The New York herald., 1869-05-05
REAL ESTATE MATTERS


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The E5e'stng qsseGram of yesterday published the
following under the caption OF "Ihe Truth about
Real Estate.n:-
All speculation has its periods OF excitement, lead
ing either 10 undue imitation unreasonable depre
citation, often without reference 10 any sufficient
cause. Real estate, Notwithstanding the permanent
character or the subject matter, not wholly ex-
empt rom tn,s law, put ~ to great extent pre-
served from the latter condition In respect to the
first mentioned feeling. We have had ample evidence
OF it this year, when because OF active inquiry
in the market for descriptions of property ad
jacent TO important progressing contemplated I'M
provements, other property was sought TO be forced
upon the market not possessing these advantages,
present or prospective but made TO have the APP
pearance OF being In active demand by means OF
bogus sales where prices were bid and advanced
upon Dy pareS IN the interest or the owners, wholly
with view to get up fictitious standard OF value.
partial success followed this EFFORT, and some lew
unlortunate "iats'' dechqte for men not iaIniiiar
with the swindle were victimiyed thereby, yet the
majority OF dealers speedily took the alarm and at
hrst refused to buy property offered IN large
parcels ana, gradually losing confidence alto-
getiler in the TRANSACTIONS withdrew entirely
from the market. The result has been period of
stagnation which still to great extent exists; but
we cannot find that there has been any important
decline In the prices Of desirable property or any
thing approaching willingness TO sacrifice It,
Inc number or the sales at figures improperly al
vanced In the way we have referred 70 above was
comparatively few. In most cases Of actual trans
Ter nothing beyond fairly appreclative price IN
view Of certain future contingencies paid, and
similar lots, especially on New York sland cannot
HOW DC ODtalneu al any feSS ugure. SuDurDaH pro-
perty particularly unimprOved, lying distant In
point Of time from the business centre OF this city, has
become drug IN consequence OF the high prices
put upon II earlier in the year. and II sold at ali
must be sold at very great reduction from these;
but out OF town lots easily accessible can command
in the market to-day, as well they could ut any
previous ume a legitimate figure the offerings Of
snch being at no period this year greater than the
demand.
This agrees exactly with our observation OF the
market. There is no general weakness in It; 1t is
Go
usual at this period of the year, and is no more
sign OF "break In the market than the recent ad-
vance in the price OF gold is Of decreasing ma
tonal credit. There may be delay in realizing
the full appreciation anticipated a couple of
months ago, yet holders evince no fear
OF ultimate disappointment, but in the confidence of
renewed activity in the fall have, In most cases,
raised their expectations the higher for the post
pOnement. We have all along the period OF greatest
excitement in the market deprecated the disposi-
ton to discount the future and have felt 1t duty
more than once 10 warn dealers OF the danger OF
reaction. We think these warnings H. company with
the sober second thought they awakened by curbing
the reck'essness Of speculation upon which the
market was Jdst entering, have been the means OF
escaping this danger, but we never considered,
even with the prospect OF that possible nterlude,
Vicinity @ upon sound m nd basis % with e proper mar r
gin, was anything but the very safest OF
Operations In this connection the remarks
greater portion Of the property on Manhattan Island
Is owned by mllliOnnaires, who determined not
to sell unless they obtain prices commensurate with
future values. They can afford to hold on to their
property, and it has been only in the or part
tion sales when any sort OF sacrifice has been
made When we come to consider that 1000 build
ings were erected last year. covering 154 acres, one
can easily determine the future. Now, there are
about 900 lots out of 14 1885, embracing the whole
area of Manhattan Island, built upon. We have yet
about 90 600 left to build upon; therefore n only
erect 1900 buildings per annum covering 1000 lots.
N ban
vast mass Of brick and mortar, maintaining an uii-
interrupted continuity from the Battery TO Harlem
river. No one certainly would like TO hold Tor
rise for any great length OF time; but the
country seats at Washington Heights, with value
now OF $4,000 to $1,000 an acre, must IN a decade
give way to cottages with ample surroundings.
which in their turn are swept AWAY to make room
for blocks Of stately mansions, which in turn are
transferred into noble, imposing warehouses. Our
increase has been natural. Our commerce flows
in well defined channels, incapable OF being arrested
from this city, the only really commodious seaport
on the Atlantic coast. Then, again. IL we take the
history OF the past TO enable us TO Judge OF the f
population has increased at the rate 0 ftv per
therefore in 1880 ought to have population OF at
least 600, and the popular feeling is now so In
tense against crowdtng tha6 u revulsion has come,
and families are determined TO live in larger houses.
Then business is expanding and creeping like tidal
have believed that Madison square in that period
should have become a great hotel anu theatre CEN
tire? Then 1t might reasonably be assumed that in
1850 there may be large dry goods stores in the vi
cinity OF Central Park So the croaking about real
estate going down Is done de,lgDcdIy, and II slight
reaction comes and cOmpels sales by margin opera
tors there are plenty OF m0 lnaires ready TO sp in
and purciase aud as there is q competition among
them, land soon rises again TO Its natural evel.'
The following were the dealings IN the auction
mart yesterday
Auction Sales Of Real Estate.
NEW YORK PEoPERTY-ByA A.. y. ELEEoKEa, spN AND co,
story brick building and lots 9th OF lIti av,
lot Joining the above, 25xU0.5. $500
story and story JrcS buildings and three lots
18th ST., the of above also story stone bullG-
ing and leased lot adjoining the above each lot -
BY MULLER WILKINS AND co.
story brown stone house and lot No 2Se I'D lot
story lot No l04 46th ST. lot 20xi O5 i92r0
JOSEPH MGUIgE.
lots n Sf.h ST. 400 II of 9Th av each a5y00. 500
lot side S5n It, s0l II Of 9Th 25ylOU. $3.50
iot ADJOINING, same skc. 3ib0
FoEDHAM, wEsrCIEsrEE COUNTY. rgoPEgrY-BY JAMFs
NJ. MILLER.
lots Cole kingsbridgc road. each 25yl 1dS0
Cole f5 OF above, each 25X l1g
lot of krgsbride road, in of above 25xlil 40
'10
gaooKLYN PROrEErY-Ey Jos. N'GtfRE.
bk and lot on W corner Graham AZ ana SANFORD
st. lot gxlU"f IAN
AND CO.
fr and lots nion ay, corner Orchari nv, near
Van Colt each lot 2jxiou 4,2r0
NEW YoEK PEoPErTY--BY -. ". SEAMAN.
fr and lot Bal.is ~ II from Monroe st. lot 80
AlV ,EO
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