The New York herald., 1922-12-03
SAYS LOT AUCTIONS
ARE PUBLIC SERVICE
Leading Salesman Declares
They Enable Many to Be-
come Home Owners.
By JOSEPH p. DAY.

THO BECOME really big and stay big
any institution or business must
fulfill great want meet great
public need. II an enterprise does not
measure up TO this standard of service
il will deservedly perish. / believe that
1t can be stated fairly that the auction
sale method OF marketing real estate
flourishes because II supplies a great
service TO the general public and is
vital contribution To civic advancement.
And what precisely is the great SER
vice that an auction sale renders?
/ think this can best be answered by
examining into the conditions that now
obtain in sections where / have con-
Quoted auction sales, and setting them
up against the situation prior to the
auction sales.
Let us look into the state of affairs
which now exist In the Throgs Neck
section OF The Bronx. wnere have held
six huge auction sales OF vacant prop
erty In the last two years.
Almost all the lane east or Eastern
Boulevard, on and near Fort Schuyler
road and extending to Long Island
Sound and the East River. before these
auction sales was composed of the resi-
dental estates of old families.
These auction sales changed the sit
uation from an owership by the few to
has this change of proprietorship
brought about?
More than a thousand homes have
sprung up on what was tho park like
pleasure grounds OF the estate owners
Because of this big home development
the lots have increased. in many cases
three and four times the value as rep
resnted on the day OF purchase. Popu-
lation created this increased value.
The estate owner couldn't increase
values by holding on to his land. A
few purchasers would never have ac-
complished It. 1t took en- masse buying
at auction sales and Improvement or
the same sort TO start a boom in this
region OF The Bronx.
The growth back of auction sales is
the home development kind, with its en-
couragement OF thrift and a knowledge
of the responsibility of citizenship. This.
] maintain. is not the least of dhc con-
structive things accomplished by lot
auction sale.
And what about the estate owner?
Where does he come in with all this
land increasing in value only after he
sells it?
The estate owner gets ready money
for property that no longer serves the
purpose which he most desired it should
Serve that is. an isolated country place
far from subways and city life.
Tho city stretching out, bangs al his
gateway and the roar of the subway
breaks in on his solitude. The, auction
sale provides the estate owner with the
quickest and most profitable means OF
disposing OF his land.
With the money realized he can buy
out q little further in the undeveloped dis
tricts. regain isolation and provide ma
terial for future homestes and auction
sales when the city's ever widening cir
Gle extends its diameter. Even II he
doesn't choose this course. as man
of affairs. he invariably invests his
money and in this way keeps the wheels
bf commerce and industry churning and
thus contributes to the prosperity OF all.
In the place OF unproducsivc land the
auction sale has substituted the JOY and
satisfaction OF homes and a land own
ing population.
The auction sale has helped many
people TO become real part or the
great city of New York by actually
owning 81 portion Of Il. Stores and
business buildings have arrived behind
the home development. and what was
beautiful but undeveloped land, Is now
an enterprsing. bustling section OF New
York city.
SO il is my contention that the lot
auction sale affords a means of bring
Ing the big land owner and. tho home
seeker and lot investor. together to the
eminently mutual advantage of all.
I submit that this is an important
service which. together with the fact
that a land owning citizenry is a solid,
Substantial, responsible contribution to
rivic advancement, places the lot auc-
Ton sale in the category OF great pub
L., institutions