The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-11-11
Movements and speeulationa I'm Real Estats
In the City OF New York;


In the City OF New York.
The transactions in real estate in .ne city of New
York, have been on large scale within the past
yearor two, and have exhibited in many localities
a great advance in value.
We have taken some pains to ascertain the quanti-
ty Of real estate sold by all the auct ,neers in this
city, for the year beginning the LIST Of July, 1851
and ending the LIST Of July, 1852 and we find the
aggregate to reach in round numbers, about
$4,000 600. which exceeds the sales of any former
year, if we excep. those Of 1896. OF the sales
made, about an average of 20 per cen. remain.
ed on bond and mortgage for period of years.
On this basis, within the period stated, about
100000 in cash were paid down, and about
100000 remained on bond and mortgage, and
mostly at per cent per annum. The interest on
thisamount would be about $780, 900 per annum
We have means Of ascertaining the amount of
property sold at private bargain, but suppose it to
have been equal to about half that sold by auction,
or about $5,o00,0OO within the year referred to,
giving total sales for that period, about 900 000
Nearly all considerable bodies Of unimproved
real estate are sold by auction, ami generally
on the usual terms as to payments. Improved
and productive real estate is most COM
monty disposed Of at private sale, and gen.
orally with larger cash payments. 1t sometimes
happens that portions Of property offered at auc.
tien, are only nominaly sold That is, they ere
limited and bought in by their owners or friends.
There we have allowed for as our statements are
based upon bona fde sale returns AIDE to the Comp
troller.
The greatest imitation in the prices of real estate
ever reached in New York, occurred in I536-when,
owing to an immense expansion Of the paper cur
rency, together with the widespread spirit of specu
lation caused great advance not only in real estae
but also in tho prices of almost everything else
In that year, -four sold at $40 a gil per barrel !;
wheat at 50 II per bushel; beef at $l3 $l5; and
pork at $23 $2i per barrel. The soil Of the coun-
try, under neglected culture, failed to yield an ade
quate supply, and large parcels Of wheat were i'm
ported from abroad. The importations Of foreign
goods were also enormous, and reached $3.50, $50,
with population of only about Is, DOC, 900. The
exports for the year only reached $25 663.000
The transactions in real estate on an enormous
scale. Not only were immense parcels Of vacant
property sold in New York and the surrounding coun
try and daeent towns but entire new towns situated
at various points, from the borders Of the northern
lakes to the shores of the Gulf Of Mexico including
q vast proportion of water lots, some of which were
said to produce tweny bushels of frogs to the acre.
and alligators enough to fence them, were brought
under the hammer and rapidly sold at satisfactory
prices" Among other notable cities founded on paper
about that time, jackson City, situated on the
flats, Washington the foundation stone of which,
General jackson, then President of the United
States, induced to lay, amidst all due pomp and
ceremony The receipts for the sale of public lands
were also enormous. Everything sold by the AUG.
in fha oh IF tafa 4 GoI
eager and ready bidders whose competition produced
prices above even the expectations Of sellers. In
that very year, however, of greatest expansion,
a crisis was reached. The inflated paper currency,
which had carried every thing to such crazy height
exploded, and powerful and disastrous reaction in
real estate ensued as well as in everything else.
City property, however. did not tumble to its low
est point at AS sales became forced to secure
payments, they were less rapid and the fall, although
immense was gradual. There was panic among
dealers; some ruined out and out while others
were discouraged and anxious to get GU. of it as
soon possible; till finally few were found to gathe
at real estate sales, or to be tempted to purchas
scarcely at any price, until ls43- lowest round
of the ladder seemed to have been reached From
that time forward, or from 1913 to 1885, favora-
bic and healthy reaction began to be manifested
which, however. was subsequently checked to some
extent by the Mexican war
At the conclusion of the war, and under the inau.
ence Of more liberal commercial policy on the
part of the government in reducing the high tariff
of 1872, New York revived, nd entered on fresh
and brilliant career. The famine years Of lSi7-'4S
greatly added to her commercial prosperity. The
discovery Of gold in California and again in Aus
tralia, united with another great expansion of
paper money, based, in most CAGES, if not upon
pledges of wild cat SKINS" upon State stocks OF
uncertain spe Gle value.
The effect of these causes has been to produce
state of imitation unequalled by any previous rise
except that in 1886 Up to the present year, how.
ever us far as the city is concerned with some few
locations in different wards, it would appear that
the present great advance in real estate has been
as general thing, on more gradual and conselya-
tive scale.
We do not attribute the great advance in real
estate as well as in nearly everything else, to the
influx Of god go much as to the spread Of the free
bar king system and the multi plication Of free
banks giving rice to another great paper imitation,
leading, probably, in the end to similar results MS
those witnessed in 1886. And as the increased OK.
pansion and indebtedness must under the excite.
men Of the times, exceed .hat of 1886, in proportion
to the increase of population and resources i. is
likely, when crisis does occur it will also greatly
exceed that of 1886, and its consequences be more
widely and severely felt.
The average advance in real estate from the period
ofthe greatest depression in 1913, to July /, 1852
nine years, has been in most wards equal to about
three to one. That is, supposng piece OF property
in 1913, sold for 81 ,0C0, it is now worth SO 000
The greatest advance in real estate has been in
the Third ward, down town, and in the Eighteenth
ward up town In certain localities in the Eighteenth
ward, between two and three and half miles north
from the City Hall, the advance has been enormous
chiefly, however, prised within District, having
Union square on the SOUTH Murray hill the north
the Third avenue on the east, and the Seventh and
Einhth ayonns the ha;no a., Ala