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Practical Real Estate Methods For Broker, Operator & Owner



Thirty experts on how to buy, sell, lease, manage, appraise, improve and finance real estate

TitlePractical Real Estate Methods For Broker, Operator & Owner
AuthorThirty Experts
PublisherDoubleday, Page & CO.
Year1910
Copyright1909, By West Side Young Men's Christian Association
AmazonPractical Real Estate Methods for Broker, Operator, Owner

Practical Real Estate Methods For Broker, Operator & Owner

Thirty Experts on How to Buy, Sell, Lease, Manage, Appraise, Improve and Finance Real Estate

Published By Doubleday, Page & CO.

For The West Side Young Men's Christian Association

New York 1910

Copyright, 1909, BY West Side Young Men's Christian Association

Third Edition

First Edition or 1,600 Volumes

September, 1909

Second Edition or 1,000 Volumes December, 1909

-Foreword
Francis E. Ward The West Side Young Men's Christian Association is doing an important service to realty interests throughout the United States, by collecting in a carefully edited volume the remarkab...
-Real Estate Brokerage And Auctioneering. Essentials Of Brokerage Success
Joseph P. Day Value of Complete Information - Personality - Perseverance, Decision and Direction - Detecting Unusual Values - Closing a Contract - Showing Properties - The Auctioneer - Advertising Pu...
-Value Of Complete Information
In order that proper decision and decisive perseverance may be introduced, it follows that the broker must keep all the data he can get about the tendencies, likes and dislikes of each of his list of ...
-Broker's Personality
In salesmanship the personality of the broker enters almost immediately and continues to be a factor throughout. Whether the broker will secure the right to list a property often depends upon his pers...
-Detecting Unusual Features
In determining the value of a piece of property and in working up its selling and talking points, the broker naturally must be thoroughly familiar with the neighborhood. He must be aware of projected ...
-Need For Quick Closing
Skilful use of facts and arguments which will lead the purchaser to increase his offer and the owner to lower his original asking price, if it be really excessive, is very essential. For the broker, a...
-Showing Properties
Decision and direction of perseverance are as important in showing a list of properties as they are in locating a purchaser. Therefore, it is advisable not to show a purchaser too many different prope...
-Concentration In Selling
In pushing property, it is good practice to concentrate rather than to spread one's effort out until it is thin. Little is gained by actually pushing a single property at the same time with each of a ...
-Protecting The Purchaser
When representing the purchaser, the broker should never by any chance make a written offer for the property. If, for example, a purchaser's broker should write to the owner's broker that his client i...
-Auctioneering
On the auction stand, all the qualifications of the expert broker are essential. In addition, the successful auctioneer must be able to answer questions instantly and effectively, and must have a cert...
-Advertising
Once the sale is secured, the first step is to advertise the sale. Decision must be made as to the best time to hold the sale and the classes of buyers to whom advertising should be directed. This giv...
-Concentrated Copy
Concentration in advertising is one of the most effective devices for economy of expenditure and maximum advertising effect, for a single sales day. If an owner gives an auctioneer $100 to advertise a...
-Introducing An Auction Sale
The actual auctioning of property is introduced by reading the terms of sale and making them entirely clear to everyone. The different selling points of the property are driven home to the minds of th...
-Action And Reaction
When bids are called for, the man on the block must use another great natural law - action and reaction. This may be illustrated with a piece of rubber band. If we stretch a rubber band and continue t...
-Relationship Between Broker And Customer, And Legal Principles Involved
Abraham Stern Employment of Broker - Implied Contracts - What Entitles to Compensation - Agent's Act and Principal - Rights of Principal - Double Employment - Options - Purchaser's Responsibility IN...
-The Employment Of The Broker
At first sight it would appear that this proposition is a very simple one, and about which there ought not to be much dispute. A perusal of the numerous cases reported in the law reports on this subje...
-What Efforts Entitle To Compensation
Having started out aright, and obtained the written authority, provided for as above stated, what steps must the broker next take to earn his commission? It is of the utmost importance, in order to sa...
-Ownership
There are many persons acting in a representative capacity, such as executors, trustees and attorneys in fact, who derive their title through wills, trust deeds or powers of attorney. It is remarkable...
-Dimensions
This fact can be easily ascertained by an examination of the deed, or, in case the deed cannot be procured, by an examination of the records. An unintentional misrepresentation by the owner as to the ...
-When The Owner Changes His Mind
A broker employed by the owner of a parcel of real estate, in New York City, secured a purchaser who agreed to buy the property at the owner's price, and made a cash deposit thereon on the 10th day of...
-How Far Principal Is Bound By Agent
If the agent makes any material misrepresentations, as for instance, the amount of rent, or any other statement which the purchaser relies on and is induced to purchase the property by reason thereof,...
-Rights Of Principal
The principal has the right to demand from the broker his best efforts, and that he should be faithful and true to his employer, and exert every possible means and make the best possible efforts to se...
-Double Employment
Naturally following from the principles above laid down is the doctrine that a broker is not entitled to compensation from both principals, without their knowledge and consent. This state of affairs a...
-Options
An option is a privilege which the owners give to a person to purchase the premises at a certain price and on certain terms. If nothing is paid for an option either in money or other consideration it ...
-The Responsibility Of The Purchaser
We have seen that the broker is obliged to produce a customer ready, willing and able to comply with the terms prescribed by the vendor. This brings up for discussion the question whether the broker i...
-The Compensation
It often happens that after the negotiations have ended satisfactorily to the owner, and the parties are about to enter into a contract, the owner holds up the broker by endeavoring to procure a reduc...
-Leasing
Albert B. Ashforth Machinery Of Leasing Information Systems-Danger of Delay - Nature of References - Written Agreements - Commission Versus Salary - General Knowledge Essential - On Starting for O...
-On References
First of all be sure to secure a former landlord as a reference, for here you obtain the best information as to responsibility and respectability, and in most cases the reference is not prejudiced by ...
-Commission Versus Salary
In many large brokerage offices the younger men are left to their own resources. Most of them work on the commission basis, the usual arrangement being one-third of the total commissions received to t...
-Personality
Personality plays a very important part in your success. Get close to your client, whether landlord or tenant, impress him with your integrity, and let him understand that you have his interests at he...
-General Realty Knowledge Valuable
Keep yourself posted in every department of the real estate business. Do not think, just because you are leasing property, that it is not necessary to be familiar with what property is selling for and...
-On Starting One's Own Business
In closing let me say that if you are in a good situation and earning a fair compensation, and with a growing concern, do not be too ambitious to start in business for yourself with an idea that you c...
-Management Of Apartment And Tenement Property. Real Management And What It Implies
Ransom E. Wilcox Importance of Good Construction - Impossible to Make Poor House a Good One - The Owner and His Attitude - Agents and Tenants - Repairs Care of tenement property is an important and ...
-Three Elements
There are at least three elements necessary to the best success in the management of property - good houses, wise owners, skilful agents. Let us look at these separately and in this order. A man abou...
-Importance Of Sound Buildings
If buyers of real estate were more discriminating, it would not be possible to market so much badly built property. The speculative craze is at the bottom of much of the trouble. Ground available for ...
-The Wise Owner
The second essential to success in the management of property is the wise owner. Let it be remembered first of all that the agent is the instrument for the accomplishment of the owner's will. It is th...
