The Record from Hackensack, New Jersey • 33

REAL ESTATE AND BUILDING REAL ESTATE AND BUILDING FRIDAY. MAY 31. 1963 33 I BUILDING RATE CLIMBS 6 P. C. DURING APRIL NOT FORGOTTEN INURBANPUNS Renewal Funds Can't Restore Only Vicinities STANDARDS TEST 1 i' $3,982,603,000 Volume Is 3 P.

C. Higher I Than Year Ago PROSPECT BRIGHT 1 --f I iff New York Contracts for a. nrwrf i iitffl-ifhmi-i'lt''-ri i nMraft" mini PATIO IMfl a XL lacS niMRU UV.RM. IJ, BR'2 I 'J of Route 308, Monsey. Goldell a subsidiary of Gold-Ell Associates of Monsey, is the developer.

The colony has homes in various styles and priced from $26,740. Basic prices include six major home appliances. ROCKLAND PROJECT: Being displayed at the new Goldell Park colony is the Newport split-level model with fonr bedrooms, 2Vi baths, and priced at $28,390. The tract is on Forshay Road between Viola and Grandview Roads west It AT BEACON HILL: Opening for inspection this weekend is this 4-bedroom, 3-bath ranch model in French chateau styling at the Beacon Hill housing colony on Overlook Drive, near Saddle River Road, Woodcliff Lake. Priced at $42,000, the exhibit borne has a Normandy roof, fireplace in the family room, kitchen with door leading to rear patio, and exterior of face brick.

Community Developers Inc. is the builder, and wooded plots are a half-acre. Costs Changing Housing Vogues 1 1 i i.v". t. wv.

'VVJ. VJfc is l'' as a Hand-Sum COLONIAL ON DISPLAY: The Stuyvesant colonial 2-story model is being exhibited at the 28-house Briarwood East colony on Plainfield Avenne, off Oak Tree Road, Edison. The tract, being developed by Jack J. and Albert Handshuh and split-level dwellings priced from $28,790, on landscaped plots a half-acre and larger. Jacob-son, Goldfarb and Tanzman Co.

of Perth Am-boy is handling the sales. these variations would allow the acquisition and rehabilitation of existing houses scattered throughout neighborhoods. They would be occupied and run as public housing just as the familiar big projects are. P. H.

A. officials feel that this approach would be particularly helpful in meeting the needs of large, low-income families who need four or five bedrooms. A variation on this variation will be use of rent subsidies. Instead of local housing authorities owning the properties, the homes or apartments will be rented from private owners by the families or leased by the Gain In Home Sales At Realtor Congress Washington (UPI) When urban planners turn their bulldozers loose in a slum neighborhood, the average citizen views the operation as a cleanup job intended to erase an acre or so of blight. Others with a sense of history occasionally see something else in these sad-looking collection of hovels.

They see the ghosts of another era a time when these scarred and crippled neighborhoods were the very essence of elegance and gentility. Often in the midest of the rubble, a city has found a memory of its historical heritage worth preserving. The Urban Renewal Administration, which helps pay thei bill for slum clearance, is encouraging this movement. The agency has published a pamphlet showing how the public-housing program can be used to rescue historically significant structures standing in the path of the wrecking crews. The U.

R. A. emphasizes that federal funds cannot be spent to restore these a general slum-clearance program can be planned in such a manner as to help save them and accent their importance. PART OF PROGRAM For instance, dilapidated structures and other unsightly objects can be removed rom the land where the historical shrine is to be rehabilitated. Also, the public-housing program can be used to improve access to these buildings by constructing sidewalks or roads.

Grading, landscaping, and street lighting all can be worked in a slum-clearance project in such a way as to enhance a certain neighborhood or building which the city wants to save because of its historical importance. The U. R. A. points out that to qualify for such improvements, each of these neighborhoods plans must meet the standards set up under regular public housing laws.

Generally, it must have collapsed to the point where public action is necessary to restore it to sound condition. In other words, the U. R. A. is not sponsoring projects aimed primarily at preservation of historical structures.

