The New York herald., 1922-12-17
MUCH TO CONSIDER
In DECIDING VALUES
Certain Principles Govern Es-
Inmates of Worth of City
or Suburban Lots.
BY JOSEPH II. DAY.

every realty auction season sell
many thousands OF lots to a
multitude OF investors. builders, specu-
lators and homeseeSers and. second. be-
cause any number OF those buyers are
not overfamiliar with the principles
underlying city and suburban lot values,
II has occurred to me that little edu-
cational campaign along those lines
might not be nmiss az the present time,
when population is shifting SO rapidly
10 city and suburban regions outside of
Manhattan.
No property IN its original state is
made TO order. Some of the lots COM
prsing II may be on grade: others may
be more or less below grade or crowned
with rock. There are inside. corner
standard size, narrow and extra wide,
shallow or extra deep lots. The distance
from a corner is another factor to be
considered, as is the additional value
Of plottage. by which l mean two or
more contiguous lots.
Consider the lot that has rock on II.
The value of such lot ia reduced by
some proportion to the cost of the rock
removal. but in some cases there may
be sufficient demand for rock to render
IL possible for the owner to have the
rock moved for less than the usual cost
OF such a removal. If the cost OF re-
moval be greater than the value of
standard lot at grade, the value OF such
lot with the rock on It is less than
the value of a lot at grade
As egards lot SO much below grade
40 to require filling. although its value
Is deprecated ordinarily by the cost Of
filling. 1t may be so situated that its
Nalua iS ilW hot ,f n
lot at grade because payment may be
obtained for the privilege OF using the
lot as a dumping place. The unit Of
value In given block, as fixed by the
Tax Commissioners OF the city Of New
York. represents the value that the lot
would have If II lay normally with ref
erence to the grade OF the street II will
be seen, therefore, that the question of
the extent TO which lot may be de-
preciated in value by being above or
below grade mist be considered with
reference 10 all the surrounding condi-
tions.
Corner lots are more valuable than
Inside, but their appreciation varies in
accordance with the relative values OF
The intersecting streets and the char
acter OF the neighborhoods. That ap-
probation in value ranges all the way
fron 25 TO so per cent. In suburban
inent is by the erection of detached
houses to 80 1-3 to 200 per cent. in the
more congested city sections where a
corner is at the intersection of two
streets In residential section or at
the intersection Of two good retail shop
ping thoroughfares. The appropriate
Increment of value due TO a corner loca-
tion must be considered with reference
to the actual earning power and con-
cs.1l ~.s,1.t ,e
the particular section.
The distance from o corner. to which
extends the influence on the value OF
proximity of the corner. depends on the
character OF development suited to the
neighborhood. / mean that where a lot
OF 100 feet square Is the appropriate size
for q plot the corner influence extends
TO the whole 100 feet, but where the
vacant plot of 100 feet square at cor
ner would be best improved with four
or more buildings the corner influence
extends but little further than the width
Of the first lot.
As 10 lots OF varying width anil depth,
where the appropriate improvement OF
a section demands lots OF standard size.
a lot OF greater width has little more
relative value than a lot OF standard
size, but where the building appropriate
FOR that section reQares n plot Of greater
depth larger plot has greater relative
value than the standard size plot.
The proper Increase for plottage must
be considered with reference to condi-
tons prevailing In the section where the
lot is situated. and an addition for plot
tage, may be az great as 10 20 IL per
cent. or even more.
Many lot buyers at auction realize the
greater value Of plottage. and when
offer n lot with the privilege OF taking
adjoining lots at the selling prices
purchaser frequently will buy a rhn OF
two 10 twenty lots. which places him In
the position Of being able TO control the
Improvement OF his lots or Of being able
TO resell them in plots Of size suitable
20 the requirements and best interests OF
the nelghborhood.