The New York herald., 1922-03-26
Will the Market for Cold
Water Flats Come Back?

the attraction Of the foreign exchange
became a great inducement to them.
Many Of them bought bonds and money
at high rate and many investments
came down. Many on account OF the
high rate of exchange purchased Euro
pean bonds and money and many OF
them went to Europe to live. They
stayed there while and found out that
1t was not as comfortable a place as 1t
is here to live. and many Of them have
come back to make this their home for
the rest of their lives The ones that
have not come back yet will return soon.
Now that these conditions have been
settled, these purchasers are finding
their mistakes and are learning that real
estate IL purchased at fair value in
New York and elsewhere Is far better
than foreign exchange or bonds. They
are realizing how much better off they
would have been IL instead OF purchas-
ing bonds and exchange they had pur-
chased real estate.
AS business conditions are now slowly
changing to normal, the outlook for this
class OF purchasers is brighter. They
are beginning to realize that real estate
If purchased with care is the best of all
investments. The emergency real estate
laws have had something to do with re-
tarding the sales of this class OF prop
that class of property. but / am conf
dent that within another year this class
of purchaser will come in the market for
tenement houses and create demand
that will be almost superior to the one
we had before 1907.
The broker OF this class of property
must be a factor in this movement.N He
must be patient with the purchaser.
Most OF these ,.archasers are not intelli-
- st,1 1a
vinced that the facts brought before
them are true. This purchaser has prob
ably taken fifteen to twenty years OF his
life and his familys life TO save few
dollars He knows the value OF dollar
and IL he was to make mistake IL
would mean rain to him and his family.
The broker must have conscience ana
honestly guard the purchasers interest
as we'll as the sellers and TX any benefit
OF doubt is to be given | would prefer to
give Il to the purchaser instead OF the
seller. Although the commission is paid
by the seller, would rather see the
seller make a sacrifice. because he can
AFFORD II better than the purchaser.
I believe the dishonest broker who
doesn't care what happens to the pur-
chaser as long as he gets his commits
sion ias no business In the real estate
field The class of broker who Is VIII
ing to hand over gold DrlcK 10 one OF
these purchasers who doesn't know any
better ought to be wiped out OF the COM
mercai field. on account OF this class
of broker l have been hoping for and
advocating brokers' license since 1904
Ii Is the honest brokers duty, who Is
selling this class of houses. to these
purchasers to see that the purchaser Is
able TO meet his obligations out OF the
income Of the property. He must see
that his mortgages are arranged so that
his installments, II any. can be paid
from the income OF the property at such
Intervals as will not crowd him and
cause him to lose his savings. The
most dangerous mortgages on this class
OF property are the second and third
mortgages, and these are the ones that
the broker must investigate so that
his purchaser gets sufficient funds and
time out Of the property TO wipe them
out by moderate yearly installments.
The broker OF this class OF property
does more than earn his commission be-
cause IL takes twice as much work TO
close q deal with one OF these purchas-
ers as Il would with an operator or
with a more intelligent business man.
! For my part l would rather make a sale
| TO a purchaser who when / meet him
does not think that for the purpose of
making a commission am handing him
| lemon.
The brokers reputation depends on