Oakland Tribune from Oakland, California • Page 28

OAKLAND TRIBUNE, SUNDAY, NOVEMBER 21, 1937 NEW MANAGER NAMED 1 Loan Office PHASES OF MORRIS PLAN PICTURED Session Gives Major, Fads Basic Shortage Of New Residences Is Discussed Js Busy Place Morris Plan Meets Scores of Requests Every Working Day Br LEWIS N. tAVL v5 Pertinent facts of interest to pros II I' Vf I jf 'A WHj If! i ii li mmtmmmmm ii Ethyl M. Bradshaw (inset) has been appointed manager of the Hill Castle Apartment Hotel at 1431 Jackson Street, It Is announced by the owners, Geo. E. Austin and Harry Kreiger.

AVENUE TERRACE HOME Total Effect pective home buyers, were revealed at the recent session of the land developers and home builders division of the National Real Estate Convention, according to David D. Bo-hannon, chairman of the California section of the division. "If Californians will but realize that building costs are on a stable basis, and that there is a huge basic shortage of homes which will eventually assert itself in actual demand, they will know that such costs are destined to increase," Bohannon states. "It is an established fact that the $7500 house of today, even if it had been possible to build auch a home in 1026 or 1927, would have actually cost $8900. These figures were determined after an intensive study of building costs throughout the nation, and present a true picture of conditions.

'As an illustration of this fact, we are today aiiording an opportunity to Inspect both a five-room and a six-room home in Oak Knoll, homes just above and below the $7500 classification. We suggest that visitors note the beauty of architecture, the compactness and utility in the planning, the high standard of the sanitary installations, of the heating equipment, and many other items such as weather-stripping, and water drainage provisions. Then compare these homes with the types that were offered in 1920 and 1927. Only one conclusion can be drawn thatJhe homea of today are superior in quality, and lower in cost. The five-room home is located at 3501 Mirasol Avenue and the six at 3400 Mirasol, in Oak Knoll.

They are reached by the scenic Golf Links Road from 82nd Avenue." CHAIRMAN David D. Bohannon, chairman of the California Section of the Home Builders' Division of the National Real Estate Association. He attended the recent convention of that body. May Borrow Funds To Enlarge Home Funds to complete or enlarge resi dential property as well as refinance the existing mortgage may be se cured from lending institutions ap proved by the Federal Housing Administration rules and regulations, and the new loan cannot ex ceed 80 per cent of the value of com pleted property. "I I i I 1 f( I (if' I 'f I r-T i I I iff 15 1 i I Vi I On ol group of new home now built or building In Avenue Terrace, the E.

B. Field Company home center near 35th Arenue In East Oakland. MORAGA ESTATES HOME rt Morris Plan operations at local headquarters are pictured above. Top left, a thrift deposit made to Miss' Amy Boess swells the funds available for loans. The process begins dower left) when John L.

Church accepts an application which, when approved by President Owen C. Can (center) becomes a loan on which cash Is paid out by Mrs. Gladys Vande Peer (upper right). Top center Is the man responsible for record-keeping, W. J.

Burris, comptroller. Home Owning Values Cited Real Estate Man Points Out Credit Advantages Factor "Possession of one's own hoi orrfe brings many benefits other than pleasure and comfort, many other valuable advantages that are not Just theoretical but actually like dollars In the pocket," according to Carl Helmgren of the E. B. Field company, developers and sales agents for close-in Avenue Terrace, East Oakland's beautiful marine- view subdivision. Among these extra benefits are better credit rating and increased prestige, permitting the home owner to borrow money in case of financial need, using his home as security," Helmgren gaid.

"Home ownership also gives a man something defihite to work and lave for, provides him with a real purpose in life, encourages thrift that might otherwise be neglected. LOCATION FACTOR Avenue Terrace is undoubtedly one of the most desirable spots in the entire Bay area for establishment of fine homes. In the first place it has convenient location, requiring only a 12-minute ride from 14th and Broadway. Regular transportation service is always available within a few steps of the subdivison, connecting residents with downtown Oakland and San Francisco. "Another outstanding feature of Avenue Terrace is its warmer and dry climate throughout the year.

There is very little fog to keep residents Indoors, making it a healthful location for every member of the family. A beautifll marine view is always available, adding to the basic value of the property. "Of great importance, too. is the fact that nil improvements are in and paid for, including streets, sidewalks, sewers and public utitlities. Thus every home owner is provided with all the modern conveniences that make for better living at the time he buys his home or lot in Avenue Terraqe.

