Savannah morning news. [volume] (Savannah) 1868-1887, 1882-06-17
The Real Estate and Building Boom.

The Real Estate and Building Boom.
A regular real estate and building boom
seems to be generally prevailing. We
sec that this is notably the case in New
York city, the great commercial metrop-
oils of the new world, and it is regarded
there as one of the most significant signs
of the times, that such well known spec
ulators as James Keene, Jose F. Ma
varro, Russell Sage, Mackay. the Bonan-
"a King of the West, and others of that
ilk, are for the present abandoning
stocks, bonds and securities, to certain
extent at least, and are directing their
attention to more substantial invest
ments in brick and mortar. To this,
added to the great losses which have
been generally sustained By those who
have ventured into security speculation,
may doubtless be largely attributed the
apathy which has so long existed in
Wall street, and it is worthy of note that
the above mentioned shrewd capitalists
fully realize the fact that while riches
risked in Erie, Western Union, Hanni-
bal and st. Joe, ETC., are apt to take
unto themselves wings and flee swiftly
away, real estate rests upon so stable
foundation that neither panics, strikes,
bear movements, nor anything else can
take from it its intrinsic worth.
AS stated, the inclination thus mani
tested to invest in real estate is not con-
fined to wealthy operators nor to New
York. 1t is announced that in that city
all classes who have saved up any money,
in no matter how small sums, are max
ing arrangements to engage in building
enterprises of greater or less magnitude
as soon as existing labor troubles can be
adjusted and building materials recede
to reasonable figures, and the same dis.
position is being developed throughout
the country. Doubtless the rapid in
crease of the population of the country,
and the necessity for homes and farms,
have had much to do with this demand
for real estate, but from whatever causes,
it is evident that the spirit of land pur
chasing is abroad, and that such invest
ments are preferred to all others.
Our State and section are also sharing
largely in this boom. In Atlanta, Au-
gusta, Macon and Columbus, as well as
in the smaller cities and towns of GeOr-
gia, we read that buildings are being
rapidly erected and the demand for
dwelling houses is very great. In this
city also building is progressing at an
unusually rapid rate, and real estate
commands ready sales at good figures.
Aud, what is more, this demand for
houses does not show any sign OF
abatiug. The population of the city is
certainly fest increasing, and it is very
difficult matter for anyone, who has not
done so already, to secure house for the
ensuing year, nearly every house in the
city being engaged.
This speaks well for the future of Sa-
vannah, and it is certainly the part of wis
dom for those who own land available
for houses to encourage this disposition.
For a man to own his own home is
doubly desirable. 1t is not only the first
step towards a competence, but every
one so situated lie invested with direct
personal interest in the soil, and he be.
comes at once a useful contributor TO
the prosperity OF the place in
which he is located. Every induce
ment therefore should be held out
to residents of our city to invest in its
real estate, ana this e&n be done by
enabling each ons to secure houses at as
reasonable cost as possible. and placing il
within the ability of all to build. Thus
the future welfare of the city will be
made sure, ana, 40 every dwelling
erected improves the value Of the prop
erty in the neighborhood thereof, so such
a course as this would add materially &c
the public wealth, and every year put
more money in the city's treasury.
Ia view of the present ana prospective
increase in our population, and the con-
seduent increased demand for homes in
our midst, it is evident that. sooner Oh
later, the now vacant lands in the vicinity
of the city ana beyond the corporal,
limits must come into requisitiOn, and
this will necessitate- be greatly aided
by AN extension OF our present liz its, SC
that those who may invest in such local.
ties can enjoy fully the advantages OF
the city government. This however, j!
a subject of sufficient importance to de
mand special consideration for itself
We will. therefore, have more to say re
gafding it hereafter.