The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-04-03
Marked Decline OF Real Estate fin New
Ynrlr

York.
The New York Ecesing Post, Of the Goth inst says on
this subject:
Avast amount Of real property of all descriptions is
offered for sale at auction and through agents at this
time-fsr than at the beginning Of the year. The
recent downward tendency Of prices and tho expecta
ton that all values will be permanently lower, have
caused this general offering Of hou.es stores lots &c
but the demand particularly at the various agencies is
by means 80 active as It was. At auction consider
able number OF sales made daily and reperte l.
but the actual sales small in comparison with The
amount Of prop'rty that apparently goes under the
hammer. very large proportion of 1t has been
knocked down TO the persons oeripg H. because they
wero unwilling to t.ko the prices bid
Real estate that is valuable and desirable commando
however, full rates. and the rke for improving pro-
perty is probably as good as ever was Some OF the
sales recently made Gy auction show this but there ere
fewer transactions ct idncy pricea
singular instance Of falling OF in the value of
town unimprovcd property has recently beer ,,,,t
Some lots on Eighty third street. ,ro ,r,;,
time 400 for - s,so each. sold short
bro~e' WV each. aud are underst. cd to have
-sut their N rket value. On the west side of the
island, In locations where tho streets not graded
there many lots that have risen in price very little
during period Of years.
NOW only sliu ;a,ncc II any, en- tho rates OF ten
years ago. and soa.e real estate IN the districts that are
.ndon;d" q. business autres or fashionable pisces
ssSncs has necessarily su1iernd marked decline
IN TScss fact, explain + sot extent the advance that
has taken place in he prices O. property in many parts
Of the city. ,......,,o, ,nd
The eIciter ent in regard TO cents has su5sded ana
nersons no declined to &c. hastily early in the seascn
by obt,ininQ houses aud stores at extrAvaSan prlCee
nov" generally found their account IN ;hat course
o Conceded that the rents asked In January ato eo
nary we're far too nigh. Houses for wbch irem S'coo
~ $4,000 year were Gcnardcd are now u ps hao we
hasr ~ decline of tn to twenty per cent anu ,n Soe
ssns more Small neat houses OF less Vaue naSe oeen
"a roat ,.mand and very few OF these are no" I"
aSta1 Furnished houses, of wlich many were .ered
rem h ,st much cheaper than they w"". ave been
mouth or two ago,
mo nr Is lower. he tf store in down towI
strset near Bro dway may be given in illustration.
rented last year for 50 TO- This year the sum wa
reised to $4,000 Ths occupant, knowing where to hnt
cheaper place declined TO pay the S5O0o aud decided
NOT to remain The Etoe to be vacated was not rentet
At The advanced price; but afterwards was offered 10
the rent OF last year. and finally the prce was reduced
to sSooo .,o ,,,,,or of a,vo,,
nchonses In the city being insufficient for the accom-
nodation OF business ard the people, there VIII prooa
lv he few chap rtns fer the pro- ent but inc specu
,at,on with which tho year opened and which had III
csct Of raising beyond al reason has 30 near
coaee as 10 promise far better state OF tnnRs INA
ss sntic,nated few weeks APO by the public Inc O.
1900 nnword movement never had the support Oh t
o.t sapacous holders of real estate, or OF the welil
rmed dealers and agents In wow o tae gepiehs,o
~ ncarainty Of busincss, there IS little doubt tht
many extraordinary bargains In reh's WAL Pf0'e '
dsadyantsgeous " all conSeT"e"'