Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-09-24
PROPERTIES LIFE
BEING EXTENDED
Mere Years Declared Less
a Stigma on Building
. Than in Past.

The economic life of real property
IL destined to be extended materially
Mere years are going to be far less
stigma upon building than has
been the case in our recent past. There
Is tendency toward exacting utility
from q property through all the years
OF its physical life.
Ihls Is the conclusion advanced by
Leonard c. Smith, writing in the cur
rent issue of the Journal of the Ameri-
can Institute of Real Estate Apprais-
ers. Mr.. Smith, head of his own real
estate Company in East Chicago, Ind,
was member of the faculty of
the Institute in its recent case study
courses in real estate appraisal given
In cooperation with the School Of
Business of the University of Chicago.
The unwarranted economic abso-
lescence OF what would otherwise be
disable property that has been common
in our cities in the decades Just past
is practically nonresident in anv
other country" Mr., Smith points
out. And it is significant that in
our country it is found in its most
aggravated form in communities near
the exploitation of natural resources.
In Great Britain and Europe, resi-
dences are occupied by succeeding
generations of the same family or of
similar families until the physical life
OF the property is exhausted.
u. s. Situation Different.
Contrast that with the situation in
many an American city where it is
rare when even the second generation
Of A family is reared in the same
building and where many substantial
and serviceable dwellings are given
over to rooming houses or other cheap
occupancies for no other reason than
that the owners through their fortuna
ate condition of prosperity are able
to indulge in properties that better
suit their fancies."
Restriction of immigration, and
changes in the birth rate are bringing
population changes that will carry
with them change in attitude, Mr..
Smith prophesies. We are becoming
nation Of older people" he says.
AS this takes place it may be pre-
sumed that the large body OF real
estate investors will be older and in
consequence more conservative and
better settled in their tastes, habits
and reactions The depression. too,
has had its own lessons as to how
happiness and contentment can be
engendered. The present general in
terest in the possibilities to be found
In remodeling old structures is an in
oication OF the swing of the pendulum
toward extension of the period of
economic life.
I'm many cities it is becoming
popular among people who are finan-
cially independent to take over a WELL
built. well-located old home or apart
ment building and to rehabilitate it
With modern conveniences for their
own occupancy or for much i'm
proved type of tenant. An example
Of this may be found in Charleston,
S. c., where old frame residences
antedating the Civil War are being
remodeled for owner occupancy in
spite OF the fact that INDECENT tenants
m dilapidated buildings still abound
in the neighborhood. There seems to
be an urge on the part of many people
to reclaim and make use of the many
years OF effective life remaining in
these old buildings which a short
while ago seemed doomed to slow
decay.
Better Materials Asked.
Another factor of the trend is the
insistent demand that in new con-
struction materials of longer life and
better quality be used. Construction
standards have been raised. Govern
nent inspired financing institutions
are insisting that building practices
and methods be used which will in
sure much longer life than heretofore,
Many improved and more durable
materials are available for building
construction now than ever before"
Mr.. Smiths article dealt with sug-
eested modification of appraisal pro-
cedure to give consideration to "evi-
dences that in the future the economic
life of well constructed buildings may
be expected to approach much nearer
to the physical life" than has hitherto
been the case