The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-27
Real Estate Notes.

The final settlement OF the question raised respect
ing the validity OF the sale Of the Hampstead Plains
property by the town authorities to Mr. A. T. Stew
art having vested the title to this extensive tract Of
land In that gentleman the inquiry naturally occurs.
what Will he do with it, This has been already
answered mere in general way, but still, az the
matter is one of considerable magnitude and cannot
be very hurredy disposed Of ls possible that Mr..
Stewart has not yet completed his plans for the Inn
provement of his new purchase. In this view the
following extract from an article on cooperative
House Building" in the Lynn Reporter OF Saturday
last may offer a valuable suggestion:-
Two well known citizens OF Lynn-Messrs. L. p.
r5aser and D. r. long
the city, through which they are constructing some
fine, broad streets and laying out eligible buinng
lots which they selling at low prices. No doubt
they expect to realize fair return for their invest
ment, which they ought to do but their plan is not
one OF mere speculation. They aim not only to help
build up our city, but to supply also, the demand
for low priced houses. and to aid those VINO desire
to obtain homes OF their For this purpose they
not only sell the lots at seasonable prices to sppli-
cants OF good character, but they loan them the
of these lots does not require that the purchaser
should have oil the money to pay al once. 1t can be
paid in lnsallments anu when the lot 10 pad for or
doing are prepared to furnish money for the cree
ton Of dwellings, at lair rate OF interest. Thus,
little by little. a man may obtain comfortable
home, and make IL what he pleases by his own exer.
lions.
From the same article 1t Is learned that an ass0-
citation has been formed in New Jersey, the plan OF
which is thus descrlDed-
BY the members each paying In weekly or monthly
a xed SUN, fund Is created which in turn is
loaned to individual members with which to buy or
to build houses. Those receiving the loan pay, in
addition to their weekly or monthly fee six per cent
interest on money borrowed until such time as the
accumulated fund reaches the par value OF the stock
subscribed. and then each receives title deed to
his house free Of debt The Tina required for this
varies from ten TO fifteen years during which time
mara a IN
for rent II he had hired house outside the assOca-
ton.
This subject is one deserving Of attention also on
the part Of those who have purchased about 10
purchase lots either New jersey o. other suburban
localities. or the many hundreds of lots that
have been sold within the year the greater num-
Der OF them will never become remunerative except
to actual occupants and through costly improve
the greatest nnaton OF our currency that ia likely
to exist at all events until such another crisis as
brought form the present national paper. and "a
we steadily progress In the path of contraction,
even II that movement Is lett simply TO the opera
ton OF natural causes-growth Ia population ana
extension OF territory-al values must OF necessity
fan on IN The same proportion as the greenback
appreciates.
That this ia well understood In the market
to-day Is apparent from the character OF the Offer
ings, all suburban lots on the most liberal
terms OF PAYMENT; nor is any change likely,
In view of the contingencies Of tie fail strn.
gency now advancing and the uncertainty respect
ing Congressional action this winter. The times are
certainly out OF joint" and men of smaIl capital
who enter into speculation either IN land or other
property cannot be too cautious alike In respect 70
wnere and how they invest but especially In making
engagements extending into the future.
AT Flhkili, on the Hudson, A. X. Chandler has
recently sold foryfour building lots each 25xlO0 to
various purchasers at an aggregate OF sla,o50.
Elijah Pepper has sold the planning mill property
20 and % Front street. Newburg, to Ryder II
Power for IS, 800.
The following sales OF city property are furnished
by q. Lespnasse Of this city, having been effected
between the 10th ana oath inst-Two lots on Lex
lngton avenue, between seventy-slxth and seventy
seventh streets, 50xi00, $4,000; five lots ION 165h
street. between 10Th avenue ana Boulevard 125xl16,
So $50: sixteen lots on 190,h street, between Broad
way aird Eleventh avenuc-plot ir egular, $4,000.