Detroit Free Press from Detroit, Michigan • Page 10

Want Ads Heal Estate 10 SUNDAY, JANUARY 10, 1943 PART ONE 'Realtors to Watch Legislation Affecting Property Ownershi Part of a Group of 14 Cozy Brick Homes on East Side Proposals Well Designed Five-Room Bungalow oh Stahelin Are Outlined byBassett Changes in Zoning, Land Board Act and Federal Regulations Are Expected In-- t1 i hit? 'i'fi Hi wM.uit ii i mil owniiy r-. i IS iJ, If mm'mmmmmmmmtmmmmmt i 1 -I I The prospect of an avalanche of legislation affecting property ownership with which the real estate profession is primarily concerned, has put Realtors on the alert to watch closely proposals that this year will come before the State Legislature and Congress, as well Morang. Built on 42-foot lots, they are fully insulated and have tile baths. Opened for inspection by Ray Waycaster. These attractive brick bungalows are part of a war housing project of 14 cozy five-room homes located on Laing just east of SOUNDER FINANCING- Charming Home in West Dearborn i wen aesignea ana conveniently arrangea witn of Southfield, awaits a new tile bath and just south of W.

Seven Mile, owner. It has a recreation room, kitchen. Opened by R. J. Dettling.

five rooms on one floor, this attractive brick bungalow at 18711 Stahelin, seven blocks west Mortgage Men Vieiv Future ivith Confidence Realty Market Reported Less Active Than Year Ago COL. HENRY II. BURDICK. Free Press Keal Estate Editor WHILE MORTGAGE BANKING will be curtailed in 1943, due largely to curtailment of private home building, events which now seem to be under way and which should be accelerated, may start cutting the pattern for a sounder mortgage structure in the immediate years ahead. This was the comment last week of Edward A.

Proctor, president-elect of the Detroit Mortgage Bankers Association, after scanning a statement on the year's outlook made by Charles A. Mullenix, president of the Mortgage Bankers Association of America. "There are admittedly few tangible signs yet," Mullenix said, "but I think we are going to see private enterprise playing an increasingly greater role in our whole economic life, particularly j-w WT i nim mttr as it applies to construction and property financing. This wil not be anything new, of course, but merely a return to the means and methods which have proven the most successful in this nation's cast economic development. The real estate market in Detroit today, as compared with the same time a year ago, is less active, due primarily to OPA regulation of rents and sales and to WPB restrictions on home building.

This was the consensus ex pressed last week by members of the Management and Brokers Divisions of the Detroit Real Estate Board, at their first of the year meetings. A detailed summary of the conclusions will be submitted by Board President Arthur F. Bassett to the National Association of Real Estate Boards for inclusion in its semi-annual country-wide survey of the real estate market. A shortage of single houses and apartment units was reported with rents lower than in January, 1942, due to rent control. There does not appear to be any investment demand for rental housing at present construction costs.

An oversupply of commercial space is general throughout the City, with vacancies increasing, it was said. Business rents in the central district are declining. At present there is no ceiling on commercial rents. The supply of office space was said to be normal with rents "While not directly related Featured in the Garling Construction Co's home development in West Dearborn, is this five-room house on Oxford south of Michigan and west of Telegraph. It has two bedrooms and full basement.

Inspection is invited. to give privately financed conversion and remodeling projects the same AA-4 priority as is available to publicly financed work of the same kind, is a 'straw in the purchase restrictions on apartments of four units or more. Home Building Drop in 1942 Is First Decline in Decade "Building generally will be off about 50 per cent from 1942 and recordings of mortgages of $20,000 and less will be down around 25 or 30 per cent. Foreclosures, as far as anyone can see now, should continue their downward trend of nearly a decade "Thousands will take advantage of their high wartime earn ings to accelerate their mortgage principal payments in line with the President's suggestion, in which mortgage bankers heartily concur." ONLY RECENTLY has the absolute essentiality of war housing been recognized by the War Production Board. John B.

Blandford, since taking over as administrator last February, has had an uphill struggle both on the Hill and with WTB in establishing the fact that war housing is essential and should have the same preference ratings as war plant construction itself. Furthermore, the Army-Navy Munitions Board has only recently accepted the fact that the American war worker cannot be an efficient producer over an extended period of time living apart from his family in barracks and dormitories. This "battle of the barracks" was finally successfully waged and won. Nevertheless, the private home building industry faces a grave situation as the result of the flood of new directives which have temporarily staggered it. higher.