OPEN AIR FREEDOM Children enjoy open-air freedom in Avenue Terrace, because of nearby hills Where they can play in complete safety. No traffic dangers need worry their parents. Lot prices, considering the many advantages of this" subdivision, are reasonable. "Those interested in new homes as well a.s choice lots are invited to go through two new residences recently completed in Avenue Terrace. They are beautiful examples of combined charm and convenience that make up the modern home, and include many modern features such as Venetian blinds, chime doorbells, corner windows, sun dock, indirect lighting, thermostitically-controlled heat.

"Still another new home was started last week, and a fourth is scheduled for immediate construction. All residents of Avenue Terrace are protected by 30 years' restrictions. "Attractivp terms are available to those who find it difficult to buy either lots or homes outright. Arrangements make it possible to own property in Avenue Terrace by paying in easy monthly installments, proportioned to fit the individual's 'budget." EXPLODED i buy a good house as cheap as Manager Named For Apartments George E. Austin and Harry Kreiger, who recently acquired the Hill Castle Apartment Hotel, announce" the appointment of Ethyl M.

Bradshaw as resident manager. In commenting on the appointment, the owners said, "We are 'fortunate to secure the services of Mrs. Bradshaw, who comes to the Hill Castle after several years as manager for the exclusive Bellevue-Staten Apartments. Plans are already under way to completely renovate and modernize the building throughout. New furnishings are being installed, and improvements are being made that will make the Hill Castle outstanding in every respect.

The highest residential standards will be maintained at all times, and our guests will be given every service in order to insure their comfort." The Hill Castle was constructed in 1929, and contains 144 apartments, as well as 30 hotel rooms. Centrally located at 1431 Jackson Street, it is of fireproof construction throughout, and contains modern equipment, including a sun deck and garden atop the roof overlooking Lake Merritt and San Francisco Bay. Nine Homes Slated In Moraga District A triumvirate of Hollywood business men, anticipating rapid growth of population in the Moraga region with the opening of the new low level tunnel, will construct nine homes in Moraga Estates near the Orinda-Moraga crossroads with an approximate investment of $100,000 involved, it is reported. The men, a conjrartor, an architect and a banker, looked over several sites a week ago, bought nine lots and Wired confirmation of their plans to build yesterday, according to Fred T. Wood.

The contractor is reported to be P. Powelson of Hollywood. Also plans are under way for tjie erection of a modern restaurant and a one-story building with space for nine separate stores which will be built on the southeast corner at the crossroads, Wood said. Estimates of the cost of the restaurant and store building are $12,000 for the former and $25,000 for the latter. Innumerable transactions are ra torded flally at tha offices of tha Mnrri Plan Comoany at 1703 Broadway.

la used rtvledlv: Every business day loan Mnrrla Plan IPCOmmO- data an average 01 peopje wu seek loam for purposea as vanea i if mum mivinff Tifur Vi a tMipinalP ah ima niiKi npinra. or acaulrlnf a kitchen itova or re vfr imratar. how OUICKIT mi ui I1IUU4II MJ. fj lark' Frnm MflY i 1927, to date, Morris Plan has made W.izz weans wwuni dav tellers of tha $2200 In thrift funds in connection with thrift passbook accounts or full paid Investment certificates, both of which return 3 per cent interest to the saver, And every day loan applicants will receive loans totalling iauw, or an MiAainan. This amount has in- waned tremendously during tha last five years, due to liberalization of loaning rules and the addl- tlon of five new loan plans which aupply money for every conceivable need.

Mini BLIAinu In addition to handling tha of thrift and loan business i a 1 Mint lllfl menuonea idovb, icici -Vreceive the record loan payments each day from an average of 60 people. ntfuA.n lm tVi limn offi- DCIWCCI1 'cer tentatively approves a loan ap- it Ik lnnrm rower makes his first payment, each loan goes through six hands and eighteen entries are made in connection with the transaction. Twelve months later, when the loan is paid off, 80 entries will have been made and aeven hours will have been put in by Morris Plan employees in servicing this Individ- 'tial account. Despite all this "behind-the-scenes" routine, the actual time between making loan application and getting tha cash from the teller is remarkably briet Loans are often made in 10 to 15 minutes, and almost every loan is "cleared" within a few hours. For.

during more than 27 years of operation, Morris Plan that lengthy questioning, lron-cia rules jind cies nave iitue or no cucwt at assuring: a satisfactory loan Is concerned, uruuu ivnus ucutim 1 I tirely UDon the borrower'! charac' tm inn aninrv to nav. accnraina mj Owen Carr, president of the institution, who statea that such par ticulars can be ascertained wiin put time-consuming preliminary Routine. v. VOLUME OF WOEK The large number of employees and the battery of office machines used are made necessary by the volume of transactions after the loan is made. Every employee who meets the public is instructed to take all the time necessary to ex plain Morris Plan loan or thrift service; to answer questions; to give counsel and advice.