But a community's regular slum-clearance program can be tailored to include this goal. TWO EXAMPLES Many communities already have done this. Here are two of the examples cited in U. R. A.

literature. In Bethlehem, a private group has taken over the job of saving a 9-acre tract containing 20 early Moravian buildings. The U. R. A.

said the neighborhood exemplifys that sect's skilled craftsmanship and concept of life some 200 years ago. The project is being co-ordinated with the local renewal agency which is helping to improve the grounds and provide parking and service areas. Another piece of local history is being preserved in the midst of a big downtown urban-renewal project in Little Rock, Ark. Some of the buildings are Soaring Public (Special to The Record) Washington New public housing as it has been known for the past 26 years' is rapidly reaching the end of an era. It will be continued and expanded but in forms that will blend into neighborhoods instead of standing out like a sore thumb.

With land and construction costs running so high in urban areas, the trend now is from massive new projects to rehabili tation of existing houses and subsidized rents to accommo date the low-income families who cannot afford to pay their own way. Listen to Commissioner Mane C. McGuire talk about the fu ture of public housing: "The traditional methods will have to be modified to make greater use of existing housing and infusion of home ownership incentives, self-help, utilizations of private and non- private organizations, 'and more flexibility in subsidy formulas NEARLY EXHAUSTED As of now, the Public Housing Administration has run out of authority to contract with local housing authorities for new public housing units, with the exception of some 4,000 units needed for urban-renewal location in the next year. Some projects now in the works may fall by the wayside and leave P. H.

A. a few additional units, but otherwise the agency will be out of business as far as new units are concerned until Congress has a chance to act next year. From the start of the program both residential and nonresiden tial building showed substantial gains April, the F. W. Dodge Corporation reported today.

The sharp increases in these two categories more than offset a decline In contracts for nonbuilding construction work, are carried the month's total dollar volume to $3,982,605,000, an advance of 3 per cent over April, 1962. The Dodge seasonally adjusted index registered a strong rise of 6 per cent over the previous month to 125 (1957-59-100) in April. "The April results showed the expected recovery from last month dip," commented George A. Christie, Dodge senior economist, "and for the first 4 months of 1963, total construction volume is holding just about even with last year. This is a considerably brighter picture than it may seem, since the opening months of 1962 were the strongest part of what was by far the best year on record.

"With continued strong demand for most building types, and an overdue pick-up in public works construction, the months just ahead should show some sizeable gains." PLANTS LEAD WAY Nonresidential building Contracts at $1,210,065,000, were up a solid 10 per cent over April i9bi. Building types in the category responsible for the increase, some with very large increases, were: Manufacturing plants, off sharply in March, bouncing back with a 52 per cent advance in April. Commercial building posting a 4 per cent gain for the month as office building spurted; retail building, however, sagged. Public building advancing 73 per cent in April about the same gain it has registered for the first four months of 1963. On the other hand, educational, hospital, and religious buildings all showed declines of between 5 and 10 per cent in April.

Residential building at showed its sharpest gain of the year with a 9 per cent improvement over the April 1962 total. The biggest advance was in single-family housing, up 11 per cent for the month, while apartment contracts increased by 4 per cent. NORMAL THING "The changing composition of the residential market over the past few months in favor of single-family building is a normal, seasonal occurrence, and does not reflect a tapering-off of the apartment boom," Christie commented. As 1-family home building gets into full swing about this time of the year, there is usually a sharp decline in the proportion of apartments to total dwelling "The total number of new units has maintained a steady and impressive lead throughout the four months of 1963, and the April tabulation shows no signs of weakness." April contracts for construction work other than buildings continued to lag the brisk 1962 pace. Public works, chiefly street and highway construction, declined 10 per cent in the latest month, and utilities projects were 37 per cent below April of last year.

SHOPPING CENTER SOLD Fort Lee The Inwood Shop ping Center, a 1-story brick tax payer at 1363 1367 Inwood Tcr race, has been sold to an in vestment client of the Geo. Wolf Realty Co. of Jersey City. The seller was Inwood Shopping Center Inc. if .1 Mortgages Are Arranged For Rockland Apartments in 1937, P.

H. A. has been authorized by Congress to provide 800,000 units of public housing the last 100,000 units authorized in 1961 is now being exhausted. Nearly 600,000 units are in use and the remaining 200,000 units are in various stages of applications or construction. It has been known for more than a year that the existing authority would be used up, but no request was made to Congress this year for new authority for the simple reason that Congress would not approve it unless it is part of.

a major housing bill. That big housing bill is coming up next year. It is reported that the Kennedy Administration will ask Congress to authorize 500,000 additional units. A big order? Not in terms of the need, says P. H.

