The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-04-05
Marked Decline of Real Estate Iii.
New York.

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all descriptions is offered for sale at
auction and through agents ut this
time-far more than at the beginning
of the year. The recent downward
tendency of prices, ard the expecta-
ton that all values will be perma-
nently lower, have caused this gene
raj offering of houses, stores, lots.
&c; but the demand, particularly at
the various agencies, is by no means
so active rs it was At auction
considerable number of sales are
made daily, and arc reported; but
the actual sales are small in compari-
son with the amount of property that
apparently goes under the hammer
A very large proportion of it has
been knocked down to persons offer
ing it, because they were unwilling to
take the prices bid.
Real estate that is valuable and de-
sirable commands, however, full
rates, and the market for improving
property is probably rs good rs It
ever was. Some of the sales recent.
~ made by auction show this, but
there are fewer transactions at fancy
prices.
A singular instance of falling off
Ill the value of uptown unimproved
property has recently been reported.
Some lots on Eighty third street,
near Avenue A, which changed hands,
i'll 1860, at S7S5 each, we're sold q
short time ago for $500 each, and are
understood to have brought their
market value. On til. West side of
the island, in locations where the
streets are not graded, there are
many lots that have risen in price
very little during q period of years.
Undesirable improved property
down town will bring now only a
slight advance, if any, Oh the rates of
ten years ago; and some real estate
III the districts that are abandoned"
as business centres, or as fashionable
places of residence, has necessarily
suffered :. marked decline in value.
These facts explain, to some ex-
tent, the advance that has taken place
III the prices of property in many
parts of the city.
The excitement in regard to rents
has subsided; and persons who de-
cllned to act hastily early in the sea-
son, by obtaining houses and stores
at eXtravagant prices, have generally
1oulid their account in that course.
1t IS now conceded that the rents
asked in January and February were
far to high. Houses for which from
S3,OOO to "a, 900 q year were demand
ed, are now to be had, we hear, at
decline of ten to twenty per cent.
and III some cases more. Small.
nj
IN great demand, and very few of
these are now to be rented. Fur
nlshed houses, of which many were
offered, will be let much cheaper
than they would have been a month
or two ago.
For such places of business as are |
not rented, the asking price is lower.
Tho, case OF store in a down town
street, near Broadway, may be given
in Illustration. 1t rented last year
for S3, 500. This year the sum was
raised to 5000 The occupant,
knowing where to find cheaper
place, declined to pay the IS, 600,
and decided not to remain. The
store to be vacated was not rented ut
the advanced price; but afterwards
was offered foc the rent of last year,
and finally the price was reduced to
So, 900.
The number of stores, &c, and
the number of dwelling houses in the
city. being insufficient for the accom-
modatlon of business and the peo-
pie, there will probably be few cheap
rents for the present. But the specu-
latlon with which the year opened,
and which had the effect of raising
rents beyond all reason, has SO nearly
ceased as to promise n far better
state of things than was anticipated
a few weeks ago by the public The
extreme upward movement never had
the support of the most sagacious
holders of real estate, or of the well ..
informed dealers and agents. In
view of the depression and uncer-
tainty of business, there is little 5
doubt that many extraordinary bar
gains in rents will prove very disad- !
to all concerned.
In discussing the point whether or
not the late President Lincoln ever G
contemplated the evacuation of Fort '
the Herald, of the Goth ult..
says: ''The evidence is principally I
devoted to question of veracity be- a