Although many people have the Impression that Morris Flan's ac tivities are confined entirely to the personal loan field, in which it has nlnnoArtrf rmtVtlniF mtilt Ka further from the truth. To lend money it ii necessary for an institution to have money to lend, and in the case of the Morris Plan this money is supplied by large numbers of the general public who entrust surplus funds to the institution's thrift ac 'counts and investment certificates, thereby earning SVi per cent Inter' est and enjoying tha immediate withdrawal privileges Morris Plan tnipra. Every business day in the year an -average of people place new funds with the Morris Plan or with' draw funds from the institution. Like loan volume, which has in Teased 103 per cent since 1932, 'hrift volume has climbed steadily. 1352 total thrift funds 1 were "351,573.91 At the present time the total Is $972,273.25, a gain of ,178.5 per Cent in the five-year pe- 1UU.

fee 4. A -hi" Of It, to tfvy.a::''-:- a- I i 1 I i and he asks an initial payment well under $5000. Two other concerns offer Investments on which they assure a return of 15 per cent. The small investor, particularly the person who contemplates retirement, or who seeks a home and an income, will be wise at this time to give thought to the duplex. Whatever activity in the building field may be forced In the next few years by the present housing shortage, it will be long before construction catches up with demand.

Inevitably rents must rise in consequence of the- tenants'' competition. For the. next few years the investoNin rental property in Metropolitan Oakland should be assured a satisfactory- and constant in-Come. Entrance Doors In the important job of making entrance doors of homes inviting, rnlnr will hft frmnd urunt aid A deep red door with antique hinges has a personality that seems to say, "The latchstring's out." SiBlllPIIIIIllllBI xwv-iwSivJmvA mmmmiBmimmmmmmmmimm if pre: a Homes Building New Areas" Sales of homesltea In Morsga Es tates, the Fred T. Wood, Inc, residential commounity just east of the new Low-Level Tunnel, have almost reached $150,000, it it an nounced by Fred T.

Wood. At tha same time, wood reported that homes completed or under con struction In Moraga Estates represented a value of $150,000, "This is one of the most remark able conditions in all my experience as a developer of residential subdivisions," said Wood. "I have never seen any residence property sell so rapidly, or construction build up to such a point so quickly. The reason, in my opinion, is that the general trend of homebullders' Interest now is toward the newer, more open country which the tunnel will open up. "In Moraga Estates, residents have the advantage! of normal city services, such as water, electricity and telephone.

Installation of mains for city gas service is now under way. "I antlcloate that tha neater cart If not alL of the property available for residential development east of the tunnel, will advance in price within a month after the tunnel is open. This appliea particularly to Moraga Estates, but also to tha gen eral region." Property Value Is Increased AH the beauty of fine face-brick, plus valuable insulation qualities and other advantages, may now be given any frame or stucco building with Bird Art-Brie siding, which is being introduced in Oakland by the Home Owners Improvement Co. An interesting background is pro vided for Art-Brlc by the fact that its manufacturer, Bird Son, was established in 1795, while George Washington was president. BRANCHES FOUNDED The Bird line, which includes sev eral other products besides Art- Brlc, waa brought to Portland, Oregon, last May by the Home Owners Improvement Company, which is owned by William Harwlck and L.

A. Neiburger. Since that time this concern has established branches in Seattle, Tacoma, Los Angeles, Oakland and San Jose and establishment of other branches is now being ar-, ranged. The Oakland branch is located at 350 Hobart Street. Art-Brlc Improves the appearance of any building on which it is ap plied, increases property value, affords added Insulation to keep out heat and cold, and eliminates future painting and upkeep," aatd Har- Ick.

"It is shatter-resistant and an be applied in the coldest Weather without damage. The mineral surfacing resists scuffing and abrasion, LOW COST "Art-Brlc makes it possible to virtually transform the appearance a home or other building In a very short time, and at low cost. There are many attractive colorings available, and the material rcsenv bles brick so closely that it has even been used in connection with actual brick construction." Art-Brlc has been utilized In sev eral local home reconstruction ope rations and property owners are showing a great deal of interest in Harwlck stated. "The general Improvement of property, bringing old residences un date, modernlation of store build ings and similar activities are bring' lng many inquiries concerning Art- Brie," he declared. Knotholes Need Attention To Prepare ltnnttv hnarrlt fnr painting, a method of priming adapted by painters is recommend ed: Aluminum bronze mixed with either varnish or boiled linseed nil two pounds to the gallon.

