The New York herald., 1876-03-19
THE REAL ESTATE OUTLOOK.
Have We Reached "Hard-
pan" at Last ?
Recovering from the Effect of the
"NOiSeIeSs Panic"
A NEW BUSINESS CENTRE BEING CREATED
Brighter Hopes and Firmer Feeling on
the Street

that Affects every house owner and every individual
who pays a rental for a dwelling in which to
shield himself aud his family from the blasts
of winter and the suns of summer Hence,
any information on the subject will be read
with deep interest and possible profit II is notorious
that with the imitation Of the currency, consequent
upon tho war; prices OF real estate became unduy
Inflated, and in many cases such fancy prices that
none but spectators ventured TO entertain The
highest point since the war reached in 1872, and
since then there gradual and enforced decline
until last fall when all agreed that prices went OIL
thirty three and third per cent the ruling rates OF
1872
THE YoIsELEss PANIC OF LAST FALL
olowed enforced reductions and stimulated the
heavy spectators stop in their mad career ana re-
view the situation In the maelstroms that occurred
last year some spectators were carried down,
and the legitimate holders of property, whether I'M
proved unimproved who could carry their parcels
held on to the last moment. Some OF them carrying
heavy quantities failed TO work them of in time to
vert the great crash and they, too were forced 10
make sacrifices the basis OF shrnkage in value.
Yet it is gratifying know that few legitimate owners
suffered much from the sudden depreciation or shrink
Age and many of them to-day stl carry their choicest
parcels rather Than sacrifice them They argue that all
improved property on tho lines of the main avenues
and streets occupied AS private residences Will
sooner later command good prices, and that 1t IS
folly to submit to sacrifices on forced market
The effect has been to make spectators who we're
not swamped in the noseess panic of last year
cautious the legitimate holder TO watch the
PECULIAR PuLsArIoSs THE MARKET
with more than ordinary interest The feeling in real
circles to-day certainly better than 1t has been
for some months as will be upon a careful read
Ing Of the views Of 'rhe street" given herewith.
While there are few transactions outside OF foreclosure
sales in which tho mortgage becomes in nearly every
ease the purchaser, and which merely involve ques
ton OF change of ttle and legitimate sales under the
closing out OF estates, there IS an anxious inquiry
on the part of capitalists to choice pieces OF im.
proved and unimproved property at the reduced
values in expectation of n recovery in the market
they naturally argue that the market has about
reached he bottom figure and is likely to revive
point two with the revival of business that is ex
pec,ed in this centennial year of history and they
are disposed TO venture little Yet the capitalists
cautious this for the few sactons of
the winter 1t is gratifying, however TO know that
there Is
FrRxER CONFIDENCE IN REAL ESTATE
circles and an indication thar we have seen tho worst
period In real estate AFFAIRS Indeed, recent sales
indicate that the market is slightly recovering and that
In special localities has already recovered to the extent
OF i've per cent on the panic prices OF last year Nearly
all the valuable properly in the upper end OF the island
is held or controlled by private individuals whose
ample, and they are abundanty able to carry
dey the real estate interests that would rejoice
them the victims Of foreclosures. The extensive
improvements now in progress or contemplated by the
Department of Public Works certain to enhance tho
value OF properly in that quarter and enable II to re-
from the depressed prices forced upon all valu
able parcels by spectators and others whose interest
1t is to purchase at low figure One peculiar feature
of the market Is
AT and about the county and the federal build
ngs there has been IN the great cities OF the
world great business centres about which trade and
commerce centre. Wall street in this city has ever
been the monetary centre and the swamp the centre OF
the leather interests In past years the professions,
nd par rfirula larlV
territory; but "the street" agrees that new
centre is rapidly forming in the city about the CITY
Hall Park and that result there is but single
piece OF estate contiguous thereto in the market
Buildings on William, South Nassau aud other streets,
that used to house during business hours vast popu
lation OF lawyers and professional men are now re-
ported nearly empty aud their most desirable tenants
rapidly concentrating about the City Hall Park.
As result property these streets is likely to depre
ratc and desirable buildings in the new business centre
OPINIONS OF THE STREET
Mr. Jere Johnson, Jr Of Park row, reports that the
market IS firm, bat nominal There are lew INQUIRIES
for eligible property not from capitalists, put from
holders choice free and clear country parcels who
desire to trade for mortgaged New York and Brooklyn
property He has failed note any indication OF a
further shrnkage from The point touched last fall and
thinks that all parcels except those that have been and
lowest point This property is largely in the hands OF
parties who carry IT, and avoiding forced sacrifice,
await n period when
TBE MARKET WILL REVIVE
and brisk demand be created Capitalists seem TO
the unimproved lots ana parcels in the upper por
ton the city, beyond the Harlem River that still
held at fancy hgures and no offers are made for such
For choice buildings about the neghborhood of the
City Hail. the County Court House and the United
States Building where the decline, far has scarcely
been perceived, there Is good demand. Mr. johnson
expresses the belief that the prospects for rea estate
In the near future are good; that the market mas
touched bottom, although the shrnkage has not been
marked in merchandise aud other commercial
commodities and that when revival takes place there
will be less speculation and more sound system lnaug-
nrated in all transactions.
Mr. Hall j. How, OF Pine street, agrees with the
views of all other operators as TO the duness oil tue
market, especially regards unimproved parcels.
There few offered at prices low enough to
tempt the speculative caprice OF the class who have
capital awaiting chances that may be presented. He
gave some Illustrators of the present prices as COM
pared with 1871 Lots located IN the district bounded
by sixth and seventh avenues and Forty second street
aud the Park that in 1872 were held at sl5 600 are now
offered at $4,000; others, above FI'y-nln,h
uues. that commanded $4,000 In 1872 can be
purchased to-day for sl2,1oO or Just one.halI OF
aud labor are so much cheaper that houses that
formerly sl5 900 to construct can be erected now
Tor $1,000 and no argues that when unimproved
cor Down TO s'HARp Pan"
builders could probably invest and erect houses,
sell them point under the prices at which houses
erected in OF high rates OF wages and materials
be sold by the holders; in other words, that
the owners OF these structures could undersel
.hem and stu make ,now handsome n 1p,x PrpnS
that would yield better investment to the
capitalist who would invest in unimproycd property IN
acsIrable localities and build upon 1t. The great
trouble Is builders poor and they have not the
capital TO cxpend upon Improvements such Sug
gcsi II capitalists would come TO their aid they would
realize high dividends upon their Investments as
convinced there VIII be no further reduction on
eligible property. Indeed, when business rcvives
property a special desirabity must advance ltte
instead OF going on any more. II three OF iour hun
arcd new houses 20 up the price OF lots must as mat
ter OF course. advance"
John Lespinasse OF Messrs. Lcspinassc & Friedman,
In Pine street report very little Improvement IN the
market and few transactions property on the upper
part OF the island, which they principally deal
There offers being made for unmproyed
parcels but at such figures that will not be enter
tanned, except by
HOLDERS WHO ARE UNABLE CARRY IT,
expectation Of prospective One sale OF seven
lots on the Grand Boulevard 114th street, was
effected at shrnksge OF nfty-nve per cent the
price the parcel held 1872 They have
number Of offers from capitalists for choice