, 1874-03-15
Sales Of Valuable City and Suburban
Property,
Increase Of Speculation in All the South"
ern Suburbs.
New Railroads to Be Built In That
Direction.
Activity at Evanston and Other Sub
urbs. -:

We md N ImpoIta0& eua4so a1uo "oo111 aos
only in the feeling in regard to real estate but
decided increase OF sales. During the Two weeks
p,cyious ;hc1e had been but little done, because,
khough there was plenty Of money offered for
The purchase Of real estate, the views Of buyers
aud sellers we're very much apart. Capitalists
who catne hero With the intention OF making
}aree purchases had assumed that many prop
e1ty-owncrs who had morteaged their property
heavily would be forced to sell in consequence
nj the low rents. This has, in fact, been the
case to some extent, but not 80 largely aa had
been assumed. Money is. 70 plenty that it
is difficult to find employment for it
in large loans at even per cent,
snd thcnrh the Iates for small loans are still
maintained at 10 10 IL per cent, capitalists who
want TO invest large Sums begin to think the
purchase Of property better investment. The
difference, therefore, between the views Of buy-
srs and sellers has been overcome by mutual
CONCESSIONS, and come important sales Of prop
erty have been made this week for all cash at
priccs which, though in come einetances below the
p1ices asked last summer, arc cn the whole in
dicative OF revival OF confidence in the value
Of real estate both in central aud suburban quar-
te1s. . =
WABASH AVENUE PROPERTY.
The greatest reduction in the. price
Of any property sold recently in any
quarter OF the city is shown in tho eale
this week Of lot, 20feet front by ITO feet deep,
On the east side Of Wabash sroaue, between
Mou1oe and Adau1s streets, sold BY the Butnhasn
estate to Mr.. Jchn S. Wallis for $500 per front
foot, all cash. This is q reduction Of about 5000
per front foot on the price asked 3 year ago on
the usual terms Of. Eay, oue-quarter cash, and
the balance in one, two. and three years. In
Shy kind of tines the payment Of Ill cash has
always peen considered equal to q reduction Of
from 10 to Is per cent in the price at which
property would sell for IN the usual terms. But
there has also been special cause for the de-
cline in the raluo Of Wabash avenue property
in ths last two years.. Shortly after the
great fire it was believed that the
changes in business locations in consequence OF
that event would make Wabash avenue the prin-
cjpa shopping street Of the city. Large sums
we're expended in the erection Of business blocks
half q mile further eouth than business had
progressed before the fire. and the came endeav-
ors we're made to draw trade to that locality as
were m ade to draw it westward 10 Franklin,
Market, and Wells streets. There endeavors
we're only partially successful in either case and
lately business has shown tendency to concen-
s1ate about the old localities, thus leaving many
OF the nsw stores in the new Quarters unoccupied.
Shortly after the fire tho prospects of making
Wabash avenue the princiral shopping street
were 80 good that property advanced largely on
the prices it had been valued at a year previous,
and property in the vicinity Of that just sold Mt
$500 per foot cash IVES held as high as 81 200
per foot. But d year ago. VIXEN business began
10 grayitate back to State, Washington, Dear
born, Randolph, LaSa!Io, and Madison streets,
property On the new business streets began to
decline, and that Oh Wabash avenue, from Van
Buren to Monroe street, was hold Mt an average
Of tiom $500 to $1,000 per foot. Il, therefore,
the sale Of the lot a5ove mentioned may bo &C
ceptcd IS = criterion Of values in that neighbor-
hood, it would indicate a reduction Of prices
OF probably 8 or 10 per cent on the
prices OF year ago. It must
be borne in mind, however. that this decline is
owing to the special CAUSE OF the fnilure to draw
business to that qusster. The saluo causes have
had the Pame effects on the properly on Wash
inaton. Monroe and Adams streets west OF La
Sale. With the continued growth OF the city,
business will eventually extend to those quar-
te1s, aud the value Of propcHy there will in
:rease from the present "ha,d-pau y to which it
,eens to have got down.
STATE HTnEET.
The greater value OF State street property, as
compared with Wabash ayehue, il shown by the
Co.. OF lot Is feot front on tho west side Of
State street, between Jackson aud Van Buron,
ut 81 900 per front foot, the terms being one
fourth cash. and baiaaes in equal payments in
one, two, and three Jearu.
Among
this week indicating reliable standard Of values
In residence quarters. We note tho following:
MessrB. Jacobs d Burchell sold 149 feet on tho |
vest side OF South Park avenue, between Thirty |
second and Thrty-third streets, for $4,000, al
cash. This is at the rate Of z133.33 per front J
loot AL the lots on the west side OF South Park
hvenCe south Of Tnirty-firat street. however, are |
ony 125 feet Deep while those the opposite side
tre I'll 164 feet deep. This sale would, therefore,
Indicate value Of say s150 per front foot on the
vest side, and say $500 per front foot on the
east side OF South Park avenue, for lots sold on
the regular terms OF Il or II cash.
Mese1s. jacobs j. Burchell also sold this week
) fine piece Of residence property on tho south
east corner Of Dre1el Boulevard and Forty fourth
street. having . frontage Of 300 feet on the
boulevard, extending GOO feet along Forty fourth
Etreet to Cottage Grove avenue. and having 3
frontage OF 800 feet the latter, for S53, ,5l8.
This WAS sold on tho u6ual terms Of payments.
Messrs. Lawrence 4 Mofat sold lhls week two
street, for S25. 600.
MessIs. Gnstin l. Wallace sold "a feet corner
q Central Park avenue and Twentv-third street
LOT g., 400 also 500 feet Of frontage in Dale, !
$500. N N A's' '
TIE AUCTION SALE LAST MONDAY.
:, The auction eale of property held BY Messrs.
William 4. Buffers l. Co., On Monday, March g.,
vas decided success, aod resulted in the sale
Of every piece OF property offered, except one.
The prices we're IN aome cases lower than the
Property had been held at, but at least tho fact
u proven that there is plenty Of money and
psnty OF buyers to take real estnte, even when
forced OF ut auction. The sales We're
Lot 1fx146 on the northeast corner Of Wcstern
a1enue and Congress street, for 81, 548. =
Three lots. each 81 feet trout by lis feet
ueeP, Oh the north side Of VanBslrcn street,
between Oakley street and Western avenue, sold
lot 81 732. s., 732, and S1,663, respectively.
1hlee lots TN the north side OF Van Buten
street, between Wushtenaw and California ave-
11asa, each 2715 feet front by 100 feet deep, at
k31 Der front loot.
one lot 81 feet front BY 100 feet deep On the
'outa side OF 0wasco street, between Washte- |
trout foot.
!. One lot e9x124, on tho northeast corner OF
eaSkson 1o street and Washtenaw avenue, sold ut
W per front foot
\, one lot 99x161, On the southeast corner OF
sate sas and Ffty-tirst ss1eets, sold at S6o per
- une lot 9911G1, on the southwest corner Of
maoash avenue and Fifty-frst street, sold for