New-York tribune., 1922-05-21
Nothing Wrong
VI ith New York
Real Estate
Charles F. Noyes Says Values
Will Increase This Year
TO New Heights; Gives
Many Reasons in Support

MANY heaSOnS Ill support
business ia good in all branches and
never have we approached the usually
dull summer months with as much
good business in sight" said Charles
F. Noyes. "The easy business of war
days is gone, and all who enjoy nor
malcy and hard work should be glad Of
It, but in its place the important
brokerage firms are now arranging
deals with bona fde investors. and this
is the best character of real estate
dealing.
Mortgage money is easy and good
loans can be obtained at rates Of from
5'2 per cent TO per cent, and a few
have been placed recently at per cent.
rive per cent money, however, is ex-
ccptional. Business renting for the
vance renting seasons. While rentals
have dropped from the high point of
war days, when Office space commanded
81 to SIS per square foot, warehouse
buildings 30 cents per square foot and
manufacturing lots 81 per square foot,
yet we all know now thst the old fig
nres of prior to 1914 will not return.
Leases are being made on the basis Of
rentals that show good income yield
for the properties, and this is as it
should be.
Realty Has Turned Corner
Sales of real estate to investors are
now being freely made and a consider
able amount of exchanging is being
handled by the larger real estate Of
fees. Money is plentiful and this is
best emphasized by the fact that dur
ing the first three months of this wear
or an average of S51.25 per capita. as
against s3505 per capita during the
same period in 1914, and all Of this
money is eligible for investment. Not
only is this great amount of money in
circulation, but in 1920-1921 the aegre
gate resources of the national banks
were nearly double those Of 1914. The
business man of large affairs finds
himself at the end of the war period
with odds and ends, and these with
a little additional money he can con-
vert INTO substantial realty invest.
ment. This exchange movement in nv
opinion will grow and I predict th.J
within six months one of the healthiest
! trading markets of my time will be
I IN progress.
he fact that real estate has proved
tself TO be the one prime investment
OF all and is so regarded for the first
tIme hy men who formerly clung to
! wall Street or bond investments is
accelerating this movement The real
estate market turned the corner last
January, and now every month shows
steady and healthy gain not only in
volume of business done. but in agcre-
gate amount over that Of 1921. In
TINS connection the following statistics
are of interest:
From April &c, 1922. to May ?. 1922,
aol properties were transferred on
Manhattan Island, involving a total as
/ sessed valuation of S24,135,0 as
against 295 properties transferred from
April ~ to May 3, 1921, with an as
ssessed valuation of s2O,054,500. From
January /, 1922. to May 2, 1922. there
nave been 4,090 transfers on Manhat-
tan Island. with an assessed valuation
Of 1888, ,040,750, while during the same
period in the year 1921 there were
S.o9I transfers. at an aggegate valua-
ton. based on the city assessment roll.
OF s2O3.9O4 ,299. These figures conclu-
slvely show that the corner was turned
January ]. 1922, and improved condi-
tons In real estate are now being felt
by those whose fingers are continually
on the pulse of the real estate mar
ket.
Construction Tells Story
Building contracts in New Yort
State and Northern New jersey ais Z
are of interest to the student of rel
estate and building conditions: MONTH
Of April, 1922, S115.502, 900; previou.s
high record, September, 1921, SSS.7S J
600; first four months 1922 S317,5s7.-'
coo; first four months 1921, sl26, 6,649, 900.
turthermo during the months of
January and February the total build
ing permits issued in twenty of the
leading cities of the United States have
broken all records. their aggregate
value being sl7s.394s95, as against
SOL .o58, $50 for the same months of
1914.
; "The only clouds on the horizon
and these affect every commodity just
. the same as real estate-are the SOL
diers' bonus bill. tariff revision and in
come tax regulations. The first two
may Or may not be solved to the gen
; eral satisfaction of business, but the
affect real estate ownership and income
modified and worked out with fairness
: are many years older. Beneficial
and the laws for 1922 and more will be
$ worked out later. When this one seri-
5 Gus handicap is removed Manhattan
? real estate will have the biggest rise in
its history, and while we are waiting
for this. all real workers in the
r real estate profession have all the
A active profitable business that any one
= deserves"