-The Successful Agent
Let us come now to the third essential to success in tenement house management - the skilful agent. Let the skilful agent respect his vocation as manager of property and believe that it has excellent ...
-Importance Of Detail
The only way to know the whole business is to begin at the bottom. There is a mass of trying details connected with the faithful care of tenement property. You cannot at first put this off on others. ...
-Tenant And Agent
The relation between a right-minded agent and his tenants should be pleasant. When any considerable number of the latter are saying harsh and discreditable things, there is something wrong. An agent c...
-Management Of Loft Property. Collecting Ability Not Everything
Edwin H. Hess Extensive Special Knowledge Required - Familiarity with Neighborhood - Repairs - Danger of Quibbling - Insurance - Selling and Appraising - Getting and Keeping Tenants In the managemen...
-Knowledge Of District
To carry out these several different branches, it is of prime importance that the broker know his territory like a book. He must be an expert on values, both absolute and based on rentals. He naturall...
-Special Trades
The broker, for example, is often asked to advise on certain loft improvements. The architect, if left to himself, would probably put up a handsome, safe building, and yet this loft structure, which m...
-Repairs
While the usual lease requires the tenant to make certain repairs and leaves others to the owner, it is not always the best of policy to hold strictly to the letter of the lease. This is particularly ...
-Insurance
The fire insurance rate which an owner is compelled to pay often can be reduced by certain inexpensive improvements or greatly lowered by proper structural arrangement when the building is planned. It...
-Selling And Appraising
Selling, appraising, handling mortgages have all become functions of the modern loft-building agent. His clients frequently call upon him to handle their end of deals. If he is wise he will refuse to ...
-Finding Tenants
Tenants no longer come to the agent and rent the property. He must go out for them and rent to them in the face of sharp competition. He must have records of expiring leases in other properties and se...
-Keeping Tenants
Handling tenants requires great tact and sound judgment. Make your tenants your friends, safeguard their rights, don't draw too close a line in the matter of repairs. Distinguish between sluggish paye...
-Management Of Downtown Office Buildings. New Buildings
Joel S. DeSelding Manager's Relations with Owner and Architect - Value of Ornamentation - Advertising Quality of Great Structures - Neighborhood Influences - Getting and Keeping Tenants - Treatment o...
-Cost Of Maintenance
On the detail side, such advice must be based on thorough practical knowledge of what it costs to man and clean a building, to maintain its elevators and heating and lighting plant. This involves know...
-Limits Of Artistic Effect
The manager, however, must not be considered a hopeless antagonist to artistic effect. No one appreciates better than he the value of exterior and interior ornamentation. But there is a limit to the u...
-Neighborhood Factors
The class of possible tenants is the determining factor. On Broadway an office building attracts all sorts of tenants. On either side of Broadway, it must look for its tenants to the businesses which ...
-Laying Out Offices
New buildings are now constructed without ordinary partitions. Offices are rented from floor plans, and the requirements of a tenant are generally expressed in square feet. The tenant and manager then...
-Dangerous Tenants
Selection of tenants, particularly in one of the widely known buildings, and even more particularly in one of the great home office buildings, is very important. In the first place, a few crooked or d...
-Tenant And Manager
The prosperity of the tenant is to the interest of the building. If he cannot make a success of his business he must move; if he succeeds he will stay on. The manager, therefore, must see to it that e...
-How To Appraise Property. Fee, Rental And Market Values
Edward H. Gilbert Appraiser's Qualifications - Valuing Parcels of Land - Inside Lots and Corners - Improvements - Income from Buildings - Old Buildings - Cost of Modern Buildings Real property is de...
-Market Value
The fair market value of a fee holding of land is the price obtainable for it when voluntarily offered for sale in the open market, under equable and normal market conditions, to the competition of bu...
-The Appraiser's Qualifications
The province of the appraiser is to determine value at any given time and under all conditions. He should possess the following qualifications: First: A solid experience in buying and selling real pr...
-Valuing Parcels Of Land
The preliminary steps toward the actual valuation of any given parcel of property are: The determination of the value of a single city lot 25x100 situated midway in the block on the street or avenue ...
-Improvements
The value of land, however, is not the only value which the appraiser of real estate is called upon to estimate. It is required of him that he shall be able correctly to assign a market value to a com...
-Income From Improvements
Fundamentally the only measure of the value of a building which is practicable is that of rental or profit; and the value of any building is better determined upon its income, as a measure of its adap...
-Value Of Old Buildings
Of old buildings which are no longer an adequate improvement to the lot on which they stand, we say that their value has merged with the value of the land and is inconsiderable. Old buildings which by...
-Cost Of Modern Buildings
Five-story tenements, built on 25x100, cost, as is well known, within the limit of $15,000 to $20,000, or at the rate of eleven to fifteen cents per cubic foot. Six-story modern non-fireproof tenemen...
-Points To Be Considered In Valuing A Building. Quality Of Construction
G. Richard Davis Finish - Area and Character of Buildings - Equipment - Cost - Expense and Maintenance - Income - Architectural Features - Character of Location - Suitability of Improvement The ulti...
-Foundations
It is impossible to tell in the finished building whether the foundations were put in correctly and substantially or not, but cracks in the stone work or in the brick work, particularly in the window ...
-Brick Work
Well laid brick work will show the vertical joints on line and a smooth and plumb front surface. This is true both as to front brick, and particularly so as to the rough work in the courts and yard. A...
-Stone Work
Stone is used for the purpose of decorating front and gable walls of buildings, for stoops, etc. White Indiana limestone is commonly used in this city. There is also a red limestone that is sometimes ...
-Terra Cotta
Terra cotta is used in place of stone for ornamental purposes. It lacks the strength and even surface of stone, and is a poor substitute if used in continuous courses, but is most desirable when used ...
-Cornice
The cornice of a non-fireproof building is generally of galvanized iron made in ornamental design, and anchored to the roof beams and the brick work. Sometimes the cornice is made of copper, which is ...
-Entrance Vestibule
Upon entering the building, the size of the vestibule and entrance hall should be noted, and how it is finished; the quality of the wainscoting and its height. If a public hall is wainscoted with marb...
-Elevator
If the building contains an elevator, the latter should be examined as to its speed, smoothness of running, and its size. Note should also be taken of the finish of the interior of the car, as a sligh...
-Roof
The use of a tile roof is expensive but very desirable, as its duration of wear is practically unlimited. However, its cost is so much greater than that of a slag or plastic slate roof that the latter...
-Flashing
The use of copper flashings, gutters and leaders is desirable, and indicates substantial construction, although good galvanized iron, if well painted, is extremely durable and gives excellent results,...
-Drying Frames
The use of the best construction for drying frames is desirable, as the expense is very little more, the cost of maintenance is one-half, and the roof is much more readily kept watertight. Drying fram...
-Clothes Driers
Clothes driers are installed in apartment houses for the purpose of drying clothes when the weather is such as to prevent the clothes being hung out of doors. These driers are heated either by steam o...
-Leaders
The use of interior leaders in preference to exterior ones is desirable, but they are generally used in buildings ten or twelve stories in height or over. ...
-Roof Tanks
A roof tank is a necessity in tall buildings and in many six-story buildings. They are also needed wherever a Flushometer valve is used. These tanks are built either of cedar wood or of boiler iron, a...
