National Republican., 1883-05-26
Reasons Why the Boom in City Property
is Not Fickle Speculative Fabric.
Big Purchased Suburban Territory by Shrewd Land
Agent Who "ACts on His Own Judgment"
Gossip Among the BroIScrs-Is Vanderbilt
Coming i-Astivity I'm building.

very evenly distributed.
Some of the more slow going, conservative
dealers are fearful lest the boom in real
estate that is now being felt will be attended
with evil results, but the great majority of
operators and investors are well satisfied with
tho outlook, and predict with every show of
confidence and candor that the city hai
struck an up grade of prosperity and that 1t
Is starting in on a long season of healthy
growth and solid development Of material
interests.
81 have done business in Washington for
thirty years." said an old insurance man aud
real estate dealer yesterday, land | must
confess that have never seen such evidences
of genuine development rs now. | have
thought sometimes that the roal
estate dealers were over doing it and
crowdinG on too much pressure, but can
not discover the slightest indication of
| let up. TO be sure, certain percentage of
the stories told of great desire 10 buy and
build are exaggerations, but there is enough
doing to give substance to the gossip. / did
not believe in the boom for n long time, but
| have seen property advance right along and
boua fide sales made at higher figures than
would have believed possible six months ago,
ard seeing is believing, you know
"IIow do you account for the boomP is
there anything substantial for it to rest on2"
"Thcse are questions / have not been able
to answer to my own satisfaction. My first
thought would be that there is nothing sub
stantial about the movement, but when
come to analyZe the matter, find myself
confronted with facts which shake me in my
half formed opinion on the subject. For
instance, five years ago Washington property
was mortgaged for probabls fully one-half of
its marketable value. very large amount
of outside capital was invested here on real
estate security, and large rates OF
interest were oxacted. Many holders
went to the wall through inability to
keep up their interest. This load of debt is
now almcst entirely lifted. There is little or
no distress now, and there is an abundance OF
home money to meet legitimate local
demands. Very little outside money Is in
vested here on mortgage security, and nearly
everybody who was oppressed has sold out mt
profit or paid out. Northern and eastern
money is knocking at our doors. This is con-
vincng proof that the boom has founda.
tion and a good one. Just why there should
be a boom | confess / cannot clearly compre
hend, but that there is boom is unmistak-
able"
Have you noticed any indications Of un-
rasiness among the departmental holders of
small property, grounded on fears OF change
| in administration
mo" was the laughing response. "The
| clerks and government officials do not appear
to be at all pcrturbed If they are frightened
they do not show it by selling their property
Il u
fever in that direction, anyway"
- The largest sale of the week was that made
! through Fitch, Fox & Brown of sixteen acres
| OF land, west of the Columbian university,
to w. q. Hill, the land agent, for $4,000.
This property was purchased only
Kce Dunn for $4,000. This is tho big
gcst and quickest turn made in Washing
! ten real estate for long time. Tho pur-
chaser, Mr.. Hill was formerly a clerk i'll the
land office. He left the employ of the gov
crnmont five years ago, and during the past
three years he is reported to have cleared
$30O,000 In western land sclip
"Hill," said friend "you have paid too
much for that property. You Will get
stuck"
"You think so? Well don't. 1 left the
Interior department five years ago with $50,
and have made u big fortune since that
day by acting on my own Judgment nave
acted on my own Judgment in this transac.
tion and am well satisfied that have made a
good purchase"
A rumor has been floating around that
Vanderbilt has been negotiating for big
tract of land on tho bluf between Seven
tcenth and Nineteenth streets, with @view
to building palatial residence thereon, put
the report lacks spissitude.
Mr.. George w. Riggs has subdivided the
square bounded by Sixteenth and seventeenth
on the east and west and Il and streets on
tho north and south, but he has not yet put
the lots on the market
1t is said, not by authority, however that
Mr.. Riggs is about to build 100000 resi-
dence on the lot recently purchased by him
on Massachusetts avenue, between Thirteenth
and Fourteenth streets.
Euliuk Palmer is about to begin the erec-
ton of eight detached villas on that number
of the eighteen lots purchased by him on
Fourteenth street, near the boundary, the
houses to cost about $4,000.
Mr.. l.. M. Saunders reports an increased de-
mand for property on Capitol hill and on
North Capitol street at stitlening prices. lie
reports one sale of 5000 feet on North Capitol
street, near the government printing office, at
so cents per foot. Mr. Saunders finds that the
demand for Capitol hill lots comes from ali
casses-purchascrs for permanent invest
ment aud for speculative purposes Specula
tors have arrived at the conclusion that East
Washington property is the cheapest on the
market, and they are turning their attention
that way with anxious eyes. What is needed
worst of all ON Capitol hill is a big hotel, finely
fitted up and well run. pioneer is wanted
The New York syndicate, which recently
bought square 80, on Fourteenth street, be-
tween Roanoke and Clifton street,, has sold
fourteen out of the twenty-four lots, into
I which il was divided Parker a Townsend
making the sales. Five or six handsome resi-
dences will be put up on the square Thu
, summer, costing from 9OiuOV W pluiooV oaOh
Among those who are getting ready to build
there is the cashier of one of the Largest
banks. Residences costing SSS,0O0 will be pu
up on squares 80 and 81 before the first of Dc
tOber.
Mr.. A. L. Barber's residence on Fourteenth
street north of Roanoke will cost $4,000 III
will have fine approach from Roanoke
o street through one OF the lots he purchased
,sllIwu residences will be built on the lot thu
o cut into,
According to summary Of sales, prepared
S in the Office of +. A. Smith Il Son, 1t is foun'
= that the number of lots sold during the pas
u lltwelve months has not exceeded the numbe
d marketed the preceding twelve months
y although the amount realized the last year l
d much larger in the aggregate.
It Mr. HELEN reports that large number o
Q well-to-do army and navy officers are buyinl
= lots in the northwest TO build dwellings on II
N the near future,
o The desirable lots on Sixteenth and Seven
n teenth streets are being gradually absorbed b.
wealthy holders The original owners ar
realizing on their holdings.
Architects report lively business. The
. arc working hard ON plans, and are producin
y results daily.
p Messrs. Fisher, Caywood, Shoemaker, lyle
= & Rutherford, Marr John A. Prescott, j, Il
Sutphep, Swormsted, and Bradley, and other
who We're seen yesterday, report a big bus
ness and incessant inquiry for desirable proI
|. erty.
i Mr.. William H. Particle has completed to
Of the seventeen houses on p and Sixt
streets northwest, and has broken ground fI