National Republican. (Washington City (D.C.)) 1872-1888, 1881-01-08
OUR REAL ESTATE.
rHR CONDITION OF THE MARKET
An Interesting Interview with Several Prominent
Dealers-NeW Features in Architecture
Washington as Winter Residence
An Active Spring Predicted.


Infy figures in 1872 the real estate market of Wasf
iRgton has experienced many vicissitudes, an
many bold operator, who went in for big cou
and figured himself out millionaire through
grand advance per square foot of remote Suburba
Investments found himself sent to that fnaneis
Coventry, the return from which, through the sloN
routine of the bankrupt court, as thorough
marked him for a lame duck" as though his d1'
eomfture had come from puts, calls, or strao
ales," and he had been sold up" and turned GU
en- the street to "graze."
The status of real estate at the Capital has Away
been regarded as indicating the degree of pros
perity of our people; and it being the desire Q
THE REPUBLICAN, at the commencement of til
new year, to take the state of our financial baron
eter, its representative started for round anon
the real estate Ownersand called at theoce of Nj
IF. Olmstead, one of the leading dealers in rea
estate TO ask his opinion as to the present eOndi
ton of the real estate market His reply was a
follows:
81 regard it as very'good. Of course everythin,
issomewhat quiet just now, but the fact that unde
The depressing influences of presidential election
which prevented the possible contingency of
change of party administration, prices continued
10 advance, indicates that the market is i'll
thoroughly healthy condition, and the advance
but the foreshadoWing of what we may expect il
The near future. A large number of houses wer
built during the past year but chiefly for owners
occupancy, and there has been an utter absence o
those long lows of tenementS that are constructed
only for speculative purposes. The Improvements
being all ofthis solid character show that they
for the permanent future residences of the parties
thus investing Theincrcase in real estate value
here has ranged from thirty-fve TO fifty, and in
some instances as high one hundred per cent.
and barring the odiOus personal tax laws, which
sit like an incubus on everything in the shape OF
business enterprise in the District, we may con
gratulate ourselves that we are on the upgrade OF
prosperity. Since my first entering business here
sixteen years ago, have never seen presented a
brighter outlook.
"InnOvations in architecture too such as French
fats Villas &C. are at last growing into favor here
The French fiat of Hon. Fernando Wood. on l
street, between Fourteenth and Fifteenth streets
wasrentcd long before it completed, and had il
had twice the capacity could have readily found
tenants fer it Haywood Hutchinson, esq, is con-
temPiating the erection of building arranged in
fats the corner of Fifteenth and X streets TO
cover space of so by 123 feet, which is 20 be q
model structure of its kind, and have no doubt
but what every suite in it will be engaged long be-
fore it is finished. As an investment am sure it
will pay handsomely. If we have prosperous
year financially, you may rest assured real estate
viii take care ofitselE"
Thomas Fisher. of the firm of Fisher & Co., was
next called upon, and in response to a leading
question Said:-
a. In my opinion there Is dim, gradual, but
steady improvement: in the condition of real estate
IN Washington. Both dealers and investors regard
the outlook very favorable, with an active mar
ket. Many purchases have been completed within
the past few weeks, and number are in process
ofnegotiatiOn. We have many inquiries from cap
itasts of distant cities who DESTROYS of invest
there are great many handsome and high priced
houses now in course of erection, with the early
spring there will be large number of houses
commenced that are designed to rent for from e25
to $50 per month. Houses of this character are al
ways in demand here, and, on account of the
rush for them, are generally occupied before the
paint on them is even dry
"What success to observe attending the new
project of building French fats?"'
7"WeIl," responded Mr.. Fisher, al believe that
the innovation will be found highly profitable
and that the system OF fats will take at the
Capital. We will have charge of the new struc
ture, which will be known as the Portland"
located on the Thomas Circle, and now in course
of erection.
"This, it is said, when completed, viii be the
handsomest building arranged in fats in the
United States as in Tnanv raSTants it 'i' -
CDcS, Ol TIC uNSLuC anu GSNSIl-
tenth streets, in New York city.
at is the project of Mr. Edward Western q re-
tired banker who has Just completed handsome
residence for himself on street. near Vermont
avenue He designs the 81 Portland" to furnish
handsome suites of apartments for that class of
people who in increasing numbers are yearly
aEailing themselves of the advantages which the
Capital presents for winter residence.
"0f course cheapness is not prime considers-
ton. The scale of prices TO be charged tenants
has not yet been decided upon, but the investor
wishes to have about eight per cent gross returned
for his money!
MeSsrS. Fitch, Fox & Cutter gave their views as
follows:
Though the holiday season has in a measure
put stop to sales, are daily in receipt of in
quiries for eligible properties, both for residences
and investment. Many capitalists from all parts
of the North have been attracted to Washington as
q good field for investing their idle means. This
with a constantly increasing local demand
has given active market, with ten
dency to a rise in prices. There is no diff
eulty in realizing at least six per cent net Oh in
vestments in real estate in Washington and when
capitalists come to consider Government bonds
bearing three four per cent. interest and pur-
ehasable only at a tall premium, their decision
goes farto explain the growing demand and grad
ual rise in real estate in this city. We find that
every break in stocks also tends to materially
strengthen real estate. The improvements going
on and projected are of character TO furnish the
more pretentious residences that are constantly
sought for, and also to supply the constantly in
creasing demand for houses suitable for homes for
persons of more moderate incomes.
Another feature that we have noticed in the
market is the growing interest manifested for sub
urban properties. Several extensive purchase
have been made within the past six months.
To sum up, We viii say that every indication
for the future points to steady flow of money into
the District, seeking profitable investments in real
estate, and the new year will open market whose
buoyant tendency foreshadows that healthy con-
dition of money matters that will result in rapid
and prosperous growth of the National Capital.
Mr.. r. o. Hoffman. who has just completed and
moved into his new building, corner Of Tenth and
2 streets invited THE REPUBLICAN into his private
Office, and gave views as follows: 1.-The present
condition of the real estate market is somewhat
fiat, but with some inquiry. have no improve
ments going on on the property under my charge
at present. but expect to begin active operations in
this direction the spring opens The char
Gcter Of houses most in demand by renters are those
ranging In prices from twenty to fifty dollars per
month. 1t is noticeable that the present condition
Of the stock market has contributed TO stagnate
real estate transactions but when the lambs are
clipped and stocks take a downward turn real
estate Will take spring rise that in my Judgment
VIII be permanent.
AN the signs indicate that the incoming year
viii be the most prosperous one for real estate that
we have had since 1872. believe that Washing
bon is just commencing to be city, and that
within the next decade its population viii be in
creased at least one-half over the figures of the
present year. 1t has been the history of all the
great capitals of the world that their growth was
slow until they reached quarter of a million in
habitants. and then their subsequent expansion
was JaarveIouSiy rapid - .-. .-. -.
1.-The people of our country are beginning to look
upon this city with national pride and are awak
ening to the fact that it is rapidly becoming the
great centre for society," money and politcs-hree