Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-27

Exclusive of the Federal build
ing projects, the cost of which
runs into millions of dollars,
private construction programs in
the District approved by the Dis
trict building inspector during
1880 cost an estimated total of
$28,8O4,452. This does not include
the comparatively small figure
for plans which may be approved
during the last five days of the
year.
This figure, however, does not
represent the full total of private
operations actually started dur
ing the year, since three large
projects, running to an estimated
total of $6,625,000 now are under
way with preliminary work in
progress, although the projects
have not been approved in full by
the building inspector and there
fore not included in the official
total.
Including these projects as part of
the private construction that has been
completed or started during the past
year, the total is brought up to $685.
429, ASP, or but about 100000 less than
the total of $36,l29, 765 for the year
1929.
The three large projects, now in pre-
1infnary state of construction, but for
which official permits have not yet been
approved, are the huge apartment hotel
being erected by KenneyWarren, Inc,
on a large site on the east side of Con-
necticut avenue, near Klingle Valley
Bridge, the construction cost being
estimated at $3,250,000; the third
building of the Westchester Apartments
development on the 28-acre tract along
Cathedral avenue between Thirty-ninth
street and Glover Parkway. estimated
to cost $4,000 600; and the church
building for the Latter Day Saints be-
ing erected on the southwest corner of
Sixteenth street and Columbia road at
O cost estimated at 100000.
\ Conditions Are Improved.
Improvements in fundamental condi-
tions in the real estate business during
the past year is clearly shown in sur
veys made by Rufus S. Lusk, Inc, local
statistical organization headed by Rufus
S. Lusk, the secretary of the Operative
Builders Association.
These surveys show as of the first of
December, this year, there was a
smaller number of new, unSold houses
on the market than at the same time
1dSl veal, dAlu d dDly lOWGA pei
centage of vacancies in apartments, due
to the growth of the population and the
decline in new residential construction
during the past two years.
This is a good thing for the public
Ind the city as whole, as well as in
eestors in real estate, since an unwield-
1y oversupply of housing. while serving
usually to force down sale and rent
prices, reacts in depressing property
values generally.
That there is a normal quantity of
unsold new houses and vacant apart
ments on hand also is regarded as a
good thing for the public, since If the
demand is greater than the supply of
housing the usual tendency is rise
an prices and rents which may not ac-
curately reflect the rise in property
values
IL Per Cent Apartment Vacancy.
The current surveys by Lusk show
that IL per cent of apartment units in
Washington were vacant and that there
were 984 new, unsold houses on the
market. The survey OF apartment va
cancies covers the majority OF all
apartments in the city and the house
survey covers all new houses started
during the year.
These figures reveal an encouraging
change from conditions that existed at
the first of December, last year. when
the vacancies in apartments was found
to be SO per cent and the number of
uns0ld new houses on the market to
be l,lI6 Both figures for this year are
lower than in 1923.
This represents the readjustment
that has been in progress during the
past year as builders and financiers,
either by careful planning or from the
effect of the general business depres-
sion. curtailed the total amount of new
housing construction started during the
year.
The Lusk surveys show a total during
the past year CT IA apartment buildings,
containing $40 apartment units. the
construction cost being estimated at
s6.111.150. In 1929. the corresponding
figures were So apartment buildings
containing 1871 units, costing 1858,
500.
During the past year, the Lusk sur