New-York tribune., 1922-12-10
Westchester Ready
For Great Home
Building Movement
Has Prepared for 10000
Additional Homes Which
Would Bring Great Af-
fIuence TO the Country
By Alton L. Wello
PresiGen, Empire Housebuading As-
sociGtion

socictioH
An economic situation which 10 DC
velopine rapidly throughout the eoun'
try oaers an amazing opportunity for
business mtn ard properly owners II
we'll located suburban districts within
tire metropolitan area Of our larger
cities.
While Il is tho consensus that gen
ersl business will be good during tho
next few years, IL is obvious that the
communities and business organiza-
tions which will prosper the most will
be those which induce prosperity By
active preparatory methods and by the
establishment Of proper local con
ditiona tending 70 encOurage CON-
munily growth with its resultant
anfeksnlns Of an local BUSINESS 'e''y-
westcheSter Is Ripe for Improvement
westchester County in the last
decade or 20 has been preparing for
just such an era OF prosperity and
home building.
It is evident, therefore. that West
chester faces an unus -ai opportunity,
the very opportunity that business men
and residents Of the community have
been anticipating and awaiting for
years. This opportunity Is knocking
&c the door as We stand at the thresh-
| old Of the year 1923.
We have three known factors and
one important deduction on which %
base this statement: first, an approach
/ ing period of general prosperity; sec
oud, sound anticipation Of an un-
| eQualled movement ia good residential
areas near large cities; and third, the
I fact chat nowhere IA the United Statcs
/ Is there q district so well-favored o.
ripe Tor this opportunity az West
/ chester County. With its splendid
natural advantages, It's good roads, its
excellent committing facilities. West
chester represents the natural ter
iitory for the outflow Of the better
! class residential expansion of the
| greatest CITY IN the world, New York!
The NEUTRAL deduction is that o
greater share Of this approaching pros
perity will come % the buSiness men
and citizens Of suburban distriets
NAtAt 10 IANis Aae L-fN -F-A "a ~
encourage residential Development
What 1o,coo New Homes Will Mean
Ten thousaud new homes in West
chester will mean a treat Increment
and stsbiizltion OF land values. II
z-ill provide q local expenditure Of
$3.50. .000. 900 IN the purchase Of land,
! building materials and labor. II viii
increase banking activity b. double
this sum. Il Will cal for increased
community facilities and public utili-
ties. II will bring into Westehcster
10000 home owning families Of the
better class, representing an increased
annual local expenditure Of more than
10000. 900 per annum for tho beneht
OF the business men OF orc county.
There are thousands Of home sites
! available now IN we'll developed sub
division properties IN Weltehester.
\ There s., hundreds OF acres of well
located land ready for residential de-
volopment 10 proportion 20 the demand
! which may come IN future years. The
building o. homes has become a dom
mating factor Ia the success Of any
land development in Q suburban com
munity. Ia Westehester County tho
time Is past when lots may be sold
purely or a speculative basis. The
average To- hnyer is to-day q prospce-
five horsSuilder;
Thousands Of persons have already
purckased homcsites In Westche5ter:
thousands more will buy when eondi-
tions arc right. But--wiil they build
in 1899?
Financing New Homes
There exists to-day O definite lack
OF money available for the financing Of
new dwelling construction IN West
chester County. The ordinary channels
of building and permanent mortgage
money banks. building ana loan associ-
stions aud private lean sources ar
nooded with lo-4 applications whie
they eAnnot grant because their fund
are employed. The total mortgage loan
resources are faxed beyond possibility
And IN total 90 not equal ore-hfth o.
the demand which will come next year.
Many have 20 20 80 per cent and would
build Immediately II more liberal as
sistnnee Ia the form Of amortization
mortgage money was available. What
10 needed Is more mortgage money that
may be loaned on liberal terms. Ninety
per cent Of the prospective home build
ers are waiting not for reduced build
ing costs but for fnaneisl aid.
Financing Only Barrier
The homes Of Westchester, particu-
lariT the moderate cost homes In good
communities, offer the best possible
security for mortTsge irvestnents. 10
ether class OF improved real estate o.
fers better security. In periods Of
a.