Before the application of this prime coating, it is advisable to wipe off all pitch streaks with turpentine, which not Onlv Imnrnvn thm annhrrraaa but also lessens the bleeding of the Knots. Pointing Gutters With winter ahead, if is Vise to examine the condition of gutters and downspouts. Mssyw Visualize the community picture when painting your house. If it is up on a hill top, separated from neighboring dwellings and unsoftened by shrubbery and trees, a rich, dark tone is usually effective to make it seem part of its setting. A lighter exterior is advisable only when complemented by the green of foliage.

Decorating Windows The careful handling of the decorative scheme around windows can do much to enchance the beauty of a home. Gay, brightly painted shutters often add a touch of color that makes the home exterior picture complete. 20 BELOW "If it were possible to have built as fine a home in 1927 as we are building in OAK KNOLL today, the cost would have been 20 higher." David DBohannon That's the plain, old fashioned truth about these Oak Knoll homes. There is more character and built-in quality in these carefully constructed and completely equipped, modern, five and six-room dwellings than was even dreamed of in 1927. Satisfy yourself in this respect.

Come to Oak Knoll today (it's only few minutes from downtown Oakland) and inspect one of these beautiful homes. 3501 Mirasol Avenue 5 rooms $6850 with an F.H.A. loan for $520(5, and payments of $48.52 per month, covering principal, interest, insurance and taxes. 3400 Mirasol Avenue 6 rooms, 2 tiled baths for $8650; F.HA. loan of $6700, per month, including principal, interest, insurance and taxes.

Drive out Foothill Boulevard to 82nd Follow the Signs. DAVID D. BOHANNON ORGANIZATION 331 17th Street til site 1613 Typical of Moraga Estate Is this home amid the pear trees. Homes built or building in Moraga Estates represent a value of $150,000, according to Fred T. Wood, of Fred T.

Wood, Inc. Housing Shortage in Oakland Proves 'Break' for Investors Til THE TUMJEL OPENS By MORTON J. A. McDONALD The Oakland housing shortage continues to be the topic of conversation among real estate men and investors, and was the subject of an address by Raynor E. Anderson before the Advertising Club last week.

The Chamber of Commerce now estimates that single family homes are occupied 98.6 per cent in Metropolitan Oakland. The approaching Exposition makes the want still more pressing. As early as the coming Spring exhibi tors will be bringing thousands of persona here to make and to man their installations. What the rush of visitors in 1939 will mean can only be Imagined. TERMS ATTRACTIVE Under such conditions, the subject of Investment in multiple-family dwellings in and about Oakland takes on a' new importance.

Strangely enough, such investments, instead of being at the premium warranted by the situation, are to be had today on attractive terms. A study of the properties in last Sunday's Tribune, under classification 43 Flats, shows a group of offers from one broker ranging from $3150 for a pair of flats, for a structure of 18 apartments. Some of these income properties are offered on down payments of $1000 or less. Naturally, many of them are old buildings, as the price alone would indicate. But these prices hecvily discount depreciation and possible repaln RETURNS LARGE Further down the fame classifi cation, a "broker presents an apart ment property yielding 18 per cent, Wise buyers are selecting homesites in Moraga Estates NOW before the price rise that's sure to follow the opening of the new Low Level Tunnel They plan to enjoy life in the country with every city advantage, including paved streets, city water, gas, electricity and telephone service all within only a few minutes of downtown Oakland and Berkeley! Drive out TODAY and see how much Moraga Estates offers for so little! lA TO 5 ACRES AS LITTLE AS $1000 POPULAR FALLACY Not in the past decade could one i 1 i wires.

you can today, ail talk to the contrary notwithstanding. Without indulging in tiresome elaborate description of 2 splendid new 7-room houses now being shown at 724 and 915 Glen-dome Circle, I unhesitatingly state that they are fully 20 cheaper, larger and better than were any built and sold, in this subdivision within the past 1 0 years, and the proof is here to support my statement. You are cheerfully invited to call, investigate and see for yourself. The terms never before were as attractive and easy as we are offering now. From Park Boulevard turn west on El Centra Avenue to Glen-dome Circle.

FRED T. WOOD, Inc. 1727 Franklin Sr. THornwall 2727 Branch Office at Junction of Moraga Orindi Highways I' 1.