Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-02-21
The Coming Boom i'm Real Estate

The fact that property in the Back Bay dis
trict of Boston has been sold recently at prices
two or three times as high as could be obtained
for it a year ago. might not OF Itself be taken as
a criterion OF the improved value OF real estate
in general. Commonwealth avenue is a thor
oughfare Sni 0ene1'is. But encouraging trans
actions in real estate have been by no means
confined to its favored boraers. The holder OF
a couple of acres of unimproyed marsh land near
the new park was last week offered nifty cents a
loot 1or 1t, although he had within Twelve
months or so expressed willingness to sell for
thirty cents per foot, and had been unable 10
find purchaser. But a still better STRAW" has
occurred on summer street, where a business
edifce that had been offered at private sale at
$40 coo for over year, brought SD, 05o 1T auc-
ton. The sale had been extensively advertised
very spirited; and the price received was 5000
above the assessors valuation OF the property.
although real estate in Boston was supposed 10
last year.
This last-named transaction afforded the best
possible indication OF the present condition Of
tie real estate market, since ii was OF represen-
tative city property, and sold at public sale.
But there have been other equally pronounced
evidences OF the real estate revival; and they
have been by no means confined entirely 10 the
city proper. Holders who are so situated as to
understand the present tendency in values, are
able to verify the improvement in real estate as
satisfactorily in the suburbs as in the city. A
Boston savings bank which had foreclosed a
piece Of suburban property under a $4,000
mortgage. has just sold 1t for SCI 900 to pur
CHASER VINO naQ previously refused 10 pay over
SIS, O0G for IL. The circumstances OF this trans
action were also such as to give to the price paid
the character OF a market quotation. The buyer
could have purchased the property for $20, 600 at
the outset. He at first declined to pay more
than $4,000, but subsequently offered $4,000,
and finally $40 900. When he had reached the
latter figure, however, another bidder was
found, and the bank managers very naturally
advanced their price to s21 900; at which figure
the property was sold to the party who had pre-
V1ously refused to take it at $4,000.
Small holders whose possession of incumbered
homesteads or other equities has often been ac-
companfed by much distress, have now, there
fore. as great reason to feel encouraged at the
appreciated value OF their property as at their
improved ability to earn the means to retain 1t.
But. as real estate is always the last species OF
property to feel the influence of business re-
v1val, the full measure of its present appreci-
alton is not realized in all quarters. Even in
suburbs of the city-like Quincy and Water
town and Everett and Maiden, and other towns
within ten miles of the state house-large
amounts of property are still obtainable at
about the same figures as a year ago. 1t Is
doubtful whether such continues to be the fact
for many months longer, however. Numerous
influences are now conspirng to direct atten-
ton to suburban real estate as an investment
and we believe that within year all low priced
parcels Of this class of property will be taken
out OF the market at figures which will cause
present buyers to congratulate themselves and
many present sellers to subsequently suffer the
pangS of keeneSt regret.