-Fireproof Doors
Upon entering each apartment note should be taken of the character of the fireproof entrance doors. The entrance doors to all apartments, and the trim around these doors, and all the woodwork in any o...
-Floors
Note should be taken of the floors. Oak flooring wears better than pine. Maple is hard, but shrinks more readily than oak, and is more easily soiled. Oak, therefore, makes the most durable floor. Floo...
-Trim
In considering the wood work, the height of the base, the wainscot, if any, the paneling of the doors, and the general fit and design of the trim should be noted. A high base, handsome wainscot and su...
-Carpenter Work
When it can be noted in a new house that the base around the room has broken away from the wall, that the window casings are not flush with the plaster, that the doors fail to hang true, and the jambs...
-Tiling
Note should be made of the tile in bathrooms, etc., to see whether it is firmly and smoothly set; whether a sanitary cove or rounded floor angle has been used, and whether the floor is level and well ...
-Plumbing
Plumbing is an important feature in the house, but one which the layman finds difficult to criticise intelligently. Note can be taken, however, of the character of the fixtures, whether they are porce...
-Steam Heating
What has been said as to plumbing is particularly true of the steam heating. The radiator in a room is the only outward evidence we can see of the heating apparatus in apartments. The size of the radi...
-Hot Water Supply
Hot water is obtained by the installation of hot water tanks in the boiler room, inside of which tank a coil is placed, through which steam is passed, thereby heating the water in the tank; a thermost...
-Hardware
The hardware in a house is relatively unimportant, but is an excellent indication of how well the house is built. Solid brass hardware costs considerably more than stamped. The difference between the ...
-Electrical And Bell Work
It is difficult to determine as to the interior character of the electrical and bell work, but the adequacy of the equipment should be considered by noting the use or omission of wall switches, base p...
-Plastering
There is little that one may do to determine the quality of plastering in finished buildings. The use of decorative plaster work on ceilings may be considered as indicating a desire on the part of the...
-Shades
The quality of the shades in an apartment is an indication of good or bad equipment. A heavy shade stick and strong cord, and a good quality holland, indicate good work. A cheap shade, which is consta...
-Dumbwaiter
The dumbwaiter rope should be of the best quality, and the car should be of oak, heavily bound with iron. A good car for the dumbwaiter can be purchased for the ordinary six-story house for about $35,...
-Refrigerator
The refrigerator should be large enough and should be lined with galvanized iron heavy enough to withstand the greatest amount of wear. The use of imitation porcelain lining instead of the opalescent ...
-Lighting Fixtures
Lighting fixtures should be attractive, preferably of cast or spun metal, and should be heavy enough to withstand the hard usage to which they are put. The use of a chain pull socket which is easily r...
-Bathroom Hardware
It is desirable to install bathroom hardware in apartments where the walls are tiled, such as toilet paper holders, towel racks, soap dishes, etc., so that the various tenants will not injure the tile...
-Gas Ranges
The use of a good gas range is desirable, as the cost of maintenance is less, and its efficiency and attractiveness to the tenant affect the income most favorably. ...
-Painting And Decorating
The painting and decorating of an apartment is more or less temporary, and owners are obliged to do this work every few years, and the character of it can only be considered from its attractiveness fr...
-Telephones
The use of telephones in apartment houses has become almost universal. In the higher class houses, it is particularly desirable to eliminate the usual switchboard installation made by the telephone co...
-Filters
Filters in the larger apartment houses are a desirable addition, their use being a convenience to the tenant as well as a sanitary precaution. In addition to this, in twelve-story houses they help to ...
-Vacuum Cleaner
A vacuum system in a large apartment house is a desirable addition. Its cost of maintenance may be such as to offset its attractiveness from the owner's standpoint, but a substitute may be found in th...
-Lighting Public Halls
The public halls should be well lighted, but not over-lighted, as the latter are costly to maintain. If too many outlets are provided, low candlepower lamps should be used. The method in which these l...
-Mirrors
Note should be taken of the mirrors provided in apartments, as they are attractive to tenants and cost practically nothing to maintain, as breakage can be covered by insurance. ...
-Pumps
Pumps are a necessity in many buildings, and usually are placed in the basement, on a solid foundation, as near the water main as possible. Where a large amount of pumping is to be done, a suction tan...
-Basement Arrangement
The equipment and arrangement of the basement in apartment houses is very important. The boiler room should be large and preferably lighted from the street, and have adequate ventilation. The boilers ...
-Coal Storage
A large storage room for coal is economical, as coal bought in large quantities is cheaper. The handling of ashes should be carefully considered, as the more readily they can be taken out the less the...
-IV - Cost
In estimating the cost of a building, there is no accurate rule or method that can be given. The common method is to obtain the cubic contents of a building and by estimating the cost of the construct...
-V - Running Cost And Maintenance
In considering the running expenses and cost of maintenance, the foregoing discussion of construction, equipment and finish is the most material point. In addition to this, the character of the buildi...
-VI - Estimating Income
In estimating the income of an apartment house, there are five points that may be considered: First, the light and air; second, size of rooms; third, arrangement of rooms; fourth, equipment of the apa...
-VII - Light And Air
In discussing light and air, the size and arrangement of rooms and general appearance of the apartment house, we must consider the architectural necessities and methods of apartment house construction...
-VIII - Character Of Location
The character of the location materially influences the character of the building that should be erected. In valuing improved property, a location which is unquestionably desirable for an apartment ho...
-IX - Suitability
In considering the suitability of the improvement for the site, it is necessary only to repeat what has been mentioned in the two articles relating to mortgage loans. To obtain the full value of the l...
-The Standardizing Of Real Estate Valuations. When Appraisers Disagree
Irving Ruland Need for Exact Appraisals - Neighborhood Experts Best Qualified - Peculiar District Conditions Affecting Values - Central Appraisal Committees The fact that leading appraisers not infr...
-How Property Is Condemned. Sovereign Power
John H. Hallock What Is Private Property - Condemnation for Parks and Public Places - Assessments - Increased Valuations - Water Front - School Sites - Street Improvements - Hardships for Owners - Ho...
-What Is Property?
One must be careful to understand properly the meaning of the word property; for property itself is nothing more than the right to own, enjoy and dispose of, which also includes the use; in fact, it...
-Public Parks And Public Places
Land required for public parks is acquired in New York in much the same way as streets. First, there is a demand in the section for the improvement. Next, the petition is presented to the Local Board,...
-Assessments
The present policy of the Board of Estimate in the matter of acquiring title to property for public parks, and public places which increase the street area, is for the City to bear half the cost and t...
-Docks And Bridges
Water fronts required for use by the City of New York are acquired as follows: The Commissioner of Docks, under Section 822 of the Charter, is empowered, with the Commissioners of the Sinking Fund, to...
-School Sites
A complaint is made to the local school board in any district, on account of lack of room and accommodation, and of not taking care of the children of the district. This board reports to the Board of ...
-Street Improvements
Under the form of local government provided by the Greater New York Charter, a local board is authorized to initiate proceedings for the opening, closing, straightening, paving, sewering, flagging, cu...
-Proving Title And Value
Then the matter of proving titles to the various parcels affected is taken up. Formerly titles were proved before the Commissioners, but this was too expensive to the city, and in order to reduce the ...
-Hardship For Owners
As soon as a site for any improvements has been selected, the newspapers get the news and it is published broadcast that on or before a certain day the City will erect on a certain location a fire hou...
