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

Houses for Rent, and Small Ones in Gren nj
Demand-Nloney Seeking Investment, etc.
Recently there has been much talk in this
city in reference to "boomo In real
estate here. The subject is one which, in
Its various bearings, extends In interest be.
yond the comparatively contracted sphere OF
those who deal in the article; in fact, di.
rectly affects the general citizen as well rs
the individual landowner, and consequently
involves all citizens. With a view TO pre-
sent the facts OF the case from those who
have the best right 10 know, leaving the
general reader to draw his own con-
clusions, representative OF the Dispdtch
on yesterday interviewed the various dealers
| in real estate with the result below sub
Joined. The inference legitimately deduce-
able from their outgivings is, we think, i'm
brief, that there Is more earnest inquiry
! for realty now than for several years: more
disposition 10 invest therein, and more in
vcsiments that with the increased business
activity, better houses are called for, me-
chaDic> try TO build their own homes, lots
! in tbe west end maintain their supremacy,
and some descriptions OF realty. In SPECIAL
localities, have appreciated - or 90 per
cent. in value. Lastly, while there is
gradual rise in all real estate, accompanied
I by an exceedingly healthy feeling. there is
no g boom" therein such as antedated by a
wear the disastrous financial panic Of 1873.
From this 1t may be inferred that the in
quiry for real estate. though earnest. is not
speculative in character, but healthy in its
bearing and tendency.
! We first visited the veteran real estate
agent,
az Ia ~,
inquiries as To the state Of the real estate
market, he said: 81 beg leave TO remark
that there iS evidently better feeling.
Whilst the demand is still limited, and there
is not as much real estate on the market rs
there has ben for several years past, vet
prices are somewhat improving. In some
loc lions, especially in the west end, real
estate commands better prices; bot in other
localities the demand is rery limited and
sales difficult TO make. The fact that money
is in excess Of The demand and commands a
low rate, with difficulty Of fading borrow
ers, and especially in view OF the general
prosperity Of The country, am hopeful that
real estate will soon show an upward ten
deBcy.' His son. Mr.. John I. GOddin, who
manages the rental department OF the con-
cern. said :" As TO rents, there is more de-
mand than has existed for several years,
and fewer vacant house, than formerly. For
small-s Zed dwellings in convenient lOcali-
ties, ranging from SIS to $50 per month,
there is great demand. For largPr.siZed
dwellings, renting from $500 to 800 per
annum, the demand is still limited. Upon
the whole, am satisfied that rents are i'm
proving. and most OF the vacant dwellings
are being occupied. Stores are not in rs
good demand as they were year ago. pos
>ibly owing to the fact that large number
of new ones have been built. and thereby
placing more on the market for rent"
ENCOURAGING OUTLOOK, But 80 ROOM.
Mr.. p. W. Grubbs, OF the firm OF Grubbs
Il Williams, said "The general outlook for
cal estate l. very encouraging. Most per-
sors are very hopeful. This has given most
Of the apparent activity, which is more ap-
parent Than real. There are some sales now
being made, and at better prices for some
des criptions Of property and IN some 10.
calitieS, but no very general or large in
crease in prices. Rents are more active at
small advance. Small houses with modern
Improvements are in demand"
Mr.. y. ID. Williams, Of the same firm,
said Il have unbounded confidence and
faith in the future OF Richmond, but all this
talk about boom In real estate think eX.
presses rather the hope than the reality
that i. do not think there is anything at
present TO indicate the presence OF a great
business boom in our line. think such
talk is calculated TO do harm, since ii gives
10 property a fictitious value which the own
erS cannot at present realize. Ii Is true
there is an increased demand and improve
ment in prices for property in particular
localities. notably for building lots on the
west end Of Grace and Franklin streets
With this exception, it cannot be said that
there i any decided movement in real es.
tate"
TWENTY PER CENT. ADVANCE on LAST FALL
PRICES.
The same questions as TO boom" in
real estate. etc.. having been prOpounded TO
Il. B. Lyme, E.q., he said d" am clearly
OF the opinion That the feeling in real estate
j. stronger and more substantial than II has
been for the past eight wears. Real estate
can be more easily sold and at more salts.
factory prices purchasers can be easily
found, and they purchase with great deal
less uneasine,> and fear of paying too
much. Advance offers have been made
OF nearly 20 per cent. upon purchases
made last fall upon a good deal OF
property. Unlimited amounts OF mo-
ney are seeking investment in real eS-
tate, and the fact Of the recent great
decline Of INTEREST, and the fact Of the !
several connections and railroad cOnstruc-
tions have greatly inspired not only real e.
tate owners aud dealers, but the greater part |
Of our citizens, and they realize the fact
which is appareDt-that our city has begun |
to grow, and, with greatly increased pOpu |
laliOn and new manufactures and CONNER |
cial enterprises. that the time has come for |
real estate to advance. All kinds OF real es-
tate has gone up, and i worth more than |
for some time. At nearly all offerings the |
attendance and interest speak strongly in |
favor of these flcts. Rents have advanced, |
ard dwellings are sclrcer than | have |
known them for FIVE years. | believe there |
are less vacant houses in Richmond at The |
present time than there has been since 1870.
Prices Of material! for building purposes,
and prices OF labor, having increased so
much. has deferred many from building |
houses: hence the increased demand from
our growing and healthy city. Upon the
" hole. real estate has now bright outlook.
and il sellers do not be too stiff in their
prices they can easily lind purchasers for
Ibe real estate they have. Real estate placed
.ide by side with bonds and stocks for Pc
riod Of fifty years will pay greater income,
and the holders will be better OFF in worth
AZ that time"
THE BOOM DEFINED.
Mr. j. l.. Apperson said Twill tell you
in as few words rs possible what think OF
real estate. You know it is the last to fall
and the last TO rise. Every other subject OF
trade has recovered from the late general
depression. Note the rapid rise OF stocks
and other securities, as well As the general
business prosperity. by which, learn, that
many Of our citizens have made large for
unes. The rise OF real estate Is Is ineyi-
able as day follows night. or late, pieces
- ,rora,fu hot h.vo haau hold for rho last