, 1873-06-15
REAL ESTATE:
The General Dizziness of Busi-
ness Extends to Real
Estate.
The Reduction in. the Cost Of
Building, and Its Probable
Auction Sales Of the Past Week and
the Forthcoming Ones.
Transfers for the Week.

Transfers for the Week.
There has scarcely been 30 dull time in real
estate business in the last three years az at pres-
ent. There is no special reason for this except
hat it is tho necessary reaction from the fever
Of speculative activity Of two months or 80 ago.
Speculation in real estate like speculation in
everything else, vibrates between the two
extremes OF foverish activity On the one hand,
and reaction on tbs other. The decline in the
volume OF real estate business is due simply TO
the temporary elimination Of tho speculative
element. After while it viii revive, and the
activity will probably be greater because it
paused. There in still an active
business in the sale OF cheap lots
for actual occupation. The increasing cheap
ness Of building ia inducing many persons to-
buy ground sid build homes now, who could not
have done 80 It tho prices Of last year. With
brick ut 46 Per Thousand and brick1aye1s' wages
1T 33 per d1y NOW, against $12 to $15 per thou
sand and IS per day for bricklaye7a at
this time last year, it must be apparent
that the cost Of building hiss been
greatly reduced. It would probably not be un-
reasonable to estimate that the average cost OF
good medium and drst-olass brick and stone
front dwellings, has been reduced 20 Per cent?
since Last summer. Brick are likely to continue
cheap. Tho unusual demand for them last
summur induced the establishment Of many
large yards and tho use Of i'm
proved machinery. Last years profits
Of tho propr1ators Of these are invested to q
great extent in tho machinery, tools, and 1oca@
hons- When machinery Of this kind stops or
has TO be moved it depreciates in value, and to-
prevent this the brick-makarB will keep to work.
These circumstances Are influencing the ownors
Of good deal Of inside business property
to build 1t up now, notwithstanding the present
surplus Of stores and Offices The time will
come when they will all be wanted, and, even if
1t should be longer coming than many expect,
the saving in building now, az compared
to sny two years from now, when
all the stores and Offices now
unoccupied will be filed up and tho demand for
moro would hare tendency to increase the cost
Of building, would amount to more than the
two years rent even if the buildings erected this
summer should remain entirely empty during
the int eryening time. It Was to be expect
ed that in tho ruah and competition
Of building last summer the cost would be great
Of IN occupied stores and Offices now. The strug-
gle to rebuild aa quickly as possible WAS, how
eve-. made necessary by the competition be-
tween owners Of property in different
parts Of the business quarter, to se-
cure the location Of particular classes OF
trade. and the result has proved that this waa
the best policy. Business has graTitated back
to nearly the same locations occupied before the
fire. only that the business district is larger than
it Was two years ago.
The cheapness Of building will also probably
stimulate the improvement Of morn than the
usual extent Of inside residence property this
summer. Rents for = good medium class Of
dwellings, are still very high, and, unless
there is large amount Of building, will continue
so. but even il there should be twice IS much
building in this line az appears to bo projected
now, there ia less danger Of dwellings, remain
ing vacant than stores or Offices. Thare is al
wayB somebody, In = city like this, to occupy
every dwelling at some rate OF rent. The in
crease In the number OF houses to rent seems to
induce IN increase OF tenants. and. in fact, does
draw strangers from other places who would
be deferred from coming BY the high
rents.
Sales Of houses aud lots Of from $4,000 to
81, 600, have been quite active. Aero property
firm. There is considerable inquiry for property
in tho region Of Brighton, and also south Of it,
On account Of tho new bus lines, and Mr. McCor-
rnicka reaper factory, and other manufacturing
interests in that direction
Proparty on the line Of the Chicago Pacific
Railroad, and Chicago st. Paul Railroad, las
advanced during the last year quite rapidly. aud
very extensive improvements hava recently been
made in the region OF Wicker Park. MessrB. H.
Il L. g. Pierce hsve erected twenty two-storJ
frame dwelling houses their addition near Mil
waukeo avenue Tho pavement on this avenue
is NOW being laid. and the cars will soon run to
Clarke, Layton l. Co. sold at auction on tha
ground 1T Hyde Park, last Saturday, Afty-four
lots, situated between Fnty-fourta and Fifty
fifth streets, On Adams, Jefferson, anI Waahing-
ton streets- The total sales amounted 70 Slo5,-
foot. Prices ranged from $44 to e68 per foot
Every lot sold Was bona-tide sale, the parties
purchasing having complied with al tho condi-
lions, and have made tho first payment: Tha
.,. vas no doabt snd teGss dons ws
Messrs ClArke, Layton Co. will also Offer 1t
public suction on the ground, June Is, at $3.50
o'clock p. H., the choice residence and busi-
property IND 'qstsd ope on s P5Ss'
This property on Dra1el avanue Varies from 25o
TO 333 feet in depth, situated joining Jamea
8tinson's dne residence on the north. This prop
erty Is the most desirable residence property
about Chicago, and parties proposing to invest
column.
Ellison l. Foster will sell 1t public auction, on
the ground, eighty lots at Englewood, located
between si1ty-eighth and seventieth streets,
within two blocks Of the Normal School on to,
o'clock. On Thursday next the same parties
viii sell on tho ground, at public auc-
ton, iii si1ty-si1 lots 1f Of boulevard property