The daily gazette., 1877-06-08

SHRINKAGE OF REAL ESTATE IN PHIL
ADELPHIA-THE ERA OF HIGH RENTS
PASSED. The Evening Telegraph notes
the fact that "the greatest indication of
the deplorabls condition of affairs" in that
city is ''the marked shrinkage in real es-
tate amounting to 20 or 80 per cent. of its
value since Sept. 1873, which is rather
more than the shrinkage in Whining
ton. The Telegraph says: Mr.. j. E.
Caldwell, the jeweller, owns the building
he occupies at No. 902 Chestnut street 1t
has front of 38 feet and depth of 235 feet,
and is improved with four-story marble
front building. my property" said Mr..
Caldwell, sis assessed at S125, 200, the
same as it was ten years ago, which, to
my mind, is at least S25, 200 too much. 1t
could be built to-day for 80 per cent. less,
l know, than in war times. Why, bricks
which cost Sl6 per 900 when l erected
this house can be bought for So to-day,
and all other building material has de
preciated accordingly"
The property at No. 920 Chestnut is
owned by Elon Dunbar, but occupied by
Messrs. Agnew 81 English, who pay a
rental of 10000 a year. The present as
sessment of the premises, S90, 900, as based
on that rental, is none TOO high, but the
renters state that were they not bound by
lease they could not begin to pay such
an enormous rent. Said one them, "that
the assessment ought to be reduced,
About $1,000 year we think is fair
rental in these times, and that is what we
will be willing to pay"
The property of Z. n. Scherr, at No.
926 Chestnut street, Is assessed at SIO 600,
which is an increase of $1,000 over the
assessment in 1871, and yet the occupant
of the store on the first floor at the 1st of
April last demanded and obtained a re-
duction of 81 600 on a rental of $3, ,500.-
Got:ieb Vollmer. the manufacturer of
furniture, occupies a handsome five.story
iron front building at No. 1l0S Chestnut
| street, which cost him Sic, 900 to erect
1t IS assessed for Sl00, 900, but to-day, in
his opinion, would not bring. more than
S6O, ,000 at forced sale. The lot is "a feet
| front and 229 feet deep, while the building
| runs back to SAMSON street, the rear por-
ton being six stories high.
At No. 6l5 Market street there is pro-
perty 20 feet front by 80 feet deep, upon
which is four-story brick store. AT one
| time these premises Were supposed to be
worth S45, 900, but recently one-half in
terest vas sold out for $4,000, and yet
the assessment on the building is $50 600
| A store on Market street above Third,
| assessed for S3l 600, to-day returns a rent
| of only $1,000, reduction from $1,000
having been made few weeks since.
No. 14ll Arch street is another case in
point. The lot measures Al feet front and
loS feet deep, and the house is three
story brick dwelling with mansard roof
! and three-story back building. Mr.. Hart
not many years ago valued that property
at $4,000. The assessment now is and
| has been since Its erection $4,000, and
yet some months ago the property was
sold at public sale and bought only
S42, 900.
| a prominent real estate dealer volun-
teered the following statement to our re-
| porter upon the present condition of pro-
perties i'll Philadelphia
| 1.-The real estate market, said he, ''is in
| a most depressed condition. Strange tu
say. there are tens of thousands of dollars
now seeking good mortgages ut an in
terest of per cent. per annum for a term
of five years; and more than this, there
are hundreds of people in the market to.
day who would purchase real estate i'm
proved if they could be satisfied it would
pay an interest of even 3 or per cent.
Speaking of the great reduction in the
value OF real tate, our informant stated
that premises at the corner of Eighth anC
Spruce streets, "a feet front and 200 feet
deep, with well-built house upon them
solu short time ago at forced sale foI
$40, 600, and this property had been asses
sed for SIG, 900 for years past.
!. u know OF other properties" said he
"having been sold for actually less thai
their assessed value, but not at such
marked difference as the one L have re
lated. And while there are maHy house
vacant, and have been both before, dur
, ing, and since the Centennial, yet Their
are hundreds upon hundreds of every de
| sirable and choice residences now beini
erected in every possible direction.