Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-11-13
DECAYING CITY.
Decline in the value Of Real Estate I'm
MObiIe-rwO Hundred and Fifty
stores without Occupants.

A CORES pOndent of the Ne1c York Times,
writing from Mobile, Ala, SAYS, within
the last five years the price of real estate
in Mobile has decreased nearly One-half,
and IN some instances more than three
quarters During conversation had last
evening with Colonel Price Williams, the
leading real estate agent the city, Chair
man of the Democratic Central Commit
tee, and one Of the oldest residents, he stat
ed that during the last four or five years
the decline in prices paid for real estate
ana rents had been most alarming. To de-
mOnStrate this he related many interest =
ing incidents. Two years ago he sold a
beautiful residence and garden. situated on
one Of the principal streets TO gentle
man who was then considered one of the
most prosperous business men in the city.
Some weeks since, in consequence Of the
dizziness Of trade, and from other causes,
the house and grounds were again offered
for sale at $4,000; no one would pay the
sum, however, and the property could now
be had for $4,000. A lady, who left Mo
bile for New Orleans some years ago, re
Gently wrote 70 Colonel Williams 10 sell
her h1use and garden, which three years
since could not be had for $1,000. After
much difficulty the property was disposed
Of for S1,26O, and this was considered
very good price. Some weeks ago young
lady who was Obliged to take up her res
idence in Texas, commissioned friend
Of Colonel Williams 70 sell her family res
idence at once, no matter what 1t would
bring. The house alone was insured for
$500 and il was surrounded by alarge
garden. The entire property brought only
Sl.500. Il was not only in the city, how
ever, that this startlingdecrease isgOing on.
A well situated little farm, with suDstan-
tial dwelling house, barns, stables, and
Out-buildings, on the line of rail road
some four miles from town, sold last week
for 81, 600, One-half cash and the remainder
in one year. Five years since the build
ings were erected at a cost of 5000. An
other farm of forty acres and comfortable
house only one mile from trunk rail rOai
is now offered for sale at $500. The house
could not be built for $1,000 Many 9TH
er incidents of a similar nature could be
related, but il is perhaps only necessary TO
say that where real estate is disposed Of
it is sold for whatever price the pur-
chaser offers.
In consequence of this decline in the val
ne of. real estate, rents have also been
rapidly falling. Within the past year the
decrease has been fifteen TO twenty per
cent. On Commerce street, which fronts
on the river, and is one Of the principal
business avenues of the city, large stores
can be had for the ridiculOusly low rent of
$40 per year. Before the war they rented
for 81 200. A day or two ago a large
house in the centre of the city, containing
A commOdiOus store and many offices, was
leased for 1890 year. A few years ago
the same building could not be had, for
s., 500 year. One Of the largest hotels
in the place is now offered to any one who
will agree to pay the insurance and taxes.
NOtwAhs v 'ie low rents, however,
tradespe' pie ara al In straitened eircum-
stances, a.sd In..ny oil them, being unable
TO meet the demands upon them, have
closed their stores and given up business
The startling truth of this fact will be
better appreciated when il is stated
that there are at present not less than25O
vacant stores in the city.