-City Photographer
The City again treats its citizens in a most magnanimous way by sending the photographer around to get a picture, and he gets a good one, and, in fact, only too good, for when testimony is taken, some...
-Expert Modes Of Procedure
The first thing an expert does after being retained is to examine the property in question very carefully. He examines each and every building from cellar to roof - first as to its general condition o...
-Plottage
If it is a plot 25x100 up to 50x100 and has no improvements in the line of buildings that, if occupied, will yield an income sufficient as a carrying value, 5% of the market value is added as plottage...
-Value By Sales
In stating the amount of damages in the proceedings the entire amount must be given, then the value of the land and then the value of the improvements. As I have said before, the expert proves his val...
-Value Of Remainder
Certain property taken through condemnation may be only a portion of a large tract of land. If a considerable amount is taken the owner may be entitled to consequential damages, owing to the fact that...
-Why Experts Object To Testifying
The objection most real estate experts have against appearing in proceedings of condemnation is the fact that they consume so much time that the pay is not sufficient to reimburse them. For instance, ...
-Abuses Of Condemnation
Hon. Herman A. Metz, Comptroller of the City of New York, on January 31, 1908, sent a communication to the Hon. Charles E. Hughes, Governor of the State of New York, setting forth the unjustifiable sq...
-New Plan For Condemnation
The mode of appointing commissioners as now provided should be changed and entirely removed from politics. The power of appointment should rest with some reputable body of sound hard-headed business m...
-Amendment To Constitution
Senator Brough has introduced a bill at Albany providing for an amendment to Article VI of the State Constitution as follows: The Legislature may establish a court of record in any county not containe...
-Methods In Other States
The following data as to the methods of condemnation in other States of the United States and in many foreign countries have been compiled with a view to supplying information to those interested in l...
-Condemnation In Other Countries
For the following information as to the methods of expropriation of property in many foreign countries, the writer is indebted to the American ambassadors, ministers and consular representatives in th...
-Condemnation In Other Countries. Continued
Mexico When property is condemned in Mexico for public improvement and the owner or owners do not agree to the valuation set by the tax office and the known value of the property, the Federal Distric...
-Property Condemnation in Guatemala
The following procedure is necessary to condemn property in Guatemala: 1st. Declaration of public necessity and usefulness of the work, in general. 2nd. Declaration that all or a portion of the prop...
-Property Condemnation in Japan
Land in Japan may be condemned for military purposes, public works, railways, tramways, or for any public purpose decided upon by the imperial or local governments. In all cases, except condemnation f...
-Property Condemnation in Russia
No property can be expropriated in Russia for government or city improvements except in accordance with the Russian laws or by imperial ukase. The laws governing the expropriation of property are con...
-Expert Testimony. How To Examine Property
John Means Thompson Danger in Speculative Values - Objection to Rules - Interior Lots - Consequential Damage - Water-front Appraisals - Valuing Leaseholds - Tax, Condemnation, and Court Proceedings -...
-Speculative Values
It is also important that the expert keep himself well posted as to current values, especially where increases have been sudden. The expert must learn to differentiate between a permanent rise and one...
-Objection To Rules
There is a general tendency, I think, on the part of many expert appraisers to follow certain general rules for appraising property. In some cases, of course, it is advisable to use certain rules, as ...
-Interior Lots
It is always a difficult matter to fix the value of interior property. By interior property I mean such property, situated in the centre of a block, as has no ingress or egress. There was a recent cas...
-Three Classes Of Testimony
There are three divisions of expert testimony, as follows: First: Condemnation proceedings. Second: Certiorari proceedings for the reduction of taxes. Third: Court proceedings to determine the valu...
-Consequential Damage
Now taking up the first of these items I would call attention to the fact that one of the most difficult problems of condemnation proceedings is that of consequential damage. Consequential damage aris...
-Water-Front Property
It has been the policy of the city for a number of years past to acquire water-front property, and as it is almost invariably acquired by condemnation, you might be called upon as an expert to testify...
-Leaseholds
The value of a lease or leasehold very often enters into condemnation proceedings. To fix the value of a lease or leasehold is very difficult and must be governed by the conditions and terms under whi...
-Condemnation Proceedings
In condemnation proceedings you will often be required to testify as to the damage caused by the right of way through property such as a railroad over the property or a subway under the property or a ...
-Tax Proceedings
The next form of expert testimony is that of certiorari proceedings for the reduction of taxes. Up to the year 1903, it was a popular fallacy that property in the city of New York was assessed at two-...
-Court Proceedings
The last division of expert testimony is that as to the value of real estate in the matter of the sale of property of a lunatic or an infant which has to be confirmed by the court. This does not requi...
-Capitalization
As correct appraisal is necessarily the basis of expert testimony, I desire to call your attention to the fundamental principle of appraising, and that is capitalization. Capitalization is the basic p...
-Ratio Of Rental Value
The average ratio of rental to fee value differs; generally, in an office building it is 8% gross, in an elevator apartment house 12%, in a flat or tenement 10%, in a residence 7%. Of course, these ra...
-How Property Is Assessed. Effective Tax Boards
Lawson Purdy Block System - Field Work of Assessors - Traffic as a Factor of Value - Corner Lots - Using Floor Area - Correcting Assessments - Previous Sales - St. Paul Plan The precise form of the ...
-Block System
In some cities and in nearly all country towns real estate assessment rolls are still arranged alphabetically instead of geographically, and in most country towns the assessment of the real estate of ...
-Field Work
Beside the map books, each assessor should have field books containing columns for the final assessed values for several years; a wide column for remarks, and columns showing the name of the owner, if...
-Importance Of Traffic
The flood of travel along the streets surrounding the block is, in the main, what determines the value of the land within the block. The larger the stream of travel, the greater the land value. This i...
-Corner Lots
Corners are always more valuable than interior lots, and the relative value of a corner to an interior lot depends upon the value of the two streets on which the corner lot fronts. The greatest increa...
-Factors Of Value
When the assessor has determined and recorded the value of the land exclusive of improvements on each lot in his district, or in a section of his district, he will proceed to determine the value of th...
-Using Floor Area
It is practicable to determine with substantial accuracy the number of square feet of floor surface on each floor and the number of floors, because the size of a building can be ascertained by measure...
-Correcting Assessments
It is a fundamental principle of our law that notice to taxpayers is necessary for a valid assessment, and there must be an opportunity to apply for correction. There is a notion quite commonly entert...
-Previous Sales As Guides
The value of anything which can be reproduced indefinitely can never long exceed its cost of reproduction. The value of land, on the other hand, is a monopoly or scarcity value. It depends upon the su...
-Mortgage Loans On Real Estate. Definition Of Mortgage
G. Richard Davis The Standpoint of the Lender - Guaranteed Mortgages - Borrower's Point of View - Broker's Position - Participating Mortgages - Objections Raised - Value of Plan A mortgage on real e...
-The Lender's Standpoint
First mortgages are a most desirable form of investment. Their interest return is higher than that of other equally high class securities, and their non-fluctuating quality, both as to interest and pr...
-Guaranteed Mortgages
To remove most of the objectionable features of mortgage investment, companies have been formed, and have most successfully proceeded to take mortgages and assign them to investors, guaranteeing the p...
-The Borrower's Standpoint
In New York City, a majority of property owners regard a mortgage on their property as a necessary evil. They prefer to own three pieces of real estate, each with a substantial mortgage thereon, to ow...
