The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-04-03

Advance In rents and value OF realty are
certain. and increase OF population OF course.
Rents are improving"
wORKINGMEy PURCHASING HOUSES.
In response to the inquiries as to the con.
dition OF the real.estate market,
Mr. j. Thompson Brown said al am OF
the opinion that real estate has improved
more in demand than in price. mean that
whereas real estate has been seeking pur-
cbasers, now purchasers are seeking real
estate. the cause Of which, believe, Is
owing to the general st9te OF coed feeling.
renewed confidence, and low interest. AS
TO prices, here and there, owing TO local
causes, they baye risen; but. as a general
thing, / don't think yet they have taken
start. The unusual inquiry for real estate
will undoubtedly, however, have thi> effect.
Consequently, am OF the opinion that the
present time is as favorable to a safe and
remuneratiye investment as in the past,
II not more so, in view OF the close
proximity to rise in prices. l do not
believe that there will be sudden rise in
real estate. This, however, may be brought
about by national legislation reducing the
rate OF interest on the bonded national
debt. An encouraging sign with us is the
fact that the working class have commenced
purchasing vacant lots TO erect homes, and
upon short credits, which are always met.
am rather surprised at the present anoma.
l0us condition in renlals-viZ., few or no
dwellings for rent, but large number OF
medium stores vacant. Possibly the de-
mand for mechanical labor has drawn from
commercial life those OF our artisans who
resorted TO stOrekeeping for the want Of
mechanical employment. | am unable TO
give anv other reason"
Mr.. Frank ID. Hill said: "Tbere has been
good feeling in real estate during the past
three months, and we fully expect that as
the spring opens sales will be better attend
cd and larger prices obtained than have
ruled for the past year or two. Good build.
ing.lOtS IN desirable sections Of the city
particularly in the west end-are in much
demand at from Is to 90 per cent. advance
on sales last fall. A great deal OF building
Is going on and new contracts being signed
every day. In the northern and western
portions OF the city many small houses are
being put up TO accommodate that class OF
persons who bave been recently emp pIoyed
on the numerous railroad enterprises, &C.,
that have been started here recently.
There is an upward tendency in rents,
but it will probably be some time
before there is any material advance. There
are fewer dweIIing.b houses vacant at this
time than at any time In our experience
during the past ten years. We think that
at 10 time since the panic OF 1873 could in
vCstments be made in real estate to better
advantage than at the present, as the pre-
vailing low rates OF interest opens up a
chance for investors in real estate not only
to get good returns on their outlay, but to
reap the benefit OF the advance in price
which will certainly ensue. Beyond this
do not think there is any great boom in
real estate at present. The future pros poets
are very bright"
AN ENTHUSIASTIC PREDICTION.
Mcssrs. Il. B. Chaffn Il Co. teing inter
viewed said: "At no time in the past eight
years has our business been so good as du-
ring the past five months. We have sold
more city and country real estate in the past
five months than we have done in any five
months in eight years. With the great
abundance OF money we predicted many
months ago an advance in real estate that
would astonish our prudent citizens. And
we now predict such an advance within the
next two years OF city property that is well
located that will exceed the prices OF 1872.
Our opinion is based on the abundance OF
money at cheap rates, concentration OF great
railroad interests, deepening Of james
river, and the uIiliZllion Of cur Unlimited
water-power; and best Of all reasons, the
great tide OF immigration now flowing into
Virginia OF practical farmers, who are buy
ing our lands and will soon make two sprigs
OF grass grow where now there is only one !;
TO ,ay nothing Of the great amount OF for
eign capital being invested in our iron,
coal. and other mineral lands"
MessrS. II. l.. Staples Il Co.. in reply 10
our inquiries, said: "The real-estate mar
ket Is improving. There Is great inquiry
for small houses for immediate occupancy
and considerable demand for desirable pro-
perty for investment. Prices are firm. and
rents have an upward tendency. All 0wEers
OF desirable property show confidence in
the future improvement OF values, and
hence are less anxious 10 effect immediate
sales at ruling prices. An unusually large
number OF houses Of the better class are In
process Of erection, and are under contract.
The laboring classes have ample employ
ment al more remuneratlve waTes than at
any previous time for many years. and are
daily bettering their condition and becOm-
Ing more able 10 secure 10 themselves home
s'eadS. Altogether. the outlook for real
estate is decidedly better than IL has been
for eight Years past"
In answer TO our inquiries
Messrs. Yashon 4 Son said We note
decided improvement in the condition OF
The real-eState market, both in rental and
sales. While the rents Of large property
have not advanced, prices are firm. There
!, decided advance in the rent OF smaller
We have daily applications
which we cannot supply for dwellings
ranging in price from 500 to 5000 per an-
mum. More houses Of this class are needed,
and we know Of none such unoccupied
The prices Of real estate in selling have inn
proved, and the demand i. quite active.
rhe previous high rates OF interest had Il
depressing effect upon real estate--ln many
instances pressing 1t below one half OF rs
lctual value. At this tine money can be
at , or , per cent. per annum
over than we have known since we have
been i'm business. People who for years
nave been unwilling to invest in realty are
low i'm the market seeking investments.
The present demand we believe to be three
lines aS great as 4 year ago. We are look
ne for increased demand and better
)rlces."
III. seldom Taylor, Esq, briefly respond
ID q" am not aware OF any great Increase
n the value Of real estate in this city during
he past year; but | see no reason why
here should not be gradual advance in
+ value. as we are having more inquiries
low with a view to purchasing than we have
lad for some months past. At present ]
ave fewer houses vacant than | have had
or several months, and in some instances |
AVE raised the rents"
CONSERVATIVE VIEWS.
Mr.. Furman Tupper said 81 consider
he real-estate market encouraging. There
$ no boom, but values are decidedly flrmer.
iuch inquiry is being made in reference
o prices. and considerable property is being
There u great demand for
,,,ou boucaS nOssassiuO mOIern imnrnyp- |