Occupancy has been increased during the past year by establishment here of several Government agencies. Very little usable industrial space is available, the Realtors agreed. Management problems are expected to increase, largely due to growing shortage of materials for maintenance and to rigid Government regulations. Consequently, there is expected to be a greater demand for professional management services. A feature of the mortgage money market was reported to be that capital is eagerly seeking sound investment.

Save Vital Fuel INSULATE Protect yourself against fuel skort- fes. Try to retain heat comfort in yonr home. Save ap to 40 in fuel cost. Sare fuel for Victory. Get the facts about EAGLE HOME INSULATION.

ACT NOW. Liter, may bt too late! Ask for fret stmof Detroit Home Insulators, Inc. 7704 Woodward Ave. TR. 2-S3S3 ORegon 3196 IN YOUR OWN I laati Mom njfviE 5-room homes quality con- NON DEFENSE WORKERS CEDAR 1711 Dinette Suites DEFENSE WORKERS We have now completed and have ready to occupy 2-bed-room, full basement, all-modern homes.

One block from bus, close to schools and shopping in the city of Dearborn. Ten per cent down, monthly paymentsL much less than rent. See these today. Go out Michigan Avenue to Telegraph Road, turn south to next signal light, turn right to project. We are now in a position to handle all types of modernization work.

No job too large or too small. Call us for information. GARLING CONSTRUCTION CO. as probable further regulatory directives of Federal Agencies. Several bills sponsored by the City of Detroit will be submitted to the Legislature at its present session, Arthur F.

Bassett, president of the Detroit Real Estate Board, told members of the Man agement and Brokers Divisions at their meetings last week. He mentioned the following: 1 Amendment of the Zoning Enabling Act to provide by ordinance reasonable regulations for the gradual elimination of non-conforming uses. This, it is believed, will tend to stabilize real estate values. 2 New Mapped Improvements Act to give the City authority after the adoption of a Master City Plan, to require the recording of certified plats showing proposed streets, parks, playgrounds, and to regulate buildings within the lines of the plat to conform to the Master Plan. 3 Bill to require recording of all surveys, including lot surveys.

This, it is said, will put an unnecessary additional expense on the property owner. All plats are now recorded. 4 Amendment of the Land Board Act to allow cities of 500, 000 population or over to bid for State-owned properties at scavenger sales," in competition with owners of interest and other priv ate individuals upon submission of a resolution reciting that the acquisition of such land is for "the best interest of the city," rather than "use for public purposes" as now provided. As this would enable the city to hold, seO, dedicate or trade properties purchased, it is, some Realtors believe, potentially dangerous in the event that during the process of consideration the elimination of the restriction to cities of over 500,000 population (Detroit now being the only one in the State) would open the door to unfair competition if the properties were given away or sold at a very low price for building purposes. 5 Clarification of the Intangibles Tax Act as applied to land contracts to permit deduction of the amount of the mortgage from the unpaid balance before computing the tax.

This has been the practice but a recent opinion of the Attorney General holds that such deduction is not permissible and the tax must be paid on the entire balance. As the mortgagee is also required to pay a tax on the whole amount of the mortgage, this, it is claimed, would be unfair duplication. Although the bill imposing a ceiling on commercial rents was withdrawn at the closing session of the last Congress, it is expected to be reintroduced. Realtors throughout the country, Before You Buy Storm Windows! Iitvontigato nusco TRIPLE stRVKf WINDOWS Combination Scorm Sash Screens and Weather-i tripping all in one unit Interchangeable in 30 feconda. Mo down oaymontt FHA financed.

Mechanical Heat Cold, Inc. 7704 WOODWARD MA. 7260 UisJt. JthsL 1 9 4 3 GUILDER'S SHOW Evergreen Rd. at Fenkell 6 1 JM Easy rtwb by FENKELL or, GRAND RIVER treat Car mm CHAIRMEN of committees through the Washington Committee of the National Association of Real Estate Boards, will strongly oppose its adoption, principally on the ground of lack of necessity.

It is reported that commercial vacancies are on the increase and rents are declining. Continued effort will be made, according to Bassett, to obtain re lief for landlords under the rent control on the basis of increased costs of operation and mainte nance of residential properties. These costs are going higher, it is said, and a corresponding increase in rents should be allowed. More liberal regulation of private home building also will be sought through the Emergency Committee of the National Association of Home Builders of the United States. NAREB Head to Be Banquet Speaker With the acceptance of Cyrus Crane Wilmore, of St.

