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May 25, 1924 - Image 17

Resource type:
The Michigan Daily, 1924-05-25

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. .. ,


Holmes Claims Realty Values
Are Stronger In Ann Arbor



by F. Roy Holmes
Reators of Ann Arbor are asked
almost daily as to their opinion of
Real Estate conditions at present, and
what they thing of the prospect for
the future.
. Speaking for .one of them, I believe
if there Is any city in the United
States in which realty values are
stable, and real estate investments
safe, it is Ann Arbor.
Ann Arbor is a beautiful city,-its
residential sections are charming,
the wooded hills about us are alluring,
and the atmosphere of culture and re-


prices lower here I

It is the sporting life, the civic life,
the religious life, and the educational
life that make Ann Arbor different,,
and because it is different, high type
men and women come and admire and
Real Estate prices are changing, and
in many instances they are lowering.
But, while prices may be lowering,
real estate values are strengthening.
Within the last year or two there1
has been some wild buying in Ann
Arbor. Speculators have bought and
sold, each time adding to the price,
till in some cases, the price has be-
come excessive and alarming. In al-
most every case where there has been
a special drop in p'rice, the drop has
followed an excessive boosting. So I
would make a distinction between
"price" and "value" and I have no
'hesitancy, in saying-- that real values
are strengthening.
Ann Arbor is not a boom town, it
never has been,-I hope it never will
be. But the future outlook .today IsJ
as pleasing and the prospect as bright
as they have been for years.

urtlon to value

Louis C. Andrews, who has been
e practide of real estate in this
or several years, states that in
pinion the condition of realty
Iat present are the best that
ave been for considerable time.
e for a time the values were con-
I high," he said. It was none
ss true that in proportion to the
received they are the same as
the other nearby cities of the
size and importance.
more and more shows an in-
,f home purchates from within
'ound the state. People are be-
g to realize the wonderful ad-
es of Ann Arbor as a home com,-
y-a place where their children
rofit by association not found as
in other ,cities of the same gen-
ues are m~intaining a sound and
y condition, especially consider-
e. cases of the new houses and
ved property. 'There seems to
ficient remand for, all the new
now linder construction.. Ann
cannot be compared, on the oth-
d with industrhil cities like De-
ind Jackson. Mrere we have so
more Jto offer the discriminating
ser that the probilities for the
deveilopments of Ann Arbr 'in


finement inviting. Many who come
to Ann Arbor to visit, or for a course
of study, get completely under its
spell and decide that for them and"
their household here is where they
will stay.
The same thing that builds our city
today and draws to it that splendid
type of individuals that make up our
citizenship, has been building and
drawing for decades. And never be-
fore has the call been stronger, or theI
response greater..

.... ...._ _. v...,_

and quite sign-
Arbor is of a
racter and as-
her cities with-.
les, and indeed

epurchases.finds that these prices
e in most cases caused by a much
gher standard. That is to-day, our
.s are larger, better landscaped; and
r homes are more complete. Iii
her words we have more to offer the
ospective home owner' in Ann Arbor
an in any other city in Michigan.
"A decided tendency is shown to-1
rds expansion in a general south-
sterly direction, with the majority
lots sold' on Packard and Geddes.
e natural tertjaine, with its rolling
is and gently sloping valley sides
peals to the home seeker, and it
this factor, coupled with the Uni-
rsity benefits and location, that has
ade Ann Arbor one 'of the most de-
able of residence cities.
Dne of the 'most interesting features
the coming annual convention of
e -National Association of Rear Es-
e Boards, to be held in Washington
ne 3-6, will be a national contest'
real estate advertising.
The contest is expected to bring out
e notable general awakening in in-
'st in display advertising among
altors during the year, and to mark
e part which "institutional" adver-
ing is coming to have in acquaint-
g the public with the service 'of the
Real estate boards only will be eli-.
be to enter the contest. It will be,
,two parts covering the fields of in-,
ridual display a'dvertising and of
neral presentation, of -real estate
cts, to the public by real estate
ards' themselves through the me-
um of advertising pages.
One award will be given to the
ard which presents the best result-
tting display .newspaper advertis-I
g matter published by its members
memrber firms since June 1, 1923.,
second ,Award will be for the board
rich, presents the best %election ol
iplay newspaper advertising matter
blMhed since June 1, 1923, over the
ard's signature and designed to en-
urage home ownership, real es-
:e investment, and the use of the
iltor's services.
A jury of impartial advertising ex-j
rts will make the awards, which
11 be announced from the conven-
n platform.
A.ny real estate board may enter one

