The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-15
TIE REAL ESTATE MARKET.

Crest EeduCtion ESpected-A Decline IN
leenIr-.sD enansI for Improved Property.
Since t.s last article which appeared in the HERALD
on the cosdlaon OF the real estate market period Of
almost three months elapsed and tbs marks. yet
remains unchanged. visa the exception that is not
characterized BY tho degree Of ec witty which pre-
vailed twelve months ago This iuli IL, however to 30
accounted from fact that all branches o. business
present unusually dull aud the present season Is
one In WHICH the real estate market - always more
quiet than A. any oshsr timo during the year Dur Ing
tho four or I've weeks Immediately preceding the
Christmas md New Years holidays, very few
tons OF any importance take paee Ia tho roal ostso
market The market worry qciet and very Grm ard
wh the opening OF tue new year expected THAI toe
usual sprtne safes Will lmpart conS.aeraoe Sctvty 10
AL operatcps IA real est-ts
For some time pas, there mas prevailed very general
opinion that considerable reduction had taken place
the price Of real estate and that too during the last
SIX weeks Or Two months ~ IS proper - stksc now.
ever that such Is the case The market Is sill
very Grm and experts q opinion tbas no very great
red Action to he looked for IN The price o unimroved
real estate on Manhattan Island There IRE many rra
why this opinion Is entitled TO considerable we Kht
In the hrst the island u course tu Of haNed
extent and with march of business up tpwu
foot Of ground bstween the Battery AMI she Harlem
RIVER b enhanced IN value Much Of tho un,mps owed
real estate Is now held by long purssd gentle.
men, VINO have for some lime past refused =,
soil except II certain rate and they are able 10 hold
the property until tho price tnoy ask Is paid GUY very
few transactions In rssi estate now take place snd sucli
do remarkable for contnuarcs OF tho high prices
spect tho real estate market differs essentially lm tDe
dry goods trade In that branch OF trade merchants are
obliged dispose Of their goods whetaer the prsco thes
obtal a be- paying Mt; they must sell. Tho
holders OF real estate the contrary are not dep ndent
for their means Of support on tho sAsss which they
eject aud via In every casa refuse 70 part with ID r
property sxcepns for prise which looked upon
being sxorblanuy high
THE coxryo YEAR
With January Is expected that tho usual srng
octivsy will prevail III ther estate narxe although
Il viii not DO before February March tnol ary very
sptll ~ta vnae ItnaA tuvp
months always the busiest OF any during the whole
twelve for brokers' and from which
tone OF the Market viii b, Tor the remainder Of the
year Real estate brokers appear to entertain The idea
that the comng sprng will witness slight reduction In
this price OF unDproved real estate, although Tor the
reasons given above caunot any worry geas do
chine in the price Of New York ~ lots.
A DECLINE IN Rzsrt
Since lasA spring rcn,s ia this city have d.cncd-
only very = ahay, however. After the u4nal May
moving was over va foand that quite
occupants had most lott tho CITY for resdencss
ths suburos where rents were much lower aud con-
sepuentiy properly mad either 10 keep their
houses anod cayisd lei them s reduced ron-
They adopted tue latter course, and o. doing % have
General reduction In rents. Such nus not. ho~cver.
been the cas- though e Is almost certain that the
among oher shinss bring down the Esss q rents BY tas
nSt ot nexs MAJ
is at present In great demand add every hose sdver
tised for eagerly bought a, hga agurc. Tn,s
particularly the case with houses IN tho Vicinity
OF Filth avenue and iho principal up tosn Streets.
Whethn the present hiah prices eau DO mainssiaed
after the opening o tho year Is said % exper "
be very pfoblemstca. and decins Is looked Tor Ia
this description OF property WHOM tho sprias sraca sel
10.
REAL EsrArs ~ EsooKLyS.
