, 1874-03-22
1 Good Demand for Houses, Both to
Purchase and Rent.
The General Movement Toward the
Suburbs for Residences.
Decline in Rents Of Central
Residence Property.
Activity in Building at Hyde Park and
Washington Heights.


IIouse-Rents and the Annual
Moving-Day.
9b.re !. = dearth Of special items Of news
this week in regard to real estate, because there
f,a.a heeu but few transactions. But this does
not srrue any change in the market or the feel
inc of confidence in regard 10 real estate invest
mcuts. It so happened that, during last week, 8
rood many large transactions we're completed,
and re were able to mention q good many at
once, many OF them Important ones in the re-
epect that they established the cash value of
property in GONE quarters where they hn1 been
only mAtters Of conjecture for the last eight Or
nine mouths. It is now pretty Tell-eatablished
ushed fact that the district Of central business
property bounded By LaSalle, Monroe, and State
streets and the main branch Of the river in
cludes nearly all the business property in the
central part OF the city which has not depre-
ciated within the past year. Outside Of this, in
every direction, except on the great thorough
fares Of Madison, State, and North Clark streets,
tho business property would not sell for rs much
By 10 per cent US it would u year ago.
1iext outside Of this belt OF business property
are two districts Of residence property. one IN
the South Division, extending nearly to Twenty
second street, and one in the West Division ex-
tending nearly to Union PARK, which have
derreciatcd in value because the expansion Of
the business area has brough: them too near
to the shops to be desirable for first
class residences. This does not apply to the
North Side, because year ago the North Side
was still to great extent waste and property
tht,1e WAS still much depressed, whereas now it
is beng built up with better class of buildings
than existed there before the fire, ard values
1re slowly recovering from their depression.
But in the West and South Divisions very little
OF the residence property cast Of Ceutre avenue
and north of Twenty-second street would sell
for as much or rent for es much rs 4 year ago.
The property for which there is the most de-
1nand in the West Division is nearly all IS far
west IS Robey street, OF eyen Western Avenue,
and extending along Madison and Washing
ton streets to the Central Park and
sonthwcstward along Ogden avenue to Douglas
Park. In the South Division, the property in
most active request begins st about 4h1rtieth
street, and extends alt the nay out TO EnG1e#ood,
Hyde PARK. Corn Il, South Chicago, and even to
Washington Heights. There is gzeat
ACTIVITY IN SUBURBAN BUILDING
at all these aforementioned points, At HYDE Park
p,les Of building material, not Only for single
residences, bdt for brick blocks, are to be seen
in every direction, and it is estimated that more
than forty houses wall be erected this spring
within radius OF half mile from the Hyde
Park Station. The suburban trims on
the Rock Island the Pittsburgh g. Fort
Wayne, and the ulinvis Central Railroads
hare extended the city along State street, Wens-
worth and Wabash avenues to Sixty-thlrd street,
and 1long the ]rke shore to nearly the same dis
tance. The convenience Of quick transit along
the lake shore by tha Hyde Park trains lie steadi-
ly spprec!ating the value Of all the property:
within half mile OF the railroad. Blocks OF
brick residences are being erected al the way
out to Hyde Park Station, and the property,
which five years ago waa sold at from S5,oo0 to
600 per acre. is now SOLD in lots ut the rate Of
from $50 900 to 5000 900 per acre. THIS increase
in ralnes has not been occasioned 30 much by
speculation. Us many SUPPOSE, as it has by the
actuh extension of the city. The same causes
are still in operation. Cornell and South
Chicago stand in about the same rels-
tive position TO- the city that the
Park did six years ago, though Of course the
further the land is from tho city, the moro de-
pendent its value is On railroad communication.
AID the more the appreciation OF 7alues Will be
confined to the vicinity OF the railroad Ahes
There are, of cou1se, thousands Of acres inter-
medate between the lines Of railroad that will
be TOO far from the convenience Of quick tran
81. to appreciate much in value over the specu-
latiye prices at which much OF 1t is held. But
1t points like: ::CorDen:and South Chicago, which
tue increase Of building and population will be !
continuous. |
At SOUTH CHICAGO !
there are now twenty-five houses IN process OF |
construction, and within the past week the Chi |
cago Calumet Canal and Dock Company have |
Bolu .ightY Elk lots in South Chicago to twenty /
Eli different purchasers at the following prices
Sc lots at $3.50 ench 8 lots at $500 each, at |
e312 each, s6 at 43Ij each, at S425 each, at
$500 each, i at $50, 2 st 81, 600 each. l ut
q 500, sud at $4,000, the aggregate being
5s0.275.
At WASHINGTON HEIGHTS
MessrB. Clarke, Layton j. Co. have sold within
tho past ten days great number OF snaall pieces
pf property within half mile Of Morgan
Park Station. Among these arc nineteen
lots on the prairie cart OF the station, and
About five acres, in lots, on the higher ground
vest Of the station These sales haye been
made to about thirty purchasers, who have en-
Tered into contracts to erect fifteen houses IN
he purchasers are bookkeepers, bank clerks.
md other salaried men, rho will erect houses
,osting from 81, 500 to 81, 500 each.
THE BALTIMORE ONO RAILROAD. |
Nothing has been settled yet in regard to the
-oute Of this road from South Chicago to it's
Both the Park Commissioners and the Railroad
Company hive, however. positively abandoned
my thought OF the railroad coming through
hB : park The Railroad Company cay
lucy dIe neEOL{at10E WILL tuc 1AlCuiesAA oHAtA6AN
III the right to make Junction With that road
somewhere near South Chicago, and so come in
dong the east side Of the Michigan Southern
md Illinois Central. This, however, would be
Utmost as ci1cu3tous route Us the one a1oug |
2al1oad avenue offered them FREQ OF cost BY the
'rnels Of the lake shore property, and tho
shoo negotiation is in very indefinite state.
or THE ARcHER-AVESUE HORSE Rail-
WAY.
The property owners vest Of Western avenue
n tho vicinity OF Archer avenue are endeavoriug
0 get an extension Of the ROAD from Halsted
heet, its present terminus, to Western avenue,
distance Of enc mile and quarter. The rail
ny company ask bonus of 9l0, 900 to enable
hen to construct the road. OF thus amount,
2 500 has been already pledged by the property
wners. !
Among sales Of
INSIDE REs1DEScE PRoPERrf
bis week, We uoto the following: !
III. J. 7. Clarke has bought one-eigh.h f5451 |
eet 'front.' Of tho block on the North Side, for
lerly occupied bv tho residence of Mr. William 3.