Mrs. Ada Gustines, local realtor, looks Safety of Capital Invested In Local
for marked growth of Property is a Prime
Ann Arbor Consideration
Mrs. Ada Gustines, who has been in Mr. H. O. Potter, local real estate
the real estate business in Ann Arbor dealer, who has been in business in'
for the past bsiyearss and who appears this city for the past six years, states
for the patsix eara n whtok apparthat in his opinion the city' of Ann
to have. a 'favorable outlook for the Arbor is one of the most fortunate
future of real estate development in cities in the country, as here the valu-
this city, state that she naturally liiks ations of property are most apt to. re-
for the building up of the city to main the same than in any other eity
reach the city limits of Ypsilanti, al- of the same size. That Ann Arbor
though this improvement is not due is more and nore to become 'a large
for °a number of years. city of beautiful homes is the bellet
" Evantually there will be a city be- of Mr. Ptter.
tween Ypsilanti and Ann Arbor "she . "An important consideration in pur-
has said." With the present remark- chasing a home, which will remain as
ably outlook for the business year one of the most cherished possessions
Ihead of us, I am of the opnion that of the family. for generations,'is the
mre real' estate will be sold this fact that the valuation of the property
ar than evr e e. Din the will not decrease with the passage of
yer mnths or tbefore.Dur ngt e any length of time. Regardless of 'the
t . v e ua y at st Iabsolute:miaility of th. -tite, wIth-
of the previous years put t-gether out which no man may be secure if
and if that is not an indicationtha' the land upon which he has spent time
the business ear is in for an thatand cinsiderable money in the erection
theh b s y ear i ra i of a permanent house decreases in
provement then I feel sure that it value, he Is then the loser, and will
is at least an indication that we are not be able to enjoy the earnings of
in for a marked revival in business his lifetime.
circles. "More, and more the people of the
With the continued influx into this larger cities are coming to a realiza-
city of large numbers of retired De- tion of the fact that the proper place
troit business men who are taking up for them to retire is the -country town,
the more desirable places in this that is, the city of a few thousand in-
general vacinity, I am sure that, i habitants which will provide all of the
anything, the realty values, of Ann modern conveniences and at the same
Arbor will tend to go upward's time be a comfortable and a safe re-
There has been considerable criticism cluse from the cares of the more
to the effect that in this city the active world. That Ann Arbor is.tc
I values placed upon real estate have take this position in relation to the
'been somewhat higher than they city of Detroit is almost certain, an
should be. This Is not literally true, with the University and the student
when consideration of the facts is bodies, it is bound to become in time
one of the most prosperous of thel
given. In this city the lots are laiger, cites of America'
t h e s t a n d a r diof l i v i n gmi sihag h
andnthe standard of living is higher The development of this city is to
than in most of ot hercities of take place in the direction of Washte-
this character in the vacinity . naw avenue, as well as out towards
"In all therefore I am quite opto- the Barton Hills 'Country Club, ac-
mistic concerning the future of Ann cording to recent statements from lo-
Arbor real estate, and believe that one cal real estate authorities. That con-
of the most remarkable developments siderable land has already been sold
is to be looked for in the near future. is shown by the residences already be-.
ing built in the tracts mntioned, and
it is thought that within the next few
' UL bL ID 0 UUH1bS years the development of this land will
be unparalleled in the history of this
city. The Barton Hills development
RNis considerably restricted, the con-
NI GTIiUU UU I IitU tracts calling for the construction of
a residence within two years after the
Representatives from nearly every date of purchasing.
one of the realtor boards-- in this
country and Canada will attend the
seventeenth annual convention ofstate
NBoasJuness o a6 in Washington, D.
C. It is estimated that more than
realtor boards of Honolulu and other
places In Hawaii will send delegatesI How closely the retail businesses of
to the convention. 4_the country are affected by and con
President Coolidge is to address tele nected with the national real estate
'realtors on June 5 on the White House profession and development is shown
lawn. Other addresses will be made by the statements of several large
by cabinet officers, educators, econo- chain store owners that indicate a
mists, agriculturists, and leaders' in comparative greater increase in the
Ivarious fields of business activity, value of their property than in the
especially in real estate. k total net worth of their business, it
is said.
Retail organizations ordinarily seek
V#hTIIS ITOthe best .and the most valuable lo-
WH (cations, and frequently a large part
of the assets of the organizations or
What is a building and loan associ of small retail firms take the form
ationI of some real estate, leases, or build-
It is a mutual co-operative finan-. ings. During the periods of slow bu-
cial institution, chartered by the siness it is readily conceivable that
state and composed of persons who real property holdings might be the