THO GAUGES wacn have operated 10 rroiuc, partial
stagaa too IN real esIati operations ~ Ney YORK arc
also apparent Ia BrooSiyn, and tbcr elects acc pre-.
ciss,v he same. Tie unusual aud very great
depression IN business, and the neAs approach OF lac
holiday season. have pas IN almost e1tre stop TO the
business IL bDyiag aud selling oil real esaie.
In somo sect Of the IT. Of Cnurcnes however,
there much goEer activity VA the est1c ket
than has De-n Known Tor MANY yeirs past Large own
OF uDimp owed property nave boon tempted b' tho
pgeyatn nigh prices pat largo number OF lots on
the market, and reaizsd very far and In some
very high prices for net the most Desirable
drs MP ion OF properly.
as stated IA tne EsALD short tim, since. Prosrect
Park property IS N more demand than hay o'hor iut'
vitnia tue city Im.ts Lots sitraed 10 desirable
locai mo pars eagerly purchased nj AZ al.
vance Of two i've ana even six hnadre1 per csut
on the prices paid s ago In that section OF tie
civ bui ding s also 90 ne very bfssly and most of
the such character both respects
that "a years the vicinity OF Prospect PARK w DO
one or tho handsomost suburbs Of Now YORK. al cor
tsln,y will be one Of the most ihick'y se,ted
In other parts OF tho city very desirable lots are now
held from $500 TO 81 900, aud tho demand Tor such
property said 20 be very good improved properly,
on se CONTRARY, hangs heavily the hands OF would
DO sellers some OF whom nnd thst ths proc
offered for houss In good location " not anything IN
excess OF What they could haze co'aihea thf years
the act houses have oscn erected In Brook
lyn during the last summer than mad beon thu che Tor
many Years previous. Abs increase IN the supply has
not been by yhpg ike corresponding increase
In the demand. on this account Improved property
very dull nnd will continue 70 be 20 until the horsehurt
srs' spupg campaign opens. by wbich time Is very
geuery believed that great reduction viii bave taken
place, not alone In the prce Of improved property, ous
ALSO IN rsp In fact large numbers Of houses are nov
unoccupisi In many parts OF tbs city, and are 10 DO
rented a q reduction Of from tsenty 70 twsn.y.avo
per the pr!css asked up 70 the rst OF last lay
"A hare IA a srv
ths decline Of rents will DO stu more marked
Ia the Eastern District tners ~ almost complete
sasnalon real estate operations and hat portion 81
tbs city Of Brooklyn docs not In that respect Keep pace
With other saclions, who're property changes owner hip
with rapd,iy slightly chAracserssio OF the Nss YoSE
style Of doing business
Tho Legislature OF New Jersey ~ reported 70 30 stl
quietly and effectively Lending helping hand to build
or LEES expsusive OF the merchant prncoa and profcs
sona men Of tho imperial city of New YORK. Land
companies building eocie,es and all tho other machpe-
~ by WHICH, with the aid OF the fostering care % toe
state Legislature. largo tracts OF aad can 10 krsedny
Disposed Of aud a. quickly covered With dwellings have
been 10 Ac.se operauyn 70 's1 ysss, au.". ~ vas
amoun nj os property has bccu Disposed o Tor building
rurposos aud ths ensuing viii witness grsts acvi
rn Hudson county largo numbers Of houses tavs hosn
erected during the lost year and In every caso wnors
offered for Eala have been disposed Of on Advantageous
lerms Prices ars q course NOT by any maaus o; Nes
YORK magnlade but sucn a. they are, there not ne
slightest appsrsui synpotn OF decline. his y p'n-
cpay owing lhs fecs tina, New jersey offers ssssra
very important advantages 10 owners Of real estate
Tho taxes ersvsry nrcn lighter than In New York and
Aliens hold qrd bcqueaih real estate, matter
how many thousands u saa'gansH aAd IN ths couaiy
The somus real estate ssssoa promises 80 % one q
the brsxssi whlch hss been IN New Jersey Tor
sone years past and 10 reported that very extensive
prspaIaicns have been made 10 cary Tho campaign
with vigor