-The Broker's Standpoint
The mortgage broker's business is to obtain loans for the borrower, and investments for the lender. It is customary for the borrower to pay the broker's commission. It would seem then that he is reall...
-Participating Mortgages
It often happens that the lender desires to hypothecate his security, that is, borrow money on the mortgage which he holds, and is unable to assign the mortgage for the full amount that it secures. If...
-The Need For Participating Mortgages
It should be admitted, therefore, that participating mortgages are a benefit and perfectly proper, and that the objection to them lies in the present method of handling them, and not in the participat...
-Margins On Mortgage Loans
George A. Hurd Legal Restrictions - Practice in Europe - Necessity for Close Appraisal - Rentals as a Factor - Influence of Panics - Depressed Values - Changes in Neighborhood - Deterioration of Buil...
-Practice In Europe
It is interesting for purposes of comparison to examine the requirements of margin which are met with in Europe, in different countries, and on different classes of loans. If we disregard the advances...
-Importance Of Accurate Appraisal
First: Errors of judgment in appraising the value of the property. Since each piece of real estate stands by itself, there can never be a market value for it in the sense that there is for bonds or ...
-Rentals
The selling price of property ordinarily reflects the rental of the property, which is the source of its value, but this is modified by the prospect of the future rental of the property. And there is ...
-Influence Of Panics
The second point to be considered is that mortgage loans ordinarily cover so long a term of years that general financial and commercial depressions during the life of the loans cannot be foreseen, and...
-Depression Of Values
The difficulty of valuing property during a period of depression is greatly increased just at the time when, through falling rentals and values, it is most necessary to be careful in making mortgage l...
-Changes In Neighborhood
A third point to be considered and guarded against is the possible loss of value through changes in the internal structure of a city. In retail business property this most commonly occurs through the ...
-Deterioration Of Buildings
The fourth element to be considered is the depreciation of buildings. Mortgage loans are usually made for a long enough term to have the improvements lose appreciably in value from age and the wear an...
-Losses In Foreclosure
A fifth point to be considered is that of the accumulations pending and during foreclosure, including the period of redemption, if there is one. The amount loaned on property, practically speaking, is...
-Danger Of Forced Sales
The sixth point to be considered is the loss of value through disposing of the property at forced sale, and through the injury to the reputation of the property caused by the foreclosure. Though prope...
-Safeguards
It remains to suggest how these various elements of depreciation may be guarded against without demanding excessive margins on mortgage loans. Errors of judgment in appraising may be largely eliminate...
-Building Loans
G. Richard Davis Kinds of Building Loans - Loans in New York and Elsewhere - Speculative and Contract Building - Loan Associations - Operators', Owners', and Permanent Loans - How to Figure Building ...
-Percentage Of Lot
In figuring the percentage of the lot that a building will cover, deduct the area of the court, sides and yard space. The tenement house law in New York City will not permit a building built on an int...
-Cubical Contents
To arrive at the cubical contents of a building, multiply the area of the building by the height of the building, measured from the bottom of the cellar to the top of the roof beams, and you have the ...
-The Use Of The Building
Determining not only the general character of a building, but also the adaptability of a particular building to a particular site, are most important, as it would be obviously an ill-judged investment...
-Building Payments
In the making of payments, and in the conduct of the entire building transaction, it requires continuous, careful attention to, and expert knowledge of, the situation by the building loan man. Buildin...
-Loans In New York And Elsewhere
It may be well to draw a distinction between building loans as made in New York City and elsewhere, owing to the difference in the laws in other States regarding mechanics' liens and building loans. S...
-Speculative And Contract Building
Speculative building and contract building therefore are distinct branches of the building industry, and New York City and its suburbs seem to have a monopoly of the speculative builder, as we know hi...
-Building Loan Associations
In this country there are a number of building and banking loan associations which have established towns and villages through their financing methods. Some of the co-operative ones are most worthy an...
-Methods In Other Cities
In Philadelphia and Chicago, which are more nearly equal to New York, the method of financing building operations has more nearly approached French methods. In Chicago, several concerns have financed ...
-Big Operations On Small Capital
It is astonishing to people who have not gone into this subject, yet careful investigation shows that the building loan operators in this city have made it possible for a man with $5,000 to complete a...
-Three Systems Of Loans
Discussing building loans as they are negotiated and made, let us take, for example, a specific case: Tenement houses are the most common form of speculative building to-day. Two lots, aggregating 50x...
-I. Operators' Loans
First, where land is owned by an operator and sold by him to a builder at a more or less material profit. To induce the builder to pay this profit a loan is made to him liberal enough very often to al...
-II. Loans to Land Owners
Taking again the same fifty-foot plot as typical, let us assume that instead of belonging to an operator, it belongs to the builder, who desires to improve it with a six-story tenement house. He has p...
-III. Permanent Loans
The third class of building loan, and one previously referred to, is what is known as a building permanent loan, or a loan made as a permanent loan for three or five years, but advanced in building pa...
-How To Figure Payments
The following schedules of building loan payments are appended, as tentative forms in general use by some of the large loaning companies: In figuring the amount of money to be advanced on each paymen...
-Apartment House
1st - When the structural steel work is up to the third tier of beams, and the walls up to the first tier of beams, stair strings started.................... 2nd - When the structural steel work is u...
-Stability Of Real Estate During Panics
Walter Stabler Financial Conditions in 1907 Affecting Real Estate - Mortgages in Panic Months - Effects of After Panic Money Rates - Bonds Versus Realty - No Money Lost on Mortgage The enormous deve...
-Effects On Mortgages
And so if you have noticed the records of mortgages during the six or eight months that might be called the panic months, they were smaller than for years, and at higher rates of interest. As the pani...
-Future Conditions
How long this condition will last no one knows, nor can anyone prophesy with certainty; but I look for tighter money by the latter part of this year. I am told by bankers that it is tending that way n...
-Realty Versus Bonds
The most gratifying thing about the panic to me, and I am sure real estate men in general, is the way real estate stood the shock. Stocks of all kinds were cut more than in half, many bonds were in de...
-Operating. Value Of Real Estate History
Robert E. Simon Disregard of Precedent - Trend of Trade and Movements of Centers - Economic Studies - Creating Values - Vacant Land and Its Dangers - Building Financing - Acreage The real estate ope...
-Must Know Realty History
How is one to gain the necessary knowledge? By close study of conditions as they were and now are in the thickly populated sections; by watching the shifting of neighborhoods, the increase of populati...
-Disregard Of Precedent
Often originality and nerve will prompt a man, because of recognized peculiar conditions, to throw all precedent to the wind and win out. Just as Henry Siegel, in the face of the accepted opinion that...
-Noting Trend Of Trade
One usually finds that land in recognized centers, such as hotel, club, theatre and amusement, shopping, manufacturing centers, etc., has a peculiar value. Then it is necessary to know the requirement...
-Economic Studies
To be able to judge whether we have overproduction in housing facilities, the operator must be in touch with immigration, with the natural growth, and the increased demand through marriages, etc.; als...
-Creating Values
Dealers in improved property can do many things to create additional value. They can modernize old buildings by putting in modern show windows, which will result in increased rental; by changing a lof...
-Vacant Land
The improvement and financing of land where buildings are demolished and new ones erected are the same as those of vacant land and will be taken up later. The operator in vacant land has the hardest ...