States that Ann Arbor Property Prices
Are Not as a Rule
"The automobile is a big factor in
bringing up out-lying property to a
higher standard," said J. Karl Mal-
colm, prominent local realtor, and
manager of the Ypsi-Ann Land com-
pany. "Most people prefer, for a real
home, a site a mile or so from the
closely built up sections. If this were
not the case, the subdivisions sur-
rounding Ann Arbor would still be
farms. With Washtenaw Avenue being
paved and opened up, I predict that in
a very few years, it will be lined with
the better class of homes clear into
"Doryouconsider prices on Ann Ar-
bor property too high?" Mr. Malcolm
was asked.
"In some cases yes, in a good many
instances the prices asked are too
high. In most cases where a sale is
made, the price is adjusted on about
the right scale. Location and sur-
roundings, of course, have a strong
influence on the price o. ay property.
Such things as shrubbey nd neatness
necessarily play a large 'part in the
adjustment of prices. I do not believe,
however, that Ann Arbor 'real estate
prices canbe. called exorbitant.
"With regard to the growth of the
Washtenaw avenue residdnce district
in the direction of Ypsi, there is one
significant factor The city limits of
thee two cities are o1y' four miles
apart on the Washtenaw 'paved road.
A bus line going from one to the I
other of the two cities has already'
been arranged to give frequent ser-
vice, so aiy persons may have a coun-
try home and be able to get into town
in a few minutes. With the possibil-
ity of a new, golf club being opened,
and . with the Wasltenaw " club so
cloSely located, recreation' is close at
"Do you consider that there' wil be'
a' steady influx of ,Detroit residents
'Into Ypsilanti and. Ann Arbor?".
"I certainly do. Already there are
large numbers of people who love out
here and drive into Detroit every day.
And I think the members of commut-
ers will grow steadily. With thje
Normal school at Ypsilanti, and ou
own University, plenty of good Detroit
families are seeking to establish homes
in the two cities. The opportunity of
taking advantage of the educational
institutions combined with the excel-
lent opportunities for obtaining good
home-sites is proving irresistible to
"The ,desiraility of home sites
around Ann Arbor is hard to equal.,
Washtenaw avenue is but one of a
number. On this beautiful drive, over
the hills that surround Ann Arbor are
sites from a half-acreup to five acres
which range in price from $50 to
$3000. This land is good not only as a
site on which to build one's home. It
is an excellent investment. I person-
a'lly know of no one who has ever
lost money 'in Ann Arbor real estate.
It is a growing city; largely residen-
tial, and therefore permanent in char-
acter. The chances that it will cease
to grow for years to come are very

In an article on the Building and+
Loan Associations which appeared in
the' National Real Estate Journal,;
May 5, 1924, Percy Livesey stated
that "any project, to be of value to
a 'realty' board, must be of benefit to
the individual member of the board
and the community served by the
body's membership." He went on to
show 'that the Building and Loan As-
sociations throughout the United
States fulfill this requirement. Small
investors receive in return for their
deposits a fair interest, usually rang-
ring from four to six per cent, com-
pounded semi-annually. Such depos-
its are safe, draw interest equal to
or greater than savings deposits in,
I banks, and in addition the money is
f reloaned for the very worthy pur-
pose of home building. The home
Buyer, 'Mr. Livesey pointed out, can
secure -a much larger loan on his
prospective purchase than he could
under the straight mortgage plan.

City's Location
Gives Value To
Local Property


Mr. Aaron T Gorton, who has been
in business in this city for several
years, gives the following statement
concerning his views on the future of
Ann Arbor Real estate development.
"Taking into consideration the prox-
imity of this city to so large a cen- I
ter as Detroit, its many evident ad-'
vantages as a place of residence,
its many beautiful streets and land-;
scaped homesites, the Ceautiful sur-
rounding country with its rivers,
its hills, and its lakes, and last but
not least its rapidly expanding Uni-'
versity, we believe the prices of Ann:
Arbor real estate to-day represent;
home substantial and permanent val-
Mr. Gorton is well-known in local }
real estate circles having his affice
located in the Weurth arcade.
More cash buyers this season than in(
past 17 years is' city .
brker's record.I

