An economic report from the National Association of Home Builders reveals that fewer than 10 per cent of home builders have some or all unionized employees on their direct payrolls. More than a fifth of the builders in the West have unionized workers, the highest rate in the country. The residential construction industry is largely organized in California but only slightly so in the South and Northeast. And that, of course, includes the Washington area, where residential construction is largely non-union.
Appraiser Alfred Jarchow has looked at May house resales in Montgomery County and found them 90 per cent higher than the level in July 1971. In two-thirds of the sales, increases over the 1971 level ranged from 67 to 118 per cent. Now the median price is up to $66,000. Only 7 per cent of the sales were below $40,000.However, Jarchow also commented that half of the existing home sold in Montgomery were priced below $62,000 and 27 per cent were sold for less than $50,000. "There is actually a buyers' market in lower priced town houses and condominiums," he concluded.
The commercial leasing committee of the Washington Board of Realtors reports that only 493,288 square feet of office space is available in the District, of which 388,085 is tentatively leased to tenants already. Slightly more is available in Maryland and slightly less in Virginia.Significantly, 730,372 square feet were reported leased in D.C. in April and May. One of the new downtown buildings due to get into the occupancy stream in September is John (Chip) Akridge's 1627 K St. NW. It's a relatively small building (77,800 square feet and 5,556 feet per floor) but it's 80 per cent leased (by Barnes. Morris & Pardoe and Realty Associates) at this stage.
CPR stands for cardio-pulmonary resuscitation and 30 members of the Shick & Pepe realty staff in Wheaton are learning how to keep heart attack victims alive, prior to medical attention, through a course give by Nelson Lyman of the Montgomery County Heart Association . . . . Exuberant Georg Boyce, president of Capital City Federal Savings and Loan Association, was stricken by a mild heart attack during the recent convention of real estate people in Bedford Springs, Pa., and has been a patient at the Bedford County Memorial Hospital.
When the property tax on a Connecticut Avenue apartment went up considerably this year, one owner appealed and got no relief. Comparable sales have been at high figures in the area because most of the sales are based on plans of the new owner to renovate and condominimize. But what about the owner who wants to stay in the rental (and under controls) category? It seems that higher taxes would increase the tendency to go condo and thus further deplete the rental housing stock. Some savvy realty pros in the apartment field foresee much of the area's better apartment rental stock going condo in the next decade. And varied individual investors may wind up owning individual units and renting them, if the market will bear the added freight of that form of ownership.