The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-12-01
The Shriuknge In T.cnl Estate.

We notice in the last Hancock county
Courier q statement to the effect that the
return Of the Commissioner for the reval.
uation Of lands in that county shows that
while the number OF acres revalued has
been increased 50l over last year, yet the
aggregate value assessed is S7,l02 IS less
than last year. The Courier thinks this
looks little odd, and intimates that some
satisfactory explanation is needed.
1t OF course possible that some ex'
PLANTATION may be needed in regard to this
seemingly contradictory result in Han.
cock, and yet taken in connection with
the gradual shrinkagc in the price OF real
estate that ha, been going on throughout
the country during the last year it ia not
by any means singular circumstance
Hancock Is not the only county where the
lAnds show decrease in the assessed
value. The year 1875 has made itself felt
on real estate in town and country, and
IL now a nice point to determine whether
the present shrinkagc Is likely to go on
or whether hard pan has been reached.
We notice that country places around
the large cities, more especially New
York, are being sold at a heavy discount
on their price a few years ago. In some
cases moi more than % or 80 per cent Of
their actual cost is realized. In many
instance, they do not begin to pay Off the
mortgages on them. And this is true to
a greater or less extent Of recent sales Of
property in New York city, where valnn'
bic real estate has been sold under fore.
closures at n serious depreciation on
former values. A late New York letter
says there Is lots Of prime real estate in
New York now on the market, and the
knowing ones say there will soon be much
more, and some Of It that must be sold by
forced sales" A New York letter in the
Detroit Free hesS, Commenting on this
state OF things, makes the following oh.
servatiOns.
"The decline still goes on, and there is
ma yet no sign that the bottom Is near.
Forced legal sales are the only one! tax.
Ing place, and these invariably bring
heavy sacrifices. The greatest losses are
on unimprOved uptown property, which
was bought at fancy prices few years
ago. A few illustrations may be given to
show how matters are going. Among re.
cent auction sales was n number OF Eighth
avenue lots, fronting on Central Park, on
which August Belmont held n mortgage
for 100000. Mr.. Belmont had sold the
lots four OF five years ago, and taken the
mortgage in part payment. At that time
they we're supposed to be worth 100000.
The buyer, Mr.. wye, head of large
straw.goods house, failed in business and
all his property had to be closed for the
benefit Of creditors The property mort.
gagged 10 Mr.. Belmont sold for 100000,
or $4,000 less than the mortgage upon
IT, Again, the house and grounds be.
longing TO Harry Genet, the HbscOnding
ring plunderer, located In the back part Of
Harlem, and costing originally Sl75,0OO,
were recently put up and sold
for little over 100000 passing
into possession Of the heirs Of Oliver
Charlick, who held mortgage Of
$4,000 on the property. Here is clear
loss Of nearly half the cost. A few
weeks ago large number Of lots BELONG
ing 10 one Of our bOldest real estate
Spectators, and located at various points
near Central Park, we're offered at auc-
ton. Several lots facing the park, and
valued At $4,000 to $4,000 when prices
were high were knocked down at $1,000
to $1,000. a gentleman Of my acquaint.
ance owns Fifth nveuue lot, on which
there are mortgages amounting to 49,.
600. lie claims that II IL worth $4,000,
but lots equally ne good in the same
neighbOthood have recently been sold for
$4,000 less than his mortgage. And so 1t
goes al along. Then there are other
kinds oil real estate, very valuable, too,
which can hardly be sold at ALL The fine
residence Of Butler Duncan, at the cor.
ner Of Fifth avenue and Washington
place, had 10 be withdrawn by the auction.
eer because no one would make bid on ii.
II was the same case with the property
formerly known IA Burton's Theatre, 10.
Gated on Chambers street, near Broad.
way, and occupied for some years past by
the United States courts. No one would
bid the price that had been fixed ne the
lowest, and the property was Withdrawn.