The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-06-27
A NEW BUILDING PROJECT.
ANOTHER Plan FOR REHABILITA-
TING THE CITY BY THE SE4.
The Waste Places OF Charleston to be
Reclaimed and the Dwellings and
Stores Re-establlshed.

Reclaimed and the Dwellings and
Stores Re-established.
An Important movement is now projected
in this city, by means of which 1t is thought
by the orlgnators that powerful impetus
may be given to building operations in this
city, and large proportion of the waste
places within its limits covered over with
neat and substantial residences. tits an obvi-
GUS and unfortunate fact that, Notwithstanding
the wonderful energy which Charleston has
already displayed in repairing the ravages Of
war, tn re are still many hundreds Of vacant
lots lying scattered all over the city which are
absolutely non-productive, and which the ex-
travagant taxes levied by the State are con-
stantly forcing into the market at ruinous
sacrifices, or absolutely taking away
from the owners without any re.
turn, r. under the new system OF sales
for delinquent taxes inaugurated at Co.
lumbia last winter. At moderate calculation
1t is no doubt perfectly safe to say that there
are one thousand such lots In this city of the
size of thirty by one hundred feet, and worth
all the way from one thousand to two thous.
and dollars each. There appears to be now
but very little demand In the market for such
property upon the terms of sale which gene
rally prevail, viz: one-third cash, and the re-
mainder in equal payments at the end of the
first and second years; and the legitimate
transactions in real estate, with the exception
of ''court Sales" are found, BY referring 10
the lists of recorded transfers now published
weekly In THE NEWS, to be remarkably few In
proportion to the size and growing
Importance Of the city. At the same
time, 1t Is asserted that there Is nu-
merous class Of would.be purchasers
who would each be glad to buy and improve
QUE city lot for his own residence, If the first
cost of the enterprise we're not beyond his
means. It is said that In one savings bank In
this city alone there are six hundred deposltors.
all of whose deposits reach as high as five
hundred dollars and range from that to one
thousand and two thousand dollars, and that
almost all OF those depositors are living IN
rented houses They include small traders,
clerks, mechanics and provident and thrifty
laboring men. and are just the kind OF men
who are ambitious to own their own resi-
dences, and looking forw ard constantly to the
time when that can be accomplished. The
desidefatora is, therefore, some plan by which
theseA landowners who are deslrOus of selling
and these would-be house-owners WHO are
anxious to purchase, can be brought together
on terms. that will be absolutely safe and
ultimately profitable to the one, and
possible and practicable, with continued
health and strength, to the other. 1t Is
now proposed to organize an association,
with as little machinery as possible to mai 9
1t effective, by means of which these buyers
and sellers can be brought together, The
proposition is to let the landowner sell his
lot on long time, say eight or ten years, paya-
BILE With interest In equsland annual lnstai-
ments, with an obligation on the part OF the
purchaser to erect thereupon building 10
cost not less than one-half Tor one-third) OF
the value ofthe land, the seller to give bond
for deed deliverable upon the payment OF
the last instalment of the purchase money
and interest. In this way the landowner
would begin at once to receive On income
from his now unprodu3llve lots, and would be
secured from loss during the time of payment,
not only by the possession OF the title to the
land Itself, which would not pass to the pur-
chaser until the purchase money should be
fully paid, but also by the value OF the i'm
movement upon 1t by the latter. The
buyer, on the other hand, could, by such
an arrangement, erect dwelling
bouse for himself according to his
ureseut means, and without any immediate
cost. for land, and would thereafter, for ten
year4 have to pay an annual and constantly
decreasing amount, less than the usual rent
of houses of the same class, for purchase
money and interest on the land. For instance,
A has a lot thirty by one hundred feet In size,
which he sells under the proposed arrange
ment to B for one thousand dollars, payable
In ten annual instalments, with interest at tne
rate of eight per cent. per annum, to erect
thereon house to cost not less than FIVE hum
dred dollars. B's first outlay would, therefore,
be five hundred dollars, the cost Of his dwell
ling. which he could occupy as soon as com.
Melted. At the end of the first year, he would
have to pay the frat instslment of the pur-
chase money, one hundred dollars, with one
wears interest on one thousand dol'ars-total
one hundred and eighty dollars. At the END
of the second year he would pay another in'
stalment of one hundred dollars, with one
wears interest on nine hundred dollars-total
one hundred and seventy-two dollars. He
would continue these payments through the
ten years, the lnstalment being one hum
dred dollars per year, but the interest
constantly decreasing as the principal OF the
debt became paid, and the scale of his annual
payments would be as follows: Third year
one hundred and sIxty-four dollars, fourth
wear one hundred and 6lty-slx dollars, fifth
wear one hundred and forty-elght dollars,
sixth year one hundred and forty dollars,
seventh year one hundred and thirty two dol
lars, Eighth year one ARedred and twenty
tour dollars, ninth year one hundred and Six
teen dollars, tenth and last year one hundred
and eight dollars He would then be In full
,,,.oooo,on of his house and lot, free of all en-