The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-11-03

Land In modern cities is valuable
in proportion TO its ability to re-
| turn Income, comfort, pleasure. and
service to It's owners, The oppor-
tunity for people TO make liveli-
hood In or near q city, the ease
with which they can reach their
work from their homes, the chances
they win have for recreation fl a
given locality, the advantages Of
fered for culture and municipal
services, such as police and fire
protection, affect the value of home,
industrial and business sites.
Land Limited
This is because land possessing
all OF these attributes Is limited iii
quantity In comparison to the num-
Der OF people who want all Of the
advantages they can get. The pres
ence Of factories that can produce
that can produce amusement. usu.
people who want to live on tho
same site.
The desire Of the public to work
In eenters where there are many
opporfunities for elarloyrneilt ana
the desire Of the public TO play III
places where the SURROUNDINGS are
the most pleasant create 81 kind or
silent ssauction" for what might be
called select locations.
And the basic thing that deter
mines realty values is the number
Of people who want the SAME type
Of ground in relation to the avail
able supply of that type Of ground.
II many people want to buy land
in q certain quality where the sup
ply Is limited the auction" is q
big one and the value OF the land
ID high II, in another place, land
that viii serve the same purpose
can be had for all buyers, then the
auction" Is a little one and the
value of the land is lower.
Supply and Demand
The law Of supply and demand
does not apply to industry alone.
The ground value OF all real cs-
tate in these days is profoundly
affected by the opportunity to make
a living on or near 1t. People will
crowd into. small area, such as
on the limited space Of Manhattan
island or the Chicago Loop because
that area holds out promises Of
gain in an almost infinite variety
OF fields. People will live ais close
as possible to such areas and pay
high prices for home sites, and OF.
flee and factory locations having
access to the facilities Of such
areas because they expect to make
enough by being there to justify the
cost.
In great cities offering slmultane.
ously such resources that large in
dustries can be developed, domestic
or foreign trade carried on, artistic
pursuits followed. the land IL greatly
In demand and values are c0nse-
quently high. Such localities have
q combination OF excellent qualities
that makes real estate desirable.
And on q miniature scale, the
great silent real estate auctions"
of the metropolitan centers are re.
peated in the smallest towns. II a
certain portion OF q village is highly
desirable for residences and the
supply Of ground in this, section is
limited in comparison to, the mum.
Der OF people who would like to
make their homes there, the same
competition that sends values up in
great cities because millions Of PEG.
pie want to live in them, also can
make values soar in the small town.
Recreation An Objective
/ Land that opens opportunities for
recreation possesses qualities desired
by many people who create an
auction" for land OF this type.
Land In places where people can