, 1873-11-24
REAL ESTATE.


in important decline in tho prices and values
! Of frat and medium-class residence property has
boon experienced as a result of the financial
panic. A decline has undoubtedly taken place,
but not to tho extont beloved by many, and not
directly tho rosut Of any genera! doolinco In Tho
ivalue OF real estate. Tho principal causo ia tho
treducslon in the cost Of building materials and
iu tho cost OF skilled labor. Good brick
=, can now bo had for 81 por Thousand,
against $40 and 812 lust spring, and contracts
can now bo maslo for brick laid iii
walls at s11 or even $40 per thousand for tho cn-
tire cost Of materials and labor, Tho reduction
in tho cost Of materials and labor on other parts
of buildings than The walls has not boen so
great, but, on tho whole, tho cost Of building
hay safely be assumed at 25 por cent loss than
Ut was lust spring. uoyo ia rcason for largo re-
,duction iu tho prices OF dwellings, as compared
TX last spring, Independent of any reduction in
f,trcea of ground. In some instances Of recent
aalcs Of residences tho reduction in prieea has
tndoubtedly been greater than tho reduction in
|sao cost Of building but In oyory such caso It
gill DO found that thoro has been sneceasity on
!tao part Of tito seller to have cash, and that Ill
,tsalos made at any great reduction Of prices have
r been for all cash instead of tho usual terms. Iu
aimcs Of pants md pressure, auch rs have been
experienced during tho last two months, d do
maha for all cash, in tho sale OF any property,
which is usually sold on timc, OF course, demands
an unusual reduction IN price to mako it MI
inducemout to tho buyer
Ton days or 80 ago, two marblo-front resi-
dencos on Wabash avenue, north Of Twenty
third Rtrcot (Nos. 101s and 102o), woro sold at
public auction by the assignee OF bankrupt, at
what was considered the greatest reduction OH
yformor prices thai has been experienced In tiny
instances this fall. The houses are stone f1ou&a,
three stories, 10 or u rooms md stand On lots
t21 feot by l12 feot each. Real eatate dealers
think that from 800 to $4,000 each would
have been fair priceR for tho houses before the
panic, but when sold at auction for all cash they
only brought about $4,000 each, 4 reduction Of
80 per cent on e.yaluo Of both buildings aud
ground. An important circumstance, low
ever In this connection is that tho
purchasers got no warranty Of titlc
Tho sale was made by an order Of Court in e
summary proceeding, the assignee being directed
to sell the property as free and clear Of al! in
ru'abrance, though thore ia got some doubt aB to
tho power OF tho Court to order salo which
would cut OF liens, without my previous pro-
reeling at law to determine the rights Of par
ties. There were judgments against tie bnnk-
tupt that weEo liens on the property. md tho
}udgment-credtora wero not even served with
nosice. Moreover, tho title to part OF tho prop
'srty is In tho bankrupt'a daughter, and 1t il
thought by some lawyers that proceedings at law
thou]l hayo preceded the salo, to determine tho
daughtor's interest.
Wo mention the particulars Of tho above sale
because mauy parties, having no knowledge Of
The fact that the sale conveyed no warranty title.
hayo cited this sale as indicating a, decline Of
somewhere near 80 per cont on Tho prices Of all
central, hrst-class residence property.
3it whitn II In wall nf1tiA HfnnH TINT t11nrh
sales Of this, as we'll aa other classeg Of property
from time to time, in which tho necessiticB OF
F!he owners for cash obligo them to mako grent
deductions in prices, these instances arc not tho
rule, and do not establish tho fact Of ANY
lot kind Of property that eau DO
xput on the market and sold at any time, like
ea hss ieF IS Tas odes d 81
late who expects to got its value, il any kind Of
Hnoe, must wait for his customer When tho
customer who spants it comes, he generally pays
Ehe full price.
T. A couple Of woelss ago. q handsome two.etory
>snd basement brick houre OIL the west side Of
Wabash avenue, south OF Thirty-tirEt Btroot, with
lot 26by US feet vas sold for $1o, 500, this be-
nor.
Ono OF tho middle houses in tho block OF four,
Hhich stands on the northeast corner Of Alicl!i-
tory md basement stone. 'front.' with lot 20 by
liz fect, waa recently sold for S19, ,000 this be-
ing a!l tho house was supposed to be worth luB.
lummer.
: During tho height Of tho recent financial panic,
lot 40xl75, on tho west sido OF Michigan ave
1ue. boing " foet north OF Ihistieth cot unl
aext north Of and adjoining the splouda now
:esidenco Of z. H. lfhlduck, WAS sold tor $500
2er foot, oil cash. Blk wears ago. property III all
hat vicinity OH Michigan aveuuo sold for about
b100 to $125 pei foot aud yoar ago tor an
tycrago of 5000 to $3.50 per foot. TAB does not
ook much like decline Of prices. Tho oxteu.
,ion OF tha tirst-c1aBs residence quartor OF thc
kty soutllwara Oh Michigan. Wabash, rrairlo
snd South IalA avenues H. however, 30 rnpid
iliat II thore Ind beou no financial distu, bace
.,he price Of ground OIL any Of those ayeuues
Rlnl particularly OIL Michigan mad Wabash, any
Iyhelo bctweon Twonty.nlnth and Fiity-!!rst
F,treets, would have advanced from 25 to 30 po,
seut thlH fall oyor tho prices Of aas midsummer
Tho ploperty III tlat Qua!tor IN, however, nearl.
I'll owned by capitalists, who arc not only. abl'
% hold It, but many of whom will tako aayan
ago OF the present low cuat Of materials ant
a0or tu build Oil It, and during the noxt yea
! ,ho improvements IL. that direction will not onl.
10 greater than in ahy other quarter OF tho city
)ut 1nncl, grca.or tlsan In any previous yaar ii
he same dII action.
- TIC OUTLOOK.
il neal-eBtato brokolS eegM not unwilling to &C
itnoWlell;t that there laH khon / pretty genera