made In 1921 In the face OF an
adjustment period the coming year
looks very promlsipg.