-Building Financing
Sometimes the operator buys and sells the vacant land and secures a profit. He may sell and only get back a part of his cash invested, and a second mortgage for the balance; or he may sell to someone ...
-Acreage
Another field for operating in vacant land is the purchasing of acreage and its development into city lots, by cutting through streets, laying sewers, paving, etc. Such property is sometimes sold at a...
-What Title Insurance Is
Philip S. Dean Nature of Title Insurance - What Policies Guarantee - What They Do Not Cover - Character of Agreement - Actual Protection - How Policies Are Voided - Importance of Covenant and Warrant...
-What Policies Guarantee
First, it guarantees that the title is marketable. The marketability of the title is its most important attribute, implying as it does that the title is one which a purchaser can be compelled by the c...
-Nature Of Policy
The policy itself consists of a number of printed pages on which are written the name of the assured, the description of the property insured and the defects or incumbrances affecting the title, and a...
-Actual Protection
The actual protection afforded by the policy may be classified under two heads: First - Where the title is good and marketable, and in the condition which the policy states; and Second - Where it is...
-Fire Insurance. The Successful Broker
R. O. Haubold The Standard Policy and Its Provisions - Legal Points to Be Considered - Need for Including Certain Clauses - Structural Changes - Forms of Insurance - Average Clause. - Inclusion of Ma...
-Standard Policy
In order that this might be so, a thorough study and understanding of the printed form of the New York Standard Policy is absolutely necessary. Firstly, the interest of the assured in the property to...
-Legal Points
At this point I wish to call your attention to the fact that the courts have ruled that, where the policy has once been voided by failure to comply with its conditions, it is not automatically brought...
-Structural Changes
The employment of mechanics on the premises for a longer period than 15 days making extraordinary alterations or repairs, is a violation of the conditions of the policy, and in the event of this neces...
-Cost Of Insurance
In soliciting insurance, the cost of same has, of course, an important bearing, and the argument is often used that the rate can be reduced 10% by the application of the 100% Co-insurance or Average C...
-How To Reduce Insurance Cost. How Rates Are Fixed By The Companies
W. R. Crane Minimum Rate and Specific Rate - How to Determine - Elements that Add to Cost - Importance of Schedule Computations - Credit for Fire Appliances - Rate Reduction a Specialty. There are t...
-How To Find Specific Rate
All buildings and their contents not covered by these minimum rates are given specific rates. That is, apartment and tenement houses over the specified size with or without stores, or of any size if w...
-What Determines Rate
And now as to how these specific rates are made. Before a new rate is published, an inspector from the Exchange visits the property and makes a careful inspection of the entire building. From his repo...
-Value Of Schedule Computation
Thus far we have considered the method of fixing these insurance rates, and the question naturally arises, what can the broker do to serve his client in respect to this matter of rates? As a matter of...
-Credit For Fire Appliances
The next step should be to secure as large credit as possible for fire appliances. Buckets give the largest return for cost. If the insurance premium is large, it is frequently profitable to install a...
-Rate Reduction A Specialty
The use of these highly detailed schedules has made it necessary for the large brokerage firms to employ men skilled in the technique and engineering features of this business. Several companies have ...
-Real Estate Investing
Henry Morgenthau Transient, Floating and Permanent Populations - Growth in Twenty-five Years - Stability of Financial District - Twenty-hour Centers - Harlem as an Example - Tenement Districts - What...
-Progress In Twenty-Five Years
Let us look at what it was twenty-five years ago, and then compare it in detail with to-day. The Brooklyn Bridge was opened in May, 1883. The highest buildings were the present Postoffice and the old...
-Stability Of Financial District
Now let us see what the shrewd investor could have foreseen - I mean one who did not hold his hand too close to his face, but looked into the future with faith in the country's growth and its lasting ...
-A Twenty-Hour Center
The junction at Thirty-third and Thirty-fourth Streets, Sixth Avenue and Broadway, used to be called the twenty-hour corner. It was evident to any one that there was a great natural center. The Herald...
-Harlem Development
When it came to a section like Harlem, 125th Street very early stood out as the coming main street of a country town of 300,000 to 500,000 people, and it required no great foresight to conceive the ma...
-Fortunes In Tenement Districts
The incurable tendency of most nationalities to hover together and create colonies and centers of their own, forces values in such districts as they select to abnormal prices, such as $25,000 for Henr...
-Looking Into The Future
What see we for the future? Fifty-seventh Street, the great retail street, the natural avenue for the distribution of Queensboro Bridge traffic. The great hotel center in New York facing Central Par...
-Real Estate Corporations
Robert E. Dowling Titles Held by Corporations as Compared with Partnership Holdings - Lessons of the Panic - Real Estate versus Listed Stocks - Stability of Manhattan Values. A large part of the rea...
-Lessons Of The Panic
The panic through which we have recently passed, which was one of the most trying in the history of this country, I think, affected real estate values less than we thought possible. Of the hundreds of...
-Real Estate versus Listed Stocks
Real estate corporations, thus far, have appealed for their capital to a small section of the public. The stock of these companies, in general, is owned by persons personally acquainted with the offic...
-Stability Of Manhattan Values
No property in the world is held in stronger hands than the real estate on Manhattan Island. For the investor, there is about as small a probability of loss as there can be in any investment. There ha...
-Advantages Of Realty Companies' Shares
An investor who believes in real estate holdings in New York, and who wishes to share the benefits of the growth in values, has, on the other hand, a greater opportunity to do so by purchasing stock i...
-Contracts For The Sale Of Real Estate. Contract And Deed
Henry F. Miller Formality Desirable - Importance of Accurate Description - The Seller's Deed as a Guide - Tenement House Requirements - Terms of Payment - Time as Essence - Surveys The most importan...
-Formal Contract Desirable
It is desirable, in drawing such contracts, to adopt the usual printed forms, for, while, as already stated, the law does not prescribe any particular form, it is best, in entering upon any transactio...
-Importance Of Accurate Description
The property sold should be accurately and precisely described. The mere mention of the street number may lead to difficulty, as there is here no representation of the dimensions or area of the proper...
-Tenement House Requirements
It is usual in contracts relating to tenement nouses, to insert a clause relating to compliance with tenement house law requirements, and the fairest clause is one which calls upon the seller to compl...
-Terms Of Payment
The terms of payment of the consideration should be clearly set forth in the contract. If there be a mortgage outstanding, subject to which the property is to be sold, the amount of this mortgage form...
-Delivery Of Deed
The contract should also specify the time and place for the delivery of the deed, and the character of the deed to be executed. The printed form, sold by law stationers, usually calls for a warranty d...
-Time As Essence
The time when the contract is to be closed is a matter of importance. In actions at law, time is usually considered to be of the essence of a contract, but in actions in equity, a contrary rule prevai...
-Surveys
Of late years, the matter of surveys has become very serious. It now rarely happens that a survey discloses a piece of property as standing precisely on the lines of record title. It is a proper preca...
-Liability
It sometimes happens that a seller, acting with the utmost good faith, is unable to comply with his contract, and under such circumstances, he becomes liable to the purchaser for the return of the dep...
-Possession And Improvement
If a purchaser, under a contract, enter into the possession of the property, prior to the time of the delivery of the deed, he is not a tenant. He cannot be sued for rent, nor dispossessed by summary ...
