The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-18
REAL ESTATE.
Improved Tone in Respect to Values,
but Without Activity.
SUBURBAN PROPERTY.
The Outlook In the New Wards and the
Quality Of Investment
How Capital Il Affected Towards This
Market,

Market. Ht
We have already concluded the second week Of
May without witnessing any revival in this market
In respect to dealings. Indeed the observations
made here on the occasion OF the remarkable sue
cess which attended the sale OF the Mott estate
that this suddenly developed animation. while iuil
OF encouragement In many respects. was likely to
prove, so lar as the market this spring was con-
cerned, an exceptional instance, has since been
abundantly borne out IN the
RECURRING LANGUOR HaA
which has supervened upon such squirt OF &C.
tlvity. Nor Is there reason for encouragement In
this. 1t must be borne in mind that the specula-
tive interest In real estate has been languishing
Tor couple OF years. rendering dealings peculiarly
dlfncult when, alter pauic which had parayzed
every Industrial and commercial activity In the
country, the investment interest was suddenly ex.
posed to new and more serious danger in the
threatened betrayal by congress OF political
managers OF the national credit In fresh issue Of
trredeemable paper money, such issue forecasting
with as unerring certainty as night follows day
ultimate reputation.
CAPITAL IN THE FACE OF SUCH POSSIBILITIES
uhrunk from employment everywhere. not even
daring to trust itself IN real estate any more con-
ndently than in railroad shares. But the
great change that was, in tone and thought and
feeling. can be best learned by comparison Of
some sales in this market anterior to the veto
ana the Mott estate sale which occurred i'm
Mediately subsequent thereto. Take for ex-
ample,
FOR PURPOSES OF ILLUSTRATION,
the sale OF the Corrigan estate. March H. and that
OF the Witthaus property, offered April IL, the
latter not more than four weeks ago. The relative
Corrigan estate would seem to indicate an Inn
provement in value within two months too
great to be other than the result OF
the sudden removal during that inter-
val of some depressing influence that
bad previously deferred investment. Thus Mr..
Andrew COrrfgan's lots on Riverside avenue aver.
aged S. 700 each while lots on the same avenue OF
the Mott estate averaged $s,s84 each. Mr.. Cor
rtgan's lots on the Boulevard brought $6,331 EACH
while the Mott Boulevard lots averaged over
$4,000 each. Mr.. Corrigan's street lots averaged
&3,6l8 each; the Mott estate street lots $1,000
each. or the Witthaus property but one lot was
sold situated on Seventy-seventh street, nearly Q
$4,000, whereupon the sale was stopped, while the
average OF twelve lots OF the Mott estate on Ninety
IN them much instruction They 60 to show how that
the growth In the character and disposition OF the
marke! which they reject, while decided. setting
A DISTINCTIVE LINE BETWEEN DlsTRusT AND CON.
sf. FIDENCE
has been no more. The fact that the Mott estate
was offered under circumstances which required
sale, and that there would be no attempt at OBJ
tanning fancy prices was IN some respect the meas
ure OF that confidence But this feeling never rose
70 enthusiasm. There was no gush Men who at
tended the sale bid what they thought fair price
for the property offered them, ana, II they found
much opposition, quietly retired to wait another
chance. II is obvious therefore that
MUCH ACTIVITY CANNOT BE LOOKED FOR AT PRES.
Mts4t EMIT
in the face OF these conditions. There is no in
<luCnUn m NOR Nnn NOT NH Trad m sail RI
put their property in the market, hence the oner
{ngs are manly confined to property TO be sold
carry out his scheme now broadly limited at,
OF having the valuation OF property in
OF these sales would no doubt be largely increased,
as there ts much valuable city realty. especially up
and assessments which, il those be Increased By
the measure OF an increased valuation the latter
likely to prove IN the case Of some large opera
back That MI. Green, however is wholly indiner-
ent to any such result, and In TACT, to the inter
historical in the effort made by him year ago to
stop the examination Of the books IN the Comp
record OF overdue and unpaid charges against
property in the way OF taxes and assessments
the eject Of such proceeding or course. il per.
mitted TO be carried OUT would be to stop the
transfer OF title In New York realty as no man was
likely to take titie TO property the encumbrance
. Mr.. Green saw SO far as this into the subject or
not, he acted as though utterly Indifferent to such
weather 1t is natural IN this market. to look for
REAwAKENING OF INTEREST IN SUBURBAN PROP.
ERTY,
and already there are indications that the effort
will not he wanting on the part OF agents to bring
home to our much ennurng people the attractions
or suburban homes alike Ill our newly annexed
district and the rival quarters OF New Jersey and
Long Island. And in the interval which occurs
lust here, In regard to real estate Investment 1t Is
worth while to draw attention to the evils that
have grown into this quality OF ownership, espe-
cially ut time SO propitlous us this, when those
directly interested are most alive to the truth of
the facts IL Is purposed to Illustrate 1t may be
said almost without reservation, that there Is no
worse abused class in this city OF ours, including
its suburb Brooklyn. than the tenant class.
THE AVERAGE LANDLORD.
once he has made a contract with tenant--in.
deed, often before It's close-narr0w grudglng, par.
slmonious and sharp on the LOOKOUT to have his
new tenant repair the damage caused by wear
and tear to his property during the occupancy
of the previous tenant. This the new tenant is IN
table, and thus are hundreds OF houses in this city
and Brooklyn kept IN repair from year 10 year
This is bad enough but he is frequently Impressed
by the indifference Of landlords with the conVc-
lion at thus time OF the year that legacies OF dirt
and destruction, and perhaps even nuisances that
have come TO him from former tenants, are the
same as II they were Of his own creation and that
leased is CONCERNED, il only relates to the mainte.
nance OF o front and roof. The tenant generally
prevailing discrepancy OF opinion between land.
lord and tenant on point so important 1t Is
worth while to enumerate certain conditions which
BY TACIT AGREEMENT,
sort OF common law recognition into every lease.
Ftrst-lt is presumption In law when not con-
fravened ny special agreement, that all premises
leased are In tenantaDle condition. This requires
water-tight house. In respect 10 roof, doors and
WINDOWS and proper provision for water shedding
and prevent damage or Inconvenience.
SecOnd-All fixtures belonging to the house, and
which are let as part OF the realty and are neces
sary Tor the comfort and convenience OF the tenant
Al its occupancy must be In good order and condi-
ton.
Thard-As you cannot hire nuisance, any nui-
sancc existing on the premises at the time OF the
new tenant entering into possession may be re-
moved az the expense Of the landlord either BY
notifying the Board OF Health, who viii abate the
nuisance and charge the landlord or summary,
ut the tenants own expense, with the right OF ac-
ton against the landlord.
II the new tenants OF this year would bear in
mind these facts It might perhaps help them to
better assertion and cOnscrvat On of their