The New York herald., 1872-10-18
THE REAL ESTATE MARKET.

A Dull Period-Inhuence OF the Presi-
Dental Election Upon speculation-
The Dangerous Character OF Second
Mortgages-Continued Movement in
Boulevard Property-Our West End
and q ssNew', Fifth Avenue-The Out
look and the Expectations.
As in all other interests calling for particular at
tenton the real estate market Is suffering in re-
spect to movement by the distraction which the
Presidential election causes. In surveying the
field Of passing operations critically, duness
is observed as the principal feature. The
Barnumism which has endeavored to draw
attention to rural property has certainly
not been rewarded as its energy and
enterprise deserved. It is noticeable as feature
OF our metropolitan growth, in connection with
real estate. that this year has shown less OF
that desire to leave the city for what are fancfuly
termed, suburban homes" than within the past
few years. SO many ventures OF that kind have
proven unsatisfactory that there is even
RETURN TIDE
which, with decline in rents Of cheap houses or
houses for the working classes in this city, would
restore to us much Of our population. The leading
feature Of interest at the present time which has,
however, only o bearing in prospective In the
market is the apparent energy with which the
project Of rapid transit committed to the charge
of Commodore Vanderbilt at the last session Of the
Legislature is being pushed forward. The convic-
ton amongst real estate owners that the construc
ton of this road is q determined purpose is
N the e O the
announcing that lots are for sale In this neighbor
hood, apply to "Epnraim scadder,m Pine street.
WEST SIDE PROPERTY
along the line Of the Boulevard and northerly.
animated speculation occurred in this class Of Of
property simultaneously with speculative ex-
citement on the e. east side; The Boulevard prop
pushed to too high a figure, and, q reaction CON-
ing, dulness followed. 1t is now in the way OF
rapid recovery, but the east side Is still quiet after
having reapsed into stagnation at the period men,
toned In sympathy with Boulevard property. A
noticeable feature In the market is the number Of
FORECLOSURE SALES
with the evident fact that In sales OF this kind
lower prices IN proportion to the tone OF the mar
command their full share Of preferment, and the
explanation Of the difference Is found In the accu-
mulating maturity Of
such an active speculation in real estate left many
Ssy we're unable To carr THe saa
nation in the market induced them to procure Sec
Ond mortgages when the pressure OF the first mort
gage became too heavy for their means. In the
absence OF that recovery which they anticipated
these second mortgages are really non-nego.
To friendly assistance m as nse mest o
the sales OF city property occurring
frOm day to day are forced sales, owners who are
not under the necessity OF obtaining money refus-
ing to offer their property In the present condition
of the market and maintaining an undiminished
firm tone in private negotiations.
THE OUTLOOK
at the present time indicates steady disposition
in the rents OF first class property next year at
the lower rates OF last May. Fifth avenue property
Is in demand for business purposes, and 1t is safe
to prophesy that as this avenue occupies the centre
of the island 1t Will be the real Broadway exten-
sion in business sense. Ball, Black Il Co. will
soon remove from their present location to the
northeast corner OF Fifth avenue and Twenty
eighth street. and we may safely assume that
others will speedily follow.
Some OF the dulness at present existing in the
market may be traced to the delay on the part of
THE BOARD OF APPORTIONMENT
to determine the rate of taxation for the current
year upon real estate; but as 1t is limited to TWO
and half per cent, and the debt Of the city Is in
creasng, the maximum figure Is more than likely
to be called for. IL Is hoped. and indeed anticipated
In some circles that after the Presidential contest
Is decided there may be revival OF activity in real
estate and there ia no good reason now apparent
to contradict this hone.