The New York herald., 1922-01-15
FEW UNSOLD HOMES
OUT ON LONG ISLAND
Builders Were Conservative in
1921; Year Ended Hope
fully for Brokers.
ny RICHARD It. cuILDs.


A year ending better than was ex-
pected fills the hearts of men In real
estate lines with hope. The year past
has been one of conservatism. The
buyer has bought with most discrim-
mating care. The broker has been
obliged to search diligently to give full
value for every dollar. The builder has
had to build good house and finish IL
and sell 1t at conservative price and
on terms which the buyer could meet.
Store rents have been high and are
still high, but it is pointed out fire.
quently that the relation of volume of
sales per month to rentals Of stores per
month Is not dispreportionate to what
1t was eight or ten years ago.
The all absorbing theme among real
TORS has peen mortgage money. Where
IT comes from is q mystery How so
many new mortgages are placed when
every one is so eagerly searching Is
diificult TO comprehend, but still there
IS mortgage money. 1t Is always loaned
IN most conservative amounts in most
instances the loans on q. new house are
not more than they would have been on
similar house on plot of ground not
worth any more in 1914, so the security
OF the lender is much greater.
Some Neglected Opportunities.
Real estate is the one form of invest
ment that purchasers see day by dav
and fail to realize the full extent of
It's value. 1t has been pointed out by
competent observers of Long Island
realty that that wide field has been
neglected by the investment buyer and
ny the real home seeker. This applies to
houses generally with considerabIe
GROUND Attached, extending from a large
traction OF an acre up to TWENTY-FIVE
and thirty acres. and selling at prices
from $4,000 to 100000. Scores and
even hundreds OF these places are now
on the market or can be bought at a
price which is very much less than the
replacement value Of the buildings. or
is less In many instances than tbe
value of the land alone.
II seems strange that such n class ~
real estate bargains should be neglected.
Tor these appeal most especially TO The
man with the keenest appreciation of
values. Shrewd Judges predict that the
market for this class of real estate will
snow increasing activity in the early
months of 1922.
The cost of building has been a factor
in preventing many sales but II is sur
prising how firm the market for building
material has held and it is more than
surprising what quick slump there
was when the market first began TO
tumble.
The great question Is. has the build
Ing materials market reached bottom ?
This lis beyond the realm of real esta te
speculation. 1t is generally conceded
that building on Long Island was more
a. iNva m ~
United States. and should similar activ-
ity characterize other sections as It has
done on Long Island there will be a
wonderful demand for all kinds of build
ing materials.
6ufIders Are More Conservative.
The market at the close of 1921 has
fewer unsold houses than at the end of
the preceding year. The builders are
more conservative. They build what
they can finance and the consequence is
IN absence of forced sales. The abiding
factor in Long Island real estate has
been the marked concessions made for
land. Block after block of lots have
been thrown on the market for about
the amount OF the mortgage and pur-
chased by builders. and the houses
ei ected thereon were sold for the equiv
alent Of this sacrifice In the price Of
land.
Some developments are going ahead
actively, but for the greater part when
ever the market for land seems to raise
its head and there Is buying move
ment mortgages and banks throw lots
on the market at unheard OF sacrifices.
The auction market has been active.
A wonderful sale was held at Long
Beach, a good one at Garden City and
there were many small parcels put on
the market, all OF which were asorbed
but at great concessions in price. With
this. there was a small demand for lots.
A few of the developers making a spe-
cialty of cheap lots. cut up tracts and
liquidated them, but In general the mar
ket was of such a nature that develop
able stun could only be sold at sac
rince.
Farm Property Was Inactive.
Farm land did not sell as actively as
In previous years, due doubtless to the
poor crop and the inability of farmers to
finance new operations.
In Suffolk county and In parts OF Mas
sau beyond the thirty mile zone. prices
show little change from those of six
years ago. The market is firm, but not
especially active, and, OF course, there
is little building except by owners for
their own personal use.
A feature OF the market this year
has been the growing insistent domand