New semi-detached single houses with three and four bedrooms, fireplaces, basements and some garages are being built on a wooded 4-acre site on Gallatin Street NE, just inside the District line. Prices at Michigan Park North will range from $85,000 to $97,000. Will there be a market for them?
Brothers Joseph and Lawrence Horning, who have built more than a thousand rental apartments in the District, are the builder-developers of the 40 units. They are reasonably confident. Within a few weeks the public will be invited to see the houses, which are less than a mile from the Fort Totten Metro station.
Developer Jeffrey Cohen heads a small group that has purchased the old Parkside Hotel on I Street NW, just south of Franklin Square. Cohen said that the $900,000 hotel property was acquired in trade for an apartment building at 2827 28th St. NW. The new owner has no plans to change the Parkside, which has 80 rooms on 10 floors, but said that some of the rooms may be rented as offices.
While Americans are trying to accustom themselves to mortgage interest rates in the 10 1/2 percent range. Britons are being tested at the 16 percent level. Philip J. Kelley, vice president of Begg International here, sends along a clipping from the London Observer with word that Lloyds Bank is making home loans at that high level at 20-year terms, longer than those from the building societies (comparable to U.S. savings and loans).