, 1874-05-24
The Sales of the Week, Auctions,
and Trades.
Rayiew Of the Real Estate Mar
ket in New York.


tLev exhibit in consequence IN lmproseo It'll
ing. Tho number Of sales made, however can
not be said to have increased. There Is Dettor
tone, but no greater activity.
Chicago men who have recently returned from
visits to the East have found dullness II ousi-
ness and in real estate perhaps Srea1e1 tnaa po1
certainly equal to, that IN Chicago. In Boston
tna nn11I,er OF stores that are vacant ls very
1,rco IA in Chicago, the sudden rebuilding Of
the burned district is the cause OF the duHness.
In Now York tile number OF unoccuplcd stores IS
reported BIZ gentleman OF this city, who dcVot-
ed much of his time during recent VISIT to thos
cit7 to a personal inspection Of tho real estate
c1arke. to be surprisingly large 1t ls OF course,
uot so large rs in Chicago. but Is su1nclent 70
show great dizziness in general business Is we'll
rs in real estate. 4 very much larger proportion
Of dwelling houses is vacant Mho!e lo"s ol
houses stand unoccupied in tho upper part OF
the island. The last attempt at real estate auc-
ton, at which the NltthauS -eseate Nas po1 uP'
was great fallure.
The New York Herald OF recent date reports
an improved tone in respect to values Ii real
estate, but activity. The late sale OF tue
Mott estate was tho causo OF sudden develop
mont of animation which proved exceptional,
and was followed By languor very like that
which prevails here. The speculative interest II
real estate has been lauGulshlng for couple OF
AANAA-AC1
particularly after panic which had paraiyzea
every industrial and commercial activity IN tie
country.
Besides, in the face OF the serious dangers ez-
pected from Congressional action on the finances,
investors became tiuaid, and ther capital shrunk
from employment everywhere. not even daring
to trust itself in real estate any more confidently
than III railroad shares,
The values Of property in New York have IN
dergone some clan5e since tho veto. Example
of this may be seen III the sale Of the CoIlgan
estate. March Il, aud that Of tho Witthaus prop
erty, offered April l6, the latter not more than
four weeks ago. The relative result OF the Mott
estate sale and that OF the Corrlsan estate would
seem to ,ndicata an improvement IN value within
two months too great to be other than the result
Of tbe eudden removal during TINT interval OF
some depressing influence tlia. had previously
detered investment Thus Mr. andrew Cor
rigans lots on Riverside ayenuo averaged S8, 1oo
each while lots OH tue eeIne avenue OF the Mott
estate avenged Ss.634 each. Nr. Corrigan'5
lots on the Boulevard brought Sc, ,331 esch. while
the Mott Boulevard lot averaged over @l0: 003
each. Alr. Corrlgan'B street lots averaged $3,5la
each, the Mott estate street lots averaged ~ oso
each. OF the Witthaus property but one lot was
sold. situated on Seventy seventh street, nearly
mile below the Mott estate, which brought
only $4,000, whcreupon the enle was stopped.
while the average of twelve lots OF the Mott
estate on Niretj tj-sixth street WAS 81, 453.
E3Iuch activity is not expected IN New fors
during the coming summer. There ls no induce
their property in the market, hence the offerings
are manly confined to property to be cold under
legal direction. Should Comptroller Green carry
out his scheme nov broadly hiuted at, Of having
the valuation of property increased for the next
tax levy, the number of these Gales would nc
doubt be largely increased, Us thera 1s much val'
liable city realty, especially mp town, now unduly
burdeued With charges for taxes aud assesa-
uents, which, if thoae be Increased BY the meas
u1e Of an increased valuation the latter is likely
to prove, in the case Of soma operators, the last
straw that will break the cancels back.
The Her1d concludes:
As has been said more than once before in this
coumu the real estate market has touched bot
tom It may continue dull for mouths yet, with only
few speculative sales but unless nnother panic should
overtake lower prices than those already reached
are likely to be made. Hence with the revival Of
confidence elsewhere in business, will come in
vestert demend in this direction. Let the Idle capital
because IL afrad to lock Itself up for time
discover tlat revival In business which tnsures fresh
denominations at the end Of the year and millions o.
prices, shown in the sales compared above, ofcl
every temptation to capital to come III promptly onct
the necessary confidence is restored, In the assurance
that trade is zeyvug aud again bears promise Of prot
In the Years buEtness.
This state of afairs is called real estate
panic in New York but With all tho dullness
there is no panicky feeling hero. 4 panic is q
collapse, it follows inflated speculation, expand
ed operutious. Now there is no bubble to buret
Real esta.essreached its highest feu,a two years
ago, and has been settling ever since. The
panic that is expected never comes. The own
ers OF property haze been hedging, and most,
II not all. have placed themselves in positions
where they will be Eafe. For weeks past close
observer of the real estate market would have
noticed that although the volume OF transfers
very few Of them were for cash. Trades have
been the order Of the day. The real Significance
Of this movement is that property heavily in
3 cambered has been passing from bands that
pieces heavily morigaged hare been traded OF
for smaller pieces unlncu1nbercd. Spectators
who have contracted to take large
amount amounts .xx Ct property IN the he hope q o
vain. They are compelled to submit either tx
foreclosure and sacrifice Of the property, o.
else to its transfer to stronger hands, Very feV
Of the transactions now made are for cash mos
OF them arc tradcs. md the most of these arl
made to escape tho entire losa Of the property
There are not few cases in which property
sold long ago to spectators is returning in thi
way to the original ,proprietors. Il has beez
handed up from speculator to specu1ator, Away
Ut On advance, each ngu1c in a series looking t,
q successor for money with which to pay hin
from whom be purchased The present stigma
ton leaves the last purchaser without market
He caauot eel, be cannot borrow, Lis failure il,
volTes his predecessors. As an instance OF thi
sort, the sale Of 1G0 acres in southern subur
may be mentioned. In February, 1878, th
property was eold c. 9200 per acre; in iifteel
acre; in thirty days for e50o, aud 500
after for $500 an acre. This showed
profit On paper Ct SG4, 900 in sixty days rs
matter of fact. but one-third of the purchase
money has ever been paid, and nothing but th
fo1 bea1ance of the original owner now delays
foreclosure, in which case the property would
no doubt, be bought up by him.
1t is q fact, and as such The TRIBUNE is boun
to report it, the leading rca1-cstate- loan-asent
report decline of the value of property, q
Shown br their appraisals. The largest declin,
is IN property On the borders OF the city OF in
side rrope1ty, Wabash avenue has suffered most
Perhaps tho fir1nest residence property i
that on tie North Side, east Of Clark etreet
aud that on streets like Blue Island avenue Nil
waukee avenue. and South Hasted street, xhert
there is busy population, where the stores tia
have been built are of moderate dimensions, ant
moderate rent :; aud the dwellings, have beer
rented for the Same reasons AparaIel hassome
lines been drawn between the present state OF tlls
real estate market and that which followed 1857
but the resemblance does not appear. From
1851 to 1857 there Vas great and growing spec
nlation in Chicago roal estate. The terer cul,
minated in 1857, and then carae Il crash. There
has not been of late any speculation that coulG