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18 ee WINNETKA WEEKLY TALK, SATURDAY, JANUARY 10, 1925 NEWS OF INTEREST IN REAL ESTATE AND BUILDING FIELDS MODEST HOMES INBIG DEMAND Building Shortage Steadily Disappears Continued decrease in the national building shortage is indicated in a general survey of building demands just made by the National Associa- tion of Real Estate boards. The sur- vey is part of the association's semi- annual survey of the real estate mar- ket. It is based on reports by special committees of member real estate boards in 259 cities of the United States and Canada. The extraordinary activity of the building industry during the year has brought about a decrease in shortage of every type of structure. Another year of active building operations on .such a scale, particularly if directed toward the construction of moderately priced and low priced dwellings, would make still more marked inroads on 'the remaining shortage, the report states. Shortage in single family dwellings is reported by 49% of the cities rep- resented. In similar surveys made by the association, that of June, 1924, showed 56% of the cities reporting this type of shortage; that of Novem- ber, 1923, showed 68%. Shortage in apartment houses is reported by 34% of the cities, as against 41% so re- porting in June, 1924, and 54% in November, 1923. Shortage of business structures is reported by 26% of the cities, as against 30% so reporting in June, 1924, and 43% in November, 1923. Overbuilding Reported Overbuilding in some types of struc- ture is reported by 27 of the 259 cities, a little over 10%. Six of these in- dicate a surplus of all types of struc- tures, ten indicate a surplus of dwell- ings, six of apartment buildings, and eight of business huildings. Last year only 15 out of 241 cities cities re- ported any form of overbuilding, only one revnorted overhuilding of all types of structures, four of dwellings, seven if apartment buildings, and five of business buildings. The great remaining unsupplied building demand is for small one- 4 crease 'in activity is likely to be in this type of property. Business and 'investment properties rank high in the number of inquiries received, but they are outranked in all but a few cities by the call for single family dwellings. High building costs have overated to keep down the percentage of build- ing in this type of structure. Any general acceleration of business in the coming spring, such as now seems probable, will bring with it an ac- celeration in the demand for busi- ness structures as well, the associa-« tion points out. Catch Up on Building The larger cities are catching up more quickly than the smaller cities with their building programs. A very large percent of the shortage reported are in small cities. Shortages report- ed by the large cities exist chiefly in the suburbs. For the country as a whole there exists an enormous shortage of farm structures, the survey states. The shortage may be expected to trans- late itself into building demand as the economic recovery of American farmers, already measurably on its way, makes farm building construc- tion possible. Construction of farm dwellings and farm buildings has been practically suspended for the past three years. An interesting feature of the sur- vey findings is the fact that many small cities report a shortage of apart- ment buildings. The ratio of demand to supply here is very high. Changes in the standard of living and in the nature of demands for building accomodations are factors in- volved in constructing an adequate measure of existing shortage. The report cautions that it is easy to exaggerate the extent of the pres- ent shortage. HILL AND STONE MAKE BIG PROPERTY SALES Hill and Stone, north shore realty brokers, have recently sold a 280-acre tract on Deer Path avenue, Lake Forest, opposite the J. Ogden Armour estate, for Ferdinand Hotz of Glen- coe. It was bought by a Chicago syndicate, which has not announced any plans for its development. This is the second large sale which has been negotiated by this office in re- cent weeks. The concern has also negotiated a selling contract with the Alvin C. Green Realty company for 40 acres adjoining the Exmoor Golf club in Highland Park. The Greimer home at 631 Take avenue has been sold by Dk them to Charles F. Smith, formerly of 916 Elmwood avenue and the Apple- yard home at 1032 Forest avenue has been purchased by Hans Schwenneke of Chicago. The attractive northwest corner of Fourth street and Washington avenue has been bought by Louis S. Stoerk, who expects to build a residence there in the near future. RENTAL BOOST IN PROSPECT Report Shows Upward Trend Approaching Rents, for the country as a whole, show a decreasing stabilization, ac- cording to a survey of the rent move- ment in 259 cities which has just been made by the National Association of Real Estate boards. The survey is part of the association's semi-annual survey of the general real estate mar- ket. It is compiled from reports pre- pared by special committees of con- stituent local real estate boards. Sixty-five per cent of the cities cov- ered in the survey report residential rents as stationary. A similar survey made by the association in June, 1924, showed 74% of the cities reporting a stationary condition. Increasing rents are reported in 17% of the cities as against only 10% so reporting in June. The apparent tendency shown to- ward higher residential rents may be in part seasonal, the report states. Rents are likely to be on the increase at the approach of winter. Business rents are shown as uni- formly less stable than rents of res- idential property. Nearly half of the cities, 47%, report business rents in- creasing, and only 47% give them as stationary. All previous surveys made by the association have shown a similar less stable condition in business rentals than in residential rentals. The fact that business property is commonly leased for much longer terms than residential property is given as one factor in bringing about this situa- tion. The picking up of the general business situation has also undoubted- ly had its effect on business rentals contracted for the term ahead, the repo LO Tak > eghe larg sale |) of acreage to a single person this year was made recently when Albert A SMALL HEATED STORE FOR RENT AT HUBBARD WOODS HILL & WHEELER, Inc. REALTORS "Homes for Particular People" WILMETTE OFFICE 334 Linden Avenue Tel. Wilmette 93 WINNETKA OFFICE 736 Elm Street Tel. Winnetka 142 D. Lasker, formerly president of the United States Shipping board, bought a 370-acre tract of land just west of Everett from Hill and Stone and League Baseball club. Work is to start immediately on!completed. large interest in the Chicago National] the residence and grounds which will cost about $1,500,000 when they are Murray and Terry. E. C. Switzer, of the former firm, was instrumental in bringing about the deal. Mr. Lasker will improve the prop- erty with an 18-hole golf course and a palatial country home. This tract of ground is not far from Lake For- est, being just south of J. Ogden Ar- mour's "Melody Farm," and only a little southwest of the Onwentsia club's grounds. The north 250 acres, that which lies nearest to Melody d Farm, was bought from Louis F. an Swift and the remainder came from 1d B d another party. 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