Louis, newly elected president of the National Association of Real Estate Boards, to be the principal speaker at the annual banquet of the Detroit Real Estate Board, Jan. 21 in Hotel Statler, plans will be perfected this week for this important event of the year, it was announced Saturday at board headquarters. On this occasion, which will honor retiring President James E. Atkinson, who will preside and introduce the toastmaster, the 1943 officers will be formally inducted. They are: Arthur F.

Bassett, president; Samuel J. Slavens, vice president; Lewis H. Haskins, treasurer; J. E. Mc-Gowan, secretary; Louis A.

Ewald, Norman C. Scudder and Hugo J. Hesse, vice presidents, ex-officio. STORM SASH FOR STEEL CASEMENTS WITH 3 BIG SAVINGS New, "Easy-Set" wood frame storm sash for all makes of steel casements, TOP QUAUTY -Attractive wood frame, toxic treated. Neat putty glazing.

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tt 3:30 P. 4717 Woodworfh to this trend, the recent action as in the relaxation ot were announced last week at the conversion of certain sections of Convention Hall to war production work has resulted in a rearrangement and streamlining of the exhibit space for this 25th annual Detroit Builders Show. "With a month to go before the opening of the Show, reservations have been mailed out to thoseN requesting space in a volume which will result in a complete sell out of exhibition space," seated McGregor. "Any firms desiring to exhibit wartime household products or home appliances and services available to the public this year should contact us as soon as possible. The space already signed for indicates that every available square foot of the Hall will be sold at least two weeks in advance of the opening." FOR THE NEW YEAR START RIGHT LIVE RIGHT first of the year meetings of the Management and Brokers Divisions of the Detroit Real Estate Board.

Norman C. Scudder, who heads the management group, has selected the following R. J. Brooks, program; J. S.

Spencer, publicity; F. Earle Steele, membership and attendance. For the brokers, Chairman Louis A. Ewald named Philip C. Baker to head the program committee; George L.

Casenheiser, membership and attendance, and Howard H. Robinson, publicity. THE REAL ESTATE INDUSTRY ought to continue to use advertising in wartime, according to Percy Wilson, vice president of Marshall Field and head of a leading mortgage and finance corporation. He cites newspaper displays as particularly suitable. Writing in The Mortgage Banker, published by Mortgage Bankers Association of America, Wilson declares: "Advertising should continue to educate people in the advantages of land and home ownership, building security for the future, and that, under present conditions, it is a security second only to War Bonds.

It should convince the individual that a home or homesite tan be acquired now out of earnings which may not be possible later. Even a vacant lot, properly selected and paid for today, will insure a family a home of Its own tomorrow." 1 1.1,., fL 1 1 family dwellings with a dollar value of $3,197,950, or a total of 7,990 family units. The average estimated cost of single homes for which permits were granted last year was $4,668 a compared with $5,036 in 1941, a decrease of 7.33 per cent. A total of 8,754 families will be accommodated upon, completion of residential buildings for which permits were issued in the year 1942. This compares with 10,748 in the prior year.

The decline in volume of home construction in 1942 was the first drop in this category in the last decade, during which there has been a notable year by year increase. Last year's dollar volume was the lowest since 1938. The comparative figures for all construction are: 20,069 permits with an estimated cost of in 1942, and 23,617 permits, costing $75,825,714, in 1941. Permits for 63 new store buildings with an estimated cost of $627,900 were issued in 1942. This compares with 281 in 1941 and dollar value of $2,473,725.

The comparative figures for commercial building additions and alterations are: 425 in 1942 estimated to cost and 633 in 1941 with a valuation of $1,611,255. With about the same number of new industrial building, permits issued in the two years, 85 in 1942 and 84 in 1941, the respective dollar volume was greatly in favor of last year in which the total was $6,353,460. In 1941 the estimated cost was $4,755,585. Addition and alteration totals, however, were reversed with $4,040,046 in 1941 and $3,617,474 in 1942. ASPHALT TILE Beautiful Marblmimd Color Especially Made for Basement Floors $50 LABOR INCLUDED Asarulnatt Bastmat Areas 300 S(.