A. Commissioner McGuire. She said low-income families now occupy 8'i million substandard dwelling units and the number of low-income families will increase by 3 million during the next decade. Mrs. McGuire pointed out that many variations are being tried under a test program authorized in Congress in 1961 but so far not a one has any significant change in public housing's three-fold financial plan lowest interest rate of any housing program, federal cash subsidy and tax exemption as local contribution.

Some of the variations and they are variations, not substitutes will be offered to Congress next year in place of all new construction programs. One of the most promising of located at 35 South Madison Avenue. The building will contain a total of 43 apartments, ranging in size from 2 to 414 rooms. On-site parking will be provided for 66 cars. The mortgage loans are among a number negotiated recently by the John Hancock in the State of New York.

The South Cole apartment building financing was arranged through Urban Servicing Company, and the Madison Avenue apartment financing through Murdoch Fairchild Company. Total John Hancock Mortgage loan and real-estate investments and commitments in New York at the end of 1962 amounted to $212 million. 1 i i- '111 P. if a 1" Continued Predicted Chicago Proof that selling houses is big business is provided by the fact that 62 per cent of American families own their own homes and that $50 billion is spent annually for this purpose, W. Gordon Johnstone, Detroit realtor, told delegates to the XIV Congress of the International Real Estate Federation here yesterday.

Because of this direct connection with the growth and development of the community, there is a certain romance and satisfaction to selling homes that is not obtained from the selling or servicing of any other form of real estate, he declared. "The residential broker receives more than just a commission when he makes a sale. He sells roots in a community, security, pride of ownership, and happiness to everyone with whom he does business." Johnstone pointed out also, "Since it is estimated our population, currently at 188 million, will increase to 200 million by 1970, there seems to be no reason why the selling of shelter should not enjoy a steady and continuous commensurate with the growth of our population." TALK IS TRANSLATED His address, which was translated into French, German, and Spanish, was an explanation of the operations of a brokerage office in the United States for the approximately 350 delegates attending the Congress from overseas, in addition to the hundreds from this country. Johnstone is a past president of the National Institute of Real Estate Brokers, an affiliate of the National Association of Real Estate Boards. Another N.

A. R. E. B. affiliate, the American Chapter, I.

R. E. is host organization for the congress. Johnstone noted that more than 80 per cent of realtors in 4" if nomes community, offers 2-story ing prices of comparable neighborhood homes, but make no allowance for the fact that such prices are normally discounted from 10 to 20 per cent when a sale eventually is made." Johnstone emphasized that that every real-estate office specializing in residential property must have some type of facility to handle the sale of a home which a prospective purchaser must dispose of before he can purchase another in other words, a trade-in plan. "Any broker who does not have such a facility within the next few years will, in my opinion, be as obsolete as were the automobile sales and service agencies prior to the time they stared taking the purchaser's old car in trade on the new car.

CITY RENEWAL STANDARD SET Rehabilitation Trial Starts In Boston Washington Federal offi dais have come up with what they consider a major break through in the rehabilitation of residential structures in urban renewal areas. Up to now there have been two bis problems in trying to improve sound but deteriorating nouses lack of financing and lacic oz uniform repair stand ards. The Federal Housing Administration has developed a new set of minimum property standards for rebabiltation of homes. The first experiment is about ready to go in Boston, and the standards should be used In all urban-renewal areas by this summer. When F.

H. the Urban Renewal Administration, and the city agree on a version of these standards to meet local conditions, the F. H. A. will make a blanket commitment of mortgage insurance for all homes which are improved up to the standards In tht urban-renewal area.

Of course, homeowners will have to pass mortgage-credit checks. The government will buy the mortgage if private lender does not want to hold it. UNITS FINANCED Lonf Branch Builders Planning 24 Family Apartment Lonx Branch Permanent financing of $210,000 has been arranged by tht J. I. Kislak Mortgage Corporation of Newark, for a 24 family garden apartment development under construction at 199 West End Avenut here.

The 2-story building will hive 1- and 2-bcdroom. alr-condl-tioned auites, with monthly rentals averaging approximately $.13 per room. Initial occupancy is scheduled for late summer. Builder owners are John Brockrlede and Carmen Sorcn tlno, of Long Branch. the United States are engaged in handling residential properties and added that most realtors who are now in the more specialized fields of counseling, appraising, management, and commercial and industrial real estate are graduates of the residential field.