HI E 6 E N T A N D ' F A C U L T Y M E NLN L UC9 ET H ~S S H A9N 9 0HI LB I L P

The Rentor Buys
His landlord's real estate.
The Renter Builds
His landlord's house.
The Renter Pays
Hll landlord's interest on his in-
His landlord's mortgage.
His landlord's interest on his
His landlord's taxes.
His landlord's assessemtns
His landlord's repair bills.
His landlord's gas bills.
His landlord's electric bills.
His landlord's water bills.
In return for all this the ren-
forgets a piece of paper with
his landlord's signature on it
which is in itself worth less than
a German paper mark. All this
Is used In argument by h
"Buffalo Realtor" in favor of.
people owning their own homes


. .. , c r r . p n~j c , 0..F F .
"In connection with the development colm, Fred J. Rentschler and Sc
and with the growth of the real es- macher Hardware Co.
tate business in thes 'city. I have The company's property is loca
found that during the past single yeari REAL ESTATE JOURNAL UIRGES between Washtenaw Avenue and G
more cash sales have' been made than CONSIDERATION OF 1des Avenue, with nearly a half n
ever before in17Tyears..,This Is no E Rof frontage on the new Wash'tet
doubt due to the fact that 'utore ,and pavement. It extends north to
more the influence,of thi 'AelIghtful ' .Mallory and Krag-Inglis propert
environment and. the adva tages of "As all. buildings are seen, society and is about one fourth of a mile fr
this city, with the Upiversity attrac- thas a right to demand that none be the present city limits. The Tuc
tions, is'. being felt in the larger and ugly," is the content of an article property lies on the' west. 'La
more commercial centers and people earin recently in the Nati scape and engineering studies be
from the. cities of Detroit, and n eigh-. Real Estate Journal. in proving hs a year and a half ago and the t
bpring communitiesare buying here point, the writer added that "the life pany has been at work for oves
with a view of creating for themselves o fthe community requires that none yearouietly improving 132 acres
p r a the rolling tract of 'land which
permanent homes, be unsafe ' or dangerous, to health has divided into 154 parcels. It
Of the several classes of people con- Social economy requires that they be understood that the property is hi
ing to Ann Arbor, ;the' largest is in ,not wasteful of space or ill' suited to ly restricted and that no home Is
connection with the Uniyersity. That the purpose for which they are ce- be placed on a parcel of ground I
the university influence has been felt 'ated. Every, building s to some ex- than one half acre in area,
in 'Detroit 'is de evideit with tlA" tenrt a public matter,-even a private Employ Olmtead Brothers
inereased sales'of APnn Ar o'real es- hose." 'Frderick Law Olmetead, :'y
tate to the retiring Detroit busness Too fo' Of are buildings -erected known by Ann Arbor people for
man, whodesires to give to his chil- that are constant eyesores to 'the work in laying out a plan for
dren the benefits of the'University ed-'community. With the idea of saving city's future development was
ucation and environment': ' money, .many people build factories, I ployed by Ann Arbor Hills comp
, My experience with the people con-|.office buildings, and eyen homes with to return and make 'an intensive la
ing to Ann Arbor to live is that they no'-other seeming idea in mind than scape study of the coppay's Z?
have the conception of this city as at- the housing f people or the carry- perty and to lay out roads and bu
tractive, as a place where, the advant- ing on of business. Very little thought ing spots so as to take advantage
ages are all with' the retiring business is ever given "to the neighboring natural land contours and landsc
man, where there are all' of the ad-,houses or buildings. Thus it is that ling opportunities. Several miles
vantages of the large city with few we have such an ugly horizon in prac- streets have bene laid out follow
of the disadvantages,' and that toe tically any modern community. Some winding valleys and over the hig
past history of investment in Ann Art builders, to be sure, always bear in elevations. One of these roads,
bqr real. estate has proved it. to be mind, when building, the principles lington Boulevard, now extends a
one of the most satisfactory and safest I $' ood architecture. They erect those mile connecting Geddes Avenue
investments possible. That the 1- edifices -'that make passers-by stop Washtenaw Avenue. This bouley
cal real estate board is doing every- 1and admire; they consider the out- is seventy-two feet wide through A
thing in its' power to 3mprbve the?-side of a building. as carefully as they [ror Hills. The higher points os
sirability. of the city is, of course Is do the inside; and, above all, they look the Huron Valley to the nor
true, but that the presen t condition of heve for the community structures east as well as the lower land
