The New York herald., 1875-09-11
N e w P O R T.
Promising Features in the
Future.
THE REAL ESTATE MARKET.
How Far Prices Have Been
Affected.
THE SELLING AND RENTING OF COTTAGES.

NEWPORT, r. L. Sept. Q, 1875.
There is much that might fairly be advanced in favor
Of Newport Her history, her natural advantages,
climate, drives, ocean bathing and fishing arc famous
The extent and beauty OF many of the cottages and
grounds the architecture and landscape gardening
will compare favorably with the best known summer
resorts in the world. This is undisputed AS at Tor
quay and Nice Vchy and Trouyille, there is always
something that awakens interest and inctes
ton Yet Newport has not enticed the usual stream OF
visitors this yearnor indeed, for several years past
has she shown good record. Since the war the gay
scenes that centred around tho Atlantic
Hotel when the wealthy planters of the South INDUCED
in the uxuries Of the bound island have entirely
disappeared. There is probably greater wealth rep
resented than at that period but II does not cir
culate as freely Then there dozen hotels,
there but two three. As hotels have decreased
cottages have increased. With the closing of the
hotels the general amusements for the transient Wis
itors ceased and in proportion this place lost
Saratoga Long Branch and Cape May gained OF
their readiness to provide special attractions Yet
neither of these places compare with Newport and
it but reasonable suppose that she adds the
better features of the New York and New Jersey
places and rejects the worst her future will be brighter
than ever.
Perhaps no better indication be given than the
real estate market in this respect Mr. Frank B. Por-
OF the enterprisng real agents here
in whom great reliance is placed by property owners,
stated day. that notwithstanding the disastrous
money and the general stagnaton in trade real
estate has scarcely felt the change For instance in
1874 the total value real estate in this city
was 500, 500 50o personal property was assessed at
S. 1872 100 the whole producing ratio OF IS so per
tate is assessed at 500 S31 oOo personal property at
S. o4o 200 giving ,on ratio of 81 20 per ST. OO0 tax
of $222, aOs. Tho following table will better illustrate
this:-
Real Personal Tar per
Estate Property Total 81 0o0
1874. $50 500 500 S. 1872 100 500 3T2 GOO ss so
1S75.. 2o,S31, 900 S,0402OO 2SS7l,2Oo 10
COTTAGES
In the spring OF 1874 there 300 cottages empty
200 of which subsequently rented for the season
to families, the remaining 100 or, least the
greater part, being occupied by the owners.
The value OF these cottages varied from s13O 600 to
$45, 900 and s35, ,o00 The from S. 500 to
$500. During the early part of the season it was
thought that the prices asked for tho summer would
have TO be reduced to the condition the purses
of many whose incomes derived from trade and
commerce This spring the number of empty cottages
slightly larger allowing for the houses erected
and those few who found necessary econo
mize by going TO cheap quarters and let their places
as source of income And 1t must also be stated
that in some instances owners compelled to let
cheaper than previous years to parties arriving late
or they would probably have remained empty Some
still empty, indeed partly because persons who have
hitherto been abundantly supplied with money
this year poorer and less inclined to spend and partly
because landlords refused TO let reduced lest
the estimated value of the property should thereby be
affected.
eTh fact said
1--WE have only realized the general depression in this
way People who own the cottages have gone away, in
few instances, in order to the benefit of
sons rent Persons, again, thinking that landlords
would rather take two thirds half of the rental
asked early IN the spring have delayed coming until
the middle of August and have then secured places for
slightly less than the usual rent For instance, knew
of place that had been let for 500 being taken
400 for the last few weeks of the Another
place that had let for $3.50 formerly rented at 81 $50
This may be called the work of money grabbcrs' how
ever who IN the guisc of agents may the prop
erty of their principals in order trng per-
ccntage. Rents have been but little affected for five
wears In 1870 they averaged from 81 600 to 81 900
and $500 In 1871 they started at and ranged
800 and $500. In 1872 some let trhe higher.
During 1873 and 1874 the prices general terms
$5 000 1000, $4,000, $2, 500 $1,000 $1,000, 81, 900
and $500. This year, with the exceptions / have
named, the rents remain the same.
~ have in my district sixty different properties for
and sale next spring when most of the arrange
ments for the fall are made and there is every
pect that prices will be maintained or course,
can possibly predict the events of the future, and
speak simply with this reservation.
''wherever fictitious values are shown there you will
find depreciation, for If you choose to build most
elaborate house, decorate it with costly and
demand to have park made of your acres,
1t may add 800 900 to the costvalue TO you perhaps
but not TO the man who comes TO buy il after
ward Take the place built hero by Mr. Bar
reda. He selected nine acres on the most
lovely part of Bellevue avenue. He gave an
order to have his villa built in October aud
agreement made that he should have II
finished ready for habitaton the following June.
Well, in order to build the brick house without in
J,.rtu had
erect huge wooden shed all and heat IT with
steam pipes. The work was done to time, but when
Mr.. Barreda entered his new house and grounds it
had cost him $500 600 Last year when he sold IL his
figures on paper did not stand for much. He only
got $4,000 for it, Again. there piece OF property
on Spoutng Rock consisting Of four and hall acres OF
land, house. stables, &C. which SOS 900 our years
ago, and now it would be sold for $4,000
INCREASED VALUE.
'But the other side the picture will bear scrutiny.
Almost next to that property on Spouting Rock is
another small estate which was recently purchased
for $4,000 Now the gentleman Will not look at an
offer OF less than 500 000 Another gentleman has
five acre lot of unmproved land at the extreme end Of
Bellevue avenue, for which he asks Sl3 GOO acre
say S65 600 Some Of the owners have advanced prices
enormously since 1870 Cottages the east side of
Bellevue avenue, in five six acres having lawns and
terraces to the avenue side and 10 the
the other have advanced noary forty per cent know
Of two Instances where the properties were purchased
for about $4,000 and $45 900 respectively, and,
although the improvements have not been very eXten
sve 500 900 is asked for each place II gentle
man requires villa and eight nine acres
it will be found very expensive. Nearly all the lots
available for building the side OF the avenue
have been taken up tor years. Now, commencing at
the Ocean House. you get land under 81 81 %
square foot; further you might be able To buy at
sixty cents fifty ccnts-the owest-a foot On the
side there may be few at twenty five cents
thirty cents foot Nothing less than this. Take,
then the Barrcda lot, of 200 square feet at thirty
1--WE or forty cents and you have upward OF $4,000
footed up. over on the Batcman property you could
buy for twenty cents perhaps, take the opposite
side in the direction of Middctown and you could get
IT for less Occasionally We have forced sale and
then the price may drop If any thinks that what
say about the attitude hold is incorrect let him try
10 buy, and he Will soon find that the market
not be forced much either way piece Of property
Batcman avenue, recently bought for $1,000,
offered at $50 900 only few days ago" OF course tins
Is the statement of Mr.. Porter.
ANOTHER ENTERPRfslNG AGENT
Mr. Thomas q. Ford another real estate broker, has
shown commcndablc pluck in resisting the efforts Of