Ft ARTHUR FLEISCHMAN GO. Carpg Linolmmm Rug mnd Atphalt TileVmnotian Blinda 12S85 GRATIOT Arlington 1SOO Opea Evenings TO GET A FULL- SIZED HOME FOR LESS THAN $6,000 THESE HOMES ARE GOING FAST NO CITY TAXES 26315 STUDENT AVE. INDIVIDUALLY DESIGNED HOMES LOW MONTHLY PAYMENTS I City Bus Schools Sewers Electricity rs Gas Water Investment Co. VE. 5-5400 Although permits issued in December for home building in Detroit were slightly in excess of the number and estimated cost of those issued in the like month of 1941, the total for the year just ended was 22 V2 per cent less in number and 27 per cent less in dollar value than in the previous year.

There was a corresponding drop in. the totals for permitted construction of all types including additions and alterations. The most marked decline was in commercial building which in 1942 was 71 per cent less than in 1941. Industrial construction, on the other hand, gained about 12 per cent. According to the report of Commissioner Joseph P.

Wolff, of the Department of Buildings and Safety Engineerin, there were issued in 1942 permits for 7,206 single residences, estimated to cost $33,640,848 and 397 two- Suburban Realtors to Install Officers Officers for 1943 will be in stalled by the North Woodward Suburban Board of Realtors at its annual meeting Monday at 6:45 p. m. in the new Elks' Temple. Royal Oak. Circuit Court Judge Robert M.

Toms, of Detroit, will give the principal address, speaking to the subject "The Background of Democracy," it was announced Saturday by JrMDUcity Chairman H. C. Hornbeck. Judge George B. Hartwick, of Oakland County Circuit Court, will be toastmaster.

The officers to be inducted are: P. J. Watson, president; Fred J. Smith, vice president; Hornbeck, secretary; Harold G. Criger, treasurer; William Harrison and Ernie G.

Skinner, members of board of control. RUEIIM REALTY EXPANDS The Miehm Realty Co. has opened a branch office at 9620 Kercheval, according to announce ment by Mrs. Clara Miehm, president. COAL-FIRED HEATERS Todav because of the shortage of other types of fuel in some sections, coal-fired water heaters are in greater demand than ever before.

LAST GI2AUG FENKELL The Contract 16050 PLYMOUTH RD. JHHUUULIi2 -1- 5 Hi IS kulir 51lnnnrPUPtMT I -ko i WESTW00O AND CRANDVILLE AVENUES, BETWEEN WARREN AND JOY street car and bus at your door struction all utilities schools, churches, shopping center within walking distance. JoTv $4,900 to $5,190 LOW AS $550 DOWN ALSO HOMES FOR MALPELI CONSTRUCTION CO. 7210 GRANDVILLE 8048 WESTWOOD Breakfast and Builders Show Anticipates Space Sell-Out As the 1943 Detroit Builders Show, to be held in Convention Hall, Feb. 12-21.

draws near, interest in the 1943 Ideal Home on Evergreen near Fenkell continues to increase, according to Kenneth D. McGregor, secretary of the Show. More visitors visited the home last week than any previous week since gasoline rationing came into effect in this area, he said Saturday. McGregor also announced that FOR SALE MOVE RIGHT IN' 1 in-11-11 nr nil 1 4409 GRAYTON Oittr Dr. E.

Warm Sactloa Open Sun. Daily. It I P. M. An opportunity that call lor quirk action We have this fine new home for immediate nale.

tiaa air-conditioned heat, natural fireplace, breakfast room and snack bar: pacioti dining room, lanre living room, bedrooms (two lfi-lt. master bedrooms), first floor lavatory; kitchen ha built-in fan; many other quality features! See it TODAY! James A. Hurt 4301 HARPER at Outir Drlvt rincrec 8.300 or 8301 rr 4 i iiy fraai Dctrait'i larant BMssfietirer trutfast iiri flMtt, fainttir i un BMnty. St ttr larst factarr 4it.lav naaT at ktasraSt tt taSnWiai sms aa ()t tlm kifftU. tmttm cakiatti antes at ear lets.

Umny will aiatck ytr ammt iiKi4ti Mts. aak Btaawa tyt ts. Oaacaa Fyf ttyl, awnlala Mts. All thtM aa kaS ia Mils aat, tali aial ar li iliL 'Any at asr Htt aa I Cft kc kaS ia sua nlar atstrta. Oar uti art aricts (ia talis aak) fraai.

BWW Opea Eveninss "til 8:30 P. M. Closes Sandays Industrial Furniture Manufacturing Co. 17910 Van Dyke Nevada TWinbroek 1-f020 I.