the town is without equal in the - 'that stand out in their own beauty, the east and south. The Kapja
ire stateof Mhgan his aso grte There is no reason why all builders ma fraternity and other city ho
by most of the authorities inolinec-. u
tion with realty conditions N cannot follow the example of these stand out just to the west. G]
men. If the community would take wood Rpad, recently cut through
an active interest in the regulation id woods, passes through the we
of building, make rules to be fol- and opens a direct road between1
REPORT.S SHOW MICKISAN jIlowed by, the builders, there would set aside for Huron Hills Golf Co
be no occasion for' the complaining and Washtenaw Avenue. Hawth
and grumbling that always follows Road is planned to connect with
V bE he erection of ugly and disagree- omy Road . so as to bring the (
able looking buildings. Course within two thirds of a r
From figures produced in the opera- from the city limits. Other roads
tion of Michigan state real estate (service drives form a graceful
license laws, it is revealed that there work of highways so planned as
is only 'one other state in the Union!give permanent convenience to r
which' shows a more active condition T L Edents. Fortunately for the"flt
in the-.real estate market .than Mlchi -. Rof Ann Arbor, *as it builds over
gan. From figures available it ap- jarea, the land adjoining that of
pears that California is the only state publicArbor Hills company Is owned by
tn whlch real estate is mare liquid, protection through adminis- dividuals whose ideals in residen
'Florida has no license lawand it is tration of real estate license laws 'planning are of a high order.
impossible to make 'a comparison with will be, discussed -at a conference of The men back of the. Ann A
that state. administrative officers of license laws i Hills company say that nothing
Usually the number of persons en- in connection with the convention of be left undone to make th~eir proj
gaged in a certain activity maybe 'ac- the National Association at Washing- ty permanently att'ractive. The e
I pt a i roton. D. C., June 3-6. General Nathan pany is well financed, and is la
cepted as, a barometer, of the import-.
ance of that activity in relation to MacChestney, of Chicago, author of out streets which it claims will
other activities. It is this barometer, the model license laws drawn up fy more than is ordinarily put into tl
applied to the real estate business; the national association, 'will speak. improvements.
that justifies the statement that Mich- Joseph' K. Brittain, also of Chicago,l Golf Course Planned
igan enjoys one of the most active and chairman of the real estate II- - Ann Arbor Hills company has j
real estate markets in the world. dense committee of the national as- ed with Mr. William Inglis and V4
In Michigan, one in- every' 157 per- sociation, will preside, while the King and' the Speechley family
sons is engaged in the' real estate meeting 'will be held in the halls of setting aside ample land which is
business. People do not ordinarily IWashington Hotel. rolling enough to make an 'interes'
give their time to a business that is golf course. This land will be tu
inactive or that is not reasonably pro-' over to the Huron Hills Golf "
fitable. If property were not sold in OLOODS MY I[1091. now being formed. It lies about
enormous volume, there would be few- . U IflI L UL way between Washtenaw Avenue
er people engaged in -the real estate 1nGeddes Avenue. It is reported
busiessin Mchian.owners are turning over the land
California shows a greater market TO buvSni NT Mtheclub at a fraction of its worth
intensity. In that state, one person '' 'are donating substantially in a
In every 55 is licensed to sell real es- One-sixth of the money received by tion. Letters were recently sent
tate. In Tennessee the ratio is only the landlords 'of the city of New York1 lby a committee headed by Mr. Be
one to every 1,501. is being turned over to the city go- test- the interest in the golf co
Michigan's active real estate mar- vernment, according to recent state- The response has been so great a

I'When Finished, Project Will i
I Winding Boulevards And
Large Residences
With Regent Junius E. Beal
director and vice-president, and
fessors George E. Meyers and i
L). Wilgus among its charter
bers, Ann Arbor Hills Compa
developing what is said to be e
Amexica's prettiest redldeintial
divisions. The company is back
a number of well-known local
E ness men most of whom are A
'gan alumni. George E. Lewis, n
of Ann Arbor, is president o:
company. L. L. Forsythe, prig
of Ann Arbor High School is tre
er. L. D. Carr and Lincoln E.
are also directors, and C. J. .
mel is secretary. Other charter
bers of the company are H. H. A
A. R. Bailey, Jennie E. Buell, B
G. Buell, Flora C Buell, F. D.
i svthe: Alta M .Honert J.' Karl

The farm population of the nation,


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