The housing problem in Norwood while to no extent any better than it has been in the past two years, is at least no worse, according to a survey of local real estate men. Moreover, said one man who handles a good share of rental property, while the waiting list of hopeful prospects on his list hasn’t materially diminished, they are becoming more resigned to the period of waiting until the war’s end when more building will open up desirable rentals, or the long desired “home of my own.”
One feature which practically fact, take care of the demand which everyone seems in agreement on is bound to develop when home is that Norwood is scheduled for a building boom immediately restrictions on material are dropped by the government.
Some look for almost immediate building on properties acquired during and previous to the war. Particularly mentioned as the scene of early building of moderate-priced homes are the large properties owned by the Norwood Housing Trust. These properties comprise the contemplated garden village, called Westover, and the development, Holmwood-on-Willett-Pond, long visualized by many as the most desirable residential areas in this region. The Housing Trust also has other properties outside of the garden village set-up. In the opinion of people well informed on the local situation, these extensive properties should not only take care of the town’s growth for a long time to come, but will, in seekers from Greater Boston become aware of the advantages offered here.
There has been the impression around town that these properties of the Norwood Housing Trust are being held for standards higher than ordinarily within the means of many Recently, however, Mr. George F Willett, as trustee of the Housing Trust, stated at an open meeting of the Board of Selectmen that those properties contain more than three thousand lots which ne planned to turn over for Gl building as his contribution to returning war veterans desiring to build homes of their own. He stated that he is “going all the way” to encourage these boys to settle in Norwood The impression left with the Selectmen was that a veteran seeking to establish a home in Norwood could build here without much in the way of cash other than his GI borrowing rights.
A Washington street realtor said: “The banks are practically begging people to come in and borrow money for any legitimate purpose and a mortgage on a home is very legitimate. I look for the period of Norwood’s greatest building boom immediately following the war ”
He told of a man who inserted an advertisement in the Messenger listing an apartment for rent. “No need of him paying me a commission, and I told him so,” he said. The advertisement stated that the apartment could be seen at six o’clock the next day. At the appointed time more than a dozen people were on hand to be told that the apartment had been rented.
Restrictions on repairs and improvements appear to have been relaxed somewhat and many necessary repairs long put off are now being made both by individual property owners and investment property owners. One realtor, in speaking of this, said, “You can get, work done, but the cost is terrific with the high price of material and labor.” He said that permission to build now was unusually hard to obtain; that real need is required before permission fa granted.
He thought that things would simmer down immediately after the war, as occurred following World War I.
That war veterans are definitely planning to build as soon as the opportunity is presented, was learned from conversations with bank officials. Some have already purchased homes through the G. I. Bill of Rights plan and many inquiries have been received relative to building. It was learned last week that a large Boston bank has acquired a financial interest in a Norwood development and is prepared to finance home building here. The action on the part of financial interests in Boston is perhaps one of the best Indications of a building boom here. A complete and thorough investigation of the prospects was conducted before this investment was made.
Another indication of the trend toward home building after the war Iles in the statement of one real estate man who has been in Norwood long enough to be well-versed in the conditions. He said that even though people have suddenly seemed to have become “price-wise” and lots are higher, he has sold more vacant land than he had done for a long time.
“People are sick and tired of being pushed around, and everyone who is financially able will be in the market to build his own home after the war,” he asserted.
For the first time in his life, he declared, he was purchasing a few building lots for his own Investment portfolio. “In past years,” he said, “it was too slow a process, and I found taxes would eat up too much of the profit if I held it long.
‘”Today, the prospect for a quick profit Is good. The war looks to be nearing an end, with an outlook for good business in real estate.”
(All articles originally appeared in the Norwood Messenger unless otherwise noted)