-Notes And Comments On The Law Of Landlord And Tenant
Henry F. Miller Definition of Tenancy - Servants - The Janitor's Rights - Assignment of Leases - Who Owns Improvements - Liability for Accident - Eviction - Condemnation Clauses The relation of land...
-Tenant Or Servant
Where a tenant enters into the possession or occupation of property in connection with his employment, the occupation is usually that of a servant, and not tenant. The word servant is here used, not...
-Assignments And Sub-Leases
When a tenant or lessee disposes of his entire interest under a lease, it is called an assignment. When a tenant leases the whole or any part of the premises for a shorter period than the term of his ...
-Improvements By Tenant
Where a tenant adds fixtures to the premises which are removable, they must be removed by him at or before the expiration of his tenancy; otherwise the tenant is assumed to have waived his right to re...
-Who Makes the Repairs?
As to repairs, the rule is that, in the absence of an express agreement, the landlord is not bound to make repairs. This, however, relates to premises in the occupation of the tenant. In an apartment ...
-Eviction
The tenant is not liable for the rent if he has been evicted. Eviction may be total or partial, that is to say, the tenant may be interfered with in his possession of the entire property, or only as t...
-Clauses In Leases
Forms of leases are procurable at the various law stationers. In these leases blanks are left for the insertion of particular clauses. A few of the clauses found in leases may be briefly discussed: T...
-Condemnation Clauses
The frequency of proceedings to take property for a public purpose renders it prudent that the landlord should protect himself against any claim for damages on the part of the tenant, in case the leas...
-Estates And Interests Arising From Marriage
Charles L. Burr Common Law Interests - Statutory Modifications - Curtesy - Effect of Children - Dower - Defeat of Dower Rights - Assignment - Contractual Modifications - Mortgages Rights and interes...
-Statutory Changes
At the present time, in most, if not all of the States of the United States, real property acquired by a woman before marriage is her statutory separate estate and is free, in whole, or in part, fro...
-Curtesy
Upon the death of the wife the surviving husband is entitled, for the period of his life, to an estate by curtesy in the real property of which the wife was seized during marriage, provided there was ...
-Dower
Dower, at common law, is the estate to which a wife is entitled, upon the death of her husband, for the period of her natural life, in one-third of the lands and tenements of which her husband was sei...
-Assignment Of Dower
The ascertainment and setting off to the widow of the part of the husband's property in which the estate of dower shall exist, is known as the assignment of dower. The assignment must be of one-thir...
-Barring Dower
In this country the custom has universally prevailed of barring dower by the joinder of the wife in a deed to the land by the husband, and this method of barring dower is valid in cases where the conv...
-The Tenement House Law
Lawrence Veiller Principal Requirements of the Act Governing Erection and Management of Tenement Property - Definition of a Tenement - Penalties for Violations - Occupancy and Use of Tenement Houses ...
-Enforcement Of The Act
In New York City the Tenement House Law is enforced by a separate branch of the city government, viz., the Tenement House Department, which was created on January 1st, 1902. The head of the Department...
-Registry Of Owners' Names
Every owner of a tenement house is required to file in the Tenement House Department the street number and address of the house, the name and address of the owner, the number of apartments in the hous...
-Penalties For Violation Of The Tenement House Act
Every person who shall violate or assist in the violation of any of the provisions of the act shall be deemed guilty of a misdemeanor, punishable by imprisonment for ten days for each and every day th...
-Maintenance, Occupancy And Use Of Tenement Houses
Combustible Materials, etc. - No tenement house, nor any part of it may be used as a place of storage for any combustible article, except with a written permit from the Fire Department; nor shall any ...
-Basements And Cellars
No room in the basement or cellar of a tenement house may be occupied for living purposes without a written permit from the Tenement House Department; nor shall any such room be occupied unless it is ...
-Prostitution
A woman who knowingly resides in or commits prostitution in a house for prostitution or assignation in a tenement house, or solicits any man or boy to enter therein for purposes of prostitution is dee...
-Alterations And Improvements Required For Existing Buildings
Lighting and Ventilation of Interior Dark Rooms No room in a now existing tenement house may be occupied for living purposes unless it has a window upon the street or upon a yard not less than four f...
-New Buildings
Fireproof Tenements Tenement houses hereafter erected must not exceed six stories in height above the curb level, unless constructed fireproof. A basement is deemed a story, and a cellar is also if t...
-Yards
Yards of tenement houses hereafter erected on corner lots must be not less than ten feet deep, and extend across the full width of the lot. On interior lots the depth of the yard is to be proportioned...
-Courts
The act distinguishes between outer and inner courts, an outer court being one with one entire side open to the street or yard, and an inner court being one enclosed on all four sides or enclosed on t...
-Rooms
Alcove rooms are prohibited. No room can be subdivided so as to make a dark portion of the room. In every tenement house hereafter erected every room except water closet compartments and bathrooms mus...
-Light And Ventilation Of Public Halls
In tenement houses over four stories high or that are occupied by more than two families on any floor, every public hall must have at least one window opening directly upon the street, yard or court. ...
-Miscellaneous Provisions
In every tenement house hereafter erected there must be running water in each apartment. The floor of the cellar must be made watertight, and the ceiling of the cellar must be plastered. At the bottom...
-Water-Front Property. Appraisals And Expert Testimony
McDougall Hawkes Condemnation Proceedings - Ownership in the Various Boroughs-Leases - Purchases and Sales - Land Under Water - Grants - Improvements - Management - Records It would be impossible, i...
-Character Of Water-Front Property
In a general way, water-front property refers to real estate, improved, or unimproved, bordering upon navigable waters and upon which are lines of high and low water mark, indicating the difference of...
-Extent Of The Water-Front
Within the limits of Greater New York, including all the boroughs, the water-frontage, measured along the high water mark, including improved and unimproved property, is in the neighborhood of 445 mil...
-Ownership In Manhattan
The ownership of the water-front varies greatly according to the boroughs, the municipality having comparatively little property except around the Island of Manhattan, which forms the old city and cou...
-Ownership In Other Boroughs
In the Bronx water-front, the original titles to land in private owners came through grants from Governors Nicoll, Dongan, etc., and Letters Patent such, for example, as the Pelham grant issued to Tho...
-Improvements - Cost - Tidal Differences
The two principal plans of water-front improvements adapted to shipping are, in general, the basin plan and the pier plan. If we look to see in which ports each has been put into operation, we will fi...
-Municipalization - "Old Plan" - "New Plan"
Previous to 1870 piers and crib bulkheads had been built around the water-front of Manhattan according to the old plans, which had been devised in some instances by the city's street commissioner; i...
-Limitation On Improvements - Harbor Lines - Plans For Private Improvements
The same constant tendency which exists among abutting owners to encroach on the street lines, exists among shore owners to encroach on the beds of navigable waters. Hence it is necessary to establish...
-Acquisition - Leases - Sales - Condemnation Proceedings - Expert Testimony
Sales of water-front property around the Island of Manhattan, of course, are becoming fewer and fewer, particularly in the lower half of the island, as municipalization proceeds. In the other boroughs...
-Units Of Value - Conjunctive Value
In making appraisals it is customary to adopt units of measurement differing from those for ordinary real estate plots. For land under water the unit is the square foot, for bulkhead rights the runnin...
-Management - Special Kinds Of Usage
Water-front property must be managed from the point of view of the water-front and not from the point of view of upland property, if the highest return thereon in the way of revenue is to be obtained....