DONT RECOGNIZE VALUE "To sell homes," Johnstone said, "there must be stock on our shelves, or listings." He explained that taking a listing often carries with it the problem of obtaining a realistic price for which the owner wi'l sell. "Owners generally have an inflated idea as to what their home will sell for in a competitive market," he noted. "They base their idea of value on ask- ELECTED: William W. Gordon of 302 Warwick Avenue, Teaneck, has been named a governor of the Real Estate Board of New York. Gordon is deputy director of the Port of New York Authority's department of real estate.

1 At 0 i I v. I -a I "tr authorities. Low-income families occupy ing these dwelling units will pay as much as they can under established formulas tied to their incomes an dthe remainder will be made up by subsidies as rent certificates to the families or direct payment to owners. Another new plan in the works will allow families whose income rise above low-income levels to remain in the units over a period of time and build up equities, or down payments, toward eventual purchase of their public housing units. HOME BUYING AT NEW HIGH Building Also Hits Record In April Washington Home building and home buying hit all-time monthly highs in April.

The number of new housing units started during the month reached a record level of on an annual basis. This was a good 25 per cent higher than the winter's low point in January and some 15 per cent mora than actually built in 1962. Mortgage lending by savings and loan associations topped the $2-billion mark in April for a new high. This was nearly a third higher than the volume of loans made a year ago by which are now making nearly half of all home loans. The spring upturn is undoubtedly stronger than was expected, but it is not expected to continue.

The number of building permits issued in April sagged for the first time in several months, and the National Association of Home Builders predicts a leveling out with few, if any, more new homes built in 1963 than in 1962. Mortgage lending may be stronger than home building over the year. Advance commitments by to make home loans are running 17 per cent above a year ago. This could be caused by the increasing number of existing homes purchased, and the number of homes begin refinanced to make improvements or for other purposes. PAST MIDMARK Seven Sales Are Reported For Hidden Valley Tract Paramns Sales have passed the halfway mark at Hidden Valley section 1, a community of 13 homes opened here 2 weeks ago off Farvlew Avenua just south of Century Road.

C. C. Scrgcnt Inc. of Bergen-field, the sales agent, reports seven homes sold and notes that Phil-Mar Homes also of Bergenfield, has construction under way for deliveries in August. The homes are priced from $35,990.

The builder has completed Instillation of storm drains and sanitary sewers and is putting In water Unci to speed Initial deliveries. Spring Valley Mortgage-loan commitments totaling nearly $2.9 million for three new apartment buildings in Spring Valley have been issued by the John Hancock Mutual Life Insurance Company. Two of the structures to be built by Joseph Feld, apartment developer, will be constructed on South Cole Avenue, a half-mile southwest of the center of Spring Valley. The 6-story air-conditioned buildings will contain a total of 144 apartments ranging in size from 3 to 5'a rooms. Features will include a swimming pool and on-site parking for 183 cars.

The other planned facility is a 2-story apartment building to be 1 p. i. 100 years old and still reflect the character of their own generation. The U. R.

A. says the Little Rock plan is to create a prestige neighborhood near the restored older buildings. The idea is to develop a tourist attraction and a vital link with early history of the city and the estate. 'V- Xr, 1 I PROGRESS: Aerial view shows growth of the 50 house Rlrkland Villa He tract and the adjoining 33 house Pitcack Park Ilomei community being developed by Ilarbll Builders Inc. of Clifton on Old Tappan Road, east of Rlvtrvale Road, Old Tappan.

Value Realty Inc. of Clifton Ik agent for both colonies. Pascack Park, with homes priced from $23,410, near sellout. Rickland Village has ranch, bilevel, and 2 story homes priced from APARTMF.NT DEAL: Jersey City realtor Maxwell TrmKui bat negotiated the sale of the 43-year leitrhold on the ttory Berkley Arms at 201 Anderson Street, Hackennack, to a Jersey City investment groop, for New York syndl- rate. The structure, built In 195(1, contains 120 mites which produce a gross annual rental of approximately $233,000.

The building also his four self-service elevators, and parking on Its 252- by 300-foot corner plot.