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6 WINNETKA WEEKLY TALK, SATURDAY, NOV. 13, 1920 CONSIDERS LAND BASIS OF VALUES C. A. Wightman of Analyzes Appraising, Calling it Art Rather Than a Science Evanston In a recent issue of the National Real Estate Journal appears a dis- cussion on the "Appraisal of Real Estate" made by Charles A. Wight- man of Evanston at the Rockford convention of Illinois realtors. Mr. Wightman said: "Three necessities confront the human race in their march through life, nafnely, shelter, clothing and food, which are all derived from the land, as well as gold, which is the standard and measure of their relative worth. Land Basis of Values, "Land, therefore, is the basis of all values; the one thing primarily cher- ished and for the control of which both nations and individuals have waged their most desperately fought contests. The laws relating to the land constitute a very important and essential part of our jurisprudence. The common law, as interpreted by Blackstone, relates almost wholly to the land, its ownership in fee, on leasehold, the improvement thereon and the relationships growing out of the transactions therein. "A considerable portion of the work performed by the realtor in the transfer of titles was formerly accomplished by lawyers whose place he has assumed. Training and knowl- edge of this branch of the law is, therefore, of the utmost importance to the realtor, who would properly equip himself for his profession. "An appraisal of real estate is an opinion as to its value by one quali- fied by experience and sound judg- ment to render such an opinion. Such an opinion should be given by one not financially or otherwise in- terested in the subject and the opin- ion of three disinterested persons should be of more weight than the opinion of one person. There are no laws to govern in the making of an appraisal. Appraising is an art and not a science and the appraiser can be scientific only so far as he is able to recognize all the elements of value entering into the consideration of the particular subject under ex- amination and to reason upon them logically and correctly. Primary Elements of Value, "There are, however, certain pri- mary elements of value which are capable of classification and which will assist the appraiser in reaching a sound opinion. Land as acreage or otherwise may be considered from its location and which includes its capacity to pro- duce either agriculturally (the min- eral rights in the land is a distinct element not here being considered) or by the erection of improvements thereon, its shape, its area or size. Sales of similar land in the imme- diate vicinity and of recent date are a most important guide in fixing valuations but not always abso- lutely conclusive. A chain is as strong as its weakest link, but a forced sale is not the best evidence as to value. "With farm lands, the character of the soil must be considered and the physical deterioration of the soil if it has long been in use. "Most difference in opinion among expert arises with reference to the value of improved properties, because with respect to buildings there is not only the physical depreciation but the economic depreciation due to the fact that the improvement is fre- quently not of such a character as the highest and best of the land would justify. Use of Standard Card "For the purpose of standardizing appraisals the use of a standard card is recommended on which all the well recognized elements of values are enumerated--and real estate boards having appraisal committees are rec- ommended to have these selected in such a manner that there is a per- manence in the personnel, one-third of the members retiring each year. A record of all appraisals should be kept for reference. Es : "While the cost of building varies from year to year and is different in different sections of the country, tables of cost per cubic foot are more or less constant for the various classes of construction. The use of such tables is recommended for fig- rrr 7A, «A dozen portraits will solve a dozen of your 'What to give at Christmas?' problems. Sittings made now relieve you of shopping worries later on, and we will have time to give the work special at- tention." H. G. BORGFELDT Photographer 1159 Wilmette Ave. WILMETTE Tel. Wilm. 1764 PIII III IIIT ILL LE A A HL SSSLSLSSLLLSLLLLLLLS AL SLSSLLLSLSLLLLSSSLLSS SSSA TSSLS Ii iiriiiriiiiiiiziiidiiiiiriiiiiiizz 4 access, its utility |, uring the value of buildings. The physical depreciation on buildings of varied construction is pretty well de- termined and the use of tables for this purpose is recommended. "Lots in cities vary in size but each city possesses what may be called a lot of standard size and tables have been prepared of considerable accur- acy to measure the relative value of the portions of such lots and to apply to lots of greater and less depth. The standard lot is the unit of value in using such tables. Economic Depreciation "As heretofore stated, the element of value most difficult to estimate is the economic depreciation due to the expansion and growth of the com- munity and to the lack heretofore of a system of zoning which, if adopted, would have a tendency to stabilize values and protect the owner of prop- erty against those encroachments of undesirable character which usually depreciate and sometimes render wholly valueless properties of great worth. Finally, I would say that an appraisor is born and not made, but no rules are of sufficient weight to take the place of an intuitive appre- ciation of value but that conscienti- ous study and hard work will ac- complish results worthy of the merit of native talent." 14 New Members Join Realty Board Break Attendance Record at Monday Evening Session; Discuss Li- censing Question. : A record turnout and much enthu- siastic discussion marked the regular meeting of the North Shore Real Estate Board, Monday evening, in the Winnetka offices of President C. T. Northrop. A driving rainstorm failed to keep away the realty brok- ers. Fourteen new members were voted into the organization Monday even- ing, bringing the total membership to well over thirty. The new members added Monday evening were: Mur- ray and Terry, Chicago; J. A. Shane, BOWLING IS GREAT EXERCISE & PLEASURE Try it at the Chicago Bowling & Billiard Club 1937 Central Street EVANSTON Open from11 a.m.to11:30 p.m. Sundays Excepted © Commencing November 13th Wilmette; William Aitken, Hubbard Woods; Irene Floyd, of J. L. Floyd Company; Margaret Diettrich, of J. A. Reid Company; Clayton C. Mitchell, Chicago; Hubert W. Butler, Chicago; Gilbert Johnson and Bros, Chicago; Mr. Critzman, Wilmette; Mr. Thatcher, Jr. ,Wilmette; Bernard Meyer, Chicagg; Mr. James Crabb, associate member, Wilmette. General discussion followed the regular business session and reports of committees, which showed the work of the organization to be pro- gressing rapidly and favorably. In a discussion of the recently voted Sunday closing it was reported that every real estate office, with two ex- ceptions, was closed on Sunday. One of the two, not yet listed in the Sun- day closing, reported to the meeting, through a representative and prom- ised to fall into line upon the assur- ance that the plan proved successful during the stipulated period of trial. The board named a committee to investigate proposed state legisla- tion, having the purpose of regulat- ing the real estate brokerage busi- ness and the licensing of all persons engaged in the real estate business, with the view of weeding out inex- perienced persons and so-called "street brokers," who, it is claimed. have frequently brought the business Minto disrepute to the undeserved in- jury of fair-dealing and experienced brokers. The National Association of Real Estate Boards, it is said, is behind the movement to introduce cuch legislation into every state in the union. 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