-Maps - Records
The chief water-front map of the city is the Greater New York water-front survey arranged in sheets. This has been published on a reduced scale. Next in importance to the present water-front survey is...
-Real Estate Movements In The Bronx
J. Clarence Davies Effect of Factories - Lines of Development - Increasing Values - Gains Spasmodic Rather Than Regular - Business Centers and Density as Factors - Modern Instances. The modern devel...
-Effect Of Factories
In speaking of the development of the Bronx one must consider a great many factors. In the first place, every section must have within itself some one thing to bring people there, and to keep them the...
-Increasing Values
In the future, values in the Bronx will be just as large as they are downtown, and far larger in this section than they will be in other sections and other boroughs. A sale was made on Tuesday, June ...
-Gains Not Regular
I do not wish to give you the impression that this growth has been a constant growth. I think that is one of the mistakes the majority of people make - about the growth of vacant land. A lot sold at a...
-Business Centers And Density
When I am asked at my office how I advise people to invest in real estate in the Bronx, I invariably give one answer, Buy, if you can afford it, on the leading avenues, and in the business centers if...
-The Nimphius Case
The Morris family owned a large part of this section and, in generation after generation, it was split up among different members. Gerard Morris sold in 1853 a plot of ground at the Southwest corner o...
-Acreage. How To Develop Acreage
Dean Alvord Laying Service Lines - Wide Street Effects - Trees and How to Plant Them - The Art of Sidewalks-Natural Landscaping - Utilitarian Features Development of suburban property to the highest...
-Service Lines First
This means, first, the abandonment of the row, and the building of detached houses under carefully thought out restrictions. To prevent the future tearing up of pavements, all the underground pipes ...
-Wide Street Effects
The width of a street is determined in effect by the distance between the rows of trees which line its sides. This effect of width is greatly enhanced by planting the rows of trees on the building lin...
-Tree Planting
The trees should be selected with reference to their adaptability to the soil and also to the width of the street and its character. A broad, winding boulevard will be best suited to large varieties l...
-Sidewalks
Lay the sidewalk close to the building line, and as far as possible from the curb, leaving a broad strip of lawn between the two. This may be decorated with flowers, and shrubs of dwarf-growing habit ...
-Natural Landscapes
So much for the development of the suburb with its limitations of the rectangular block and the straight street. To the man of originality, however, the most attractive field for development is found ...
-Utilitarian Features
In a country development the purely utilitarian features are the same as those in suburban property. First and foremost is drainage. And right here there is a good deal of misinformation abroad. The ...
-Physical Treatment
But it is in the physical treatment of the surface of the ground in the country that the greatest opportunity lies. Every natural feature of the ground should be most carefully studied in its relatio...
-Avoidance Of Straight Lines
Above all, get away from the straight line. Carry the roads through the valleys, let them wind among the hills and never use asphalt or cement in country work. Build macadam roads and gravel paths, pa...
-Managing A Real Estate Office
Ronald C. Lee Importance of Exact Information - List of Owners - List of Properties - New York System - Possible Purchasers and Tenants - Keeping Track of Mortgages - Appraisal Records The real esta...
-Importance Of Records
The machine by which the successful broker handles his share of this enormous business is records, and in just the degree that he is able to make real estate records subservient to his purpose, is he ...
-List Of Owners
First, the broker must know who would sell. To do that he must know who owns the property. To gather this from the Hall of Records is an insuperable task; unless one name in the chain of title is know...
-List Of Properties On Market
Now begins the final work of the broker. He must ascertain in a general way what property in the territory he elects to cover is for sale, and this means an individual canvass, either by personal inte...
-Keeping Track Of Mortgages
Frequently houses which are heavily mortgaged at a rate of interest lower than the prevailing rate at the time of maturity can be bought or exchanged at a reasonable figure. The expiration of mortgage...
-New York System
In Manhattan, brokers who specialize in the sale of property follow two distinct methods: Either they confine themselves to one locality, thoroughly master all the technical conditions existing there,...
-Possible Purchasers And Tenants
The maintenance of a file for possible purchasers is much more difficult, as no exact method can be followed. Still, a list should be kept, and a notation made on the card regarding the nature of prop...
-Mortgage Brokerage
The mortgage business differs in many respects from selling and leasing of property. It resembles leasing, in the fact that a parcel can carry only so much mortgage, and each mortgage has a given numb...
-Mortgage Expirations
The second grand division of the mortgage business depends on the knowledge of the date of expiration of existing mortgages. There are two methods of following up this information, either for the brok...
-Appraisal Records
The daily duty of every real estate broker is to value real estate, and this is called appraising. There is but one basis of appraising, and that is the one of rental return. What rent will a given pr...
-Old New York As Known By A Real Estate Pioneer
E. A. Cruikshank What wonderful changes has this city seen, and how it has grown! I can remember when Castle Garden, now the Aquarium, could be reached only by a long bridge, as it was far away from ...
-Davies And Hoffman Rules
William E. Davies Hoffman Rule and Its Defects - Davies Rule for Valuing Lots Differing in Depth or Width from Standard Lots - How to Compute Corner Values with the Table - Foreclosure Sales No Crite...
-Davies Rule
Table for Estimating the Value of Strips of Lot up to 25x200 (Deduced from the mean of thousands of actual sales) Depth Ratio 1 .030 2 .057 3 .08...
-Davies Rule. Continued
Table Of Percentages For Lots More Or Less Than 25 Feet Wide Width Percentage 12.6 .50 13.0 .52 14.0 .56 15.0 .60 15.10 1/2...
-Foreclosure Sales
Foreclosure sales are no criterion of values 'for the following reasons: First - Prospective bidders are well aware of the fact that the auction is not really an open one to the highest bona fide bid...
-General
Whenever land increases rapidly in value, although it may seem somewhat anomalous, the rental value of the buildings several years old decreases materially, on account of the necessary demolition of o...
-Lease Tables
Table for the Purchasing of Leases, for the Terms of Years Certain at Rates from 4 to 10 per cent Interest Which the Purchaser May Thereby Make of His Money Years 4% 4 1/2% 5% ...
-Lease Tables. Continued
Constant Factors For Converting Values And Amounts Of Yearly Leases Into Those Of Leases For One Year, Payable Half-Yearly, Quarterly, And Monthly Yearly Rates Half-yearly Factors Qua...
-Brokers' And Auctioneers' Commissions
The following table of commissions is that adopted by the Real Estate Board of Brokers of New York and published in its official Year Book. Regulations as to Private Sales The following commissions ...
-New York Auction Fees
The following regulations governing the fees for auctioning real estate are those adopted by the Real Estate Auctioneers' Association of the City of New York: Regular Salesroom Fees ...
-Commissions On Auction Sales
Commissions on sales of real estate shall be as follows, viz.: On New York and Brooklyn property, not less than 1/2 of 1 per cent, to be paid by the seller in addition to the expense of maps, advertis...
-Brooklyn Auction Fees
The following regulations governing exchange and auction are those adopted by the Brooklyn Real Estate Exchange: Exchange Fees Knockdown on real estate to auctioneers renting stand...
-Commission On Auction Sales To Be Paid By Buyer And Seller
The commission on auction sales of real estate shall be as follows, viz.: On New York and Brooklyn property, 1/2. of I per cent, and on country property, I per cent, to be paid by the seller, in addit...









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