Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-05-16
BUYERS AND BUILDERS.
Active Operations I'm Real Estate.

Acuve operations In Heal Estate,
TALKS WITH REAL ESTATE MIN, BUILDERS AND
ARCHIrECTs-AN UNPRECEDENTED sRAsoN-rHB
DENAND FOR HOUSES AT THE NATIONAL CAPITAL
SMALL HOUSES IN GREAT RBQUKsT-NoTIs OF NEW
BUILDINGS, ETC.
The general report from real estate dealers,
builders, architects and Others who have knowl-
edge Of the subject Is that this season surpasses
| any previous season in the activity In the real
estate market and the amount OF money expended
In improvements The impulse given to improve
| ment seems to be healthy in every respectable
natural response to demand for houses to accom-
modate the growing population. Men engaged in
business In connection with real estate seem to
nave no fear OF any cessation in the demand or
depression In the market
DEMAND FOR HOUSES TO RENT
"There is great and unceasing demand for
| houses to rent" said Mr.. E j. Sweet the real es-
tate agent, to STAR reporter. ave could rent
2oo houses In week. 1 speak OF small houses,
renting at SIS or so month. Just at this season
OF the year frst-class houses, renting for $50 or
ti0C, are being vacated. I don't know OF any Pc
| Rod since / have been in business-for a teen
years-when there has been a greater demand for
comfortable small houses with modern improve
ments There Is no better way for man to In
ECO to $500. renting from SIS to $50. There is
great deal OF that kind OF building going on, but
ii
desire OF everybody TO get up In the northwestern
section OF the city. where ground IS too dear to
permit the construction OF small houses This has
resulted In Willingness Of many to go elsewhere.
We are selling now on the Island and Capitol Hill,
and large number OF people are, think, arrang-
"Will th1s demand be permanent" asked the re-
porter
1.-The demand speak Of" said Mr.. Sweet, "dur-
Ing the last six months has come very largely from
the Increase in the number of clerks in thePension
ONCE We have found, too, that these booms-as
always permanent There is one thing worth re-
membering in this connection. We have had in
our city only one panic in real estate, and that
was one which affected every part of the United
States. Washington was about the last city to be
affected and the last to recuperate."
DEMAND FOR SITES FOR FINE HOUSES.
"Another great demand" Mr.. Sweet continued
Ills for ground In elegant localities for fine resi-
dences. We have On our books now, suppose,
one hundred people who are in search of fine build
Ing lots for elegant residences-people who don't
seem to care at all about tue amount of money to
De spent on house or lot The localities which
seem to be most sought after are, FIRST perhaps,
prominent circles; then Massachusetts avenue
and 10Th street. When you get eff these streets 1t
is purely speculative as to what the result will be-
lt is singular how improvements Will follow the
line of one street. In New York, for Instance,
some handsome residences will be built On an ave-
avenue for ten miles without regard to the side
streets. So 1t is with Connecticut avenue. have
told some gentlemen, who insist on going to Con-
nectcut avenue, that 1t runs into hill Just few
PAGES beyond this line OF fine residences, and we
have made no arrangements to cut the hill down."
PROPOSED EXTENSION OF MASSACHUSETTS AVENUE.
''Ihere Is scheme on foot Just now" said Mr..
Sweet, land In fact nearly completed. l don't
think am betraying any secret in telling you. it
IS a matter In which I have no personal interest
Inc scheme Is to extend MASSACHUSETTS avenue
out through Kalorama and what Is known as the
Lyon property. This property IS offered at
Sioooo.there are forty acres The $4,000 IS
divided into ten shares, OF which understand six
are already taken. shouldn't wonder il the
future Secretary of State would live there
Some OF the weaithiest people OF the country who
come 10 VlSlG the capital are induced to invest.
There is considerable property held by such men,
whose names are not known on the records A
nuinGer or New York bankers and others hold
property In that way. and contemplate building
ELEGANT residences. Quite large number OF Penn
Sylvanian5 are also investing here In similar way.
sold the other day house on Iowa circle to a
wealthy gentleman from Pennsylvania for $4,000
he intended it as a present to his wife, who
wanted house here to live In in the winter"
ONE OF THE BEST SEASONS KNOWN HERE.
Messrs. Fitch, Fox & Brown report this to be one
Of the best seasons known here for years-even
more satisfactory than last year. which was a
very good one. The real estate market at prese Mt
Is brisk and firm. and likely to remain So for the
valuations of property are not fictitious except In
one or two localities. ave have made fifteen or
sixteen good sales. but they are not quite closed
yet" said one of the firm. "Our business has been
greatest In the northwestern section OF the city
and In suburban localities" he continued. "Since
college hill has been subdivded into lots the de-
mand Tor building sites there has been great, and
many OF our recent sales have been OF that prop
but that Is all; don't put us down as selling the
Whole town, as some are doing"
1.-THE PRESENT BOOM PERMANENT
Mr.. Wm +. Young thinks the present real estate
boom permanent one. In answer to inquiries of
the reporter on the subject he said: ''The present
rrfn nd oly hp,c5p
men. architects and builders is bound to remain
good now. People can't make much profit on
loan1ng money now and they turn to real estate,
buy suitable lots and build for good and profitable
Investment
THE CHARACTER OF THE PURCHASES MADE
we'll known real estate broker said to a STAR
reporter, II don't like this booming OF real estate
In the newspapers 1t tends to create false Inn
preston, and think does more harm than good.
As matter Of fact however, there Is considerable
speculation especially IN the northwest part of the
city. The character OF the men that are buying is
the pest fact OF the present activity in the market
Men Of means, who have already built handsome
houses. are buying in other property. They have
large holdings, and are men of such Character
that there would be no danger OF the prOperty
being suddenly forced on the market In Case OF q
panic"
"Panic?" said the reporter
wen, don't mean any such pan1cs as we have
now. No failure Of any business concern or de.
preston IN any particular branch OF traffic could
eHect the Whole country. Well have our ups and
downs here of course, but no great panic"
TENDING TO HIGHER PRICES.
MI. L NJ. Saunders stated in the course OF con-
versation that the real estate market was In a
good condition. Prices were tending higher, and
the demand was legitimate one, with but little
OF speculative character. Attention was being
turned to other sections OF the city besides the
northwest, and there was a tendency on the part
or investors TO supply the demand for small
houses.
NEVER SAW ANYTHING LIKE IT.
II never saw anything like It." remarked Mr. R.
o. Hoffman ''People buy now with as much
readiness as they used to rent. They have the
cash. and Investments are OF permanent char
acter."
Mr. DUNCANS0N'S VIEWS.
Mr.. c. C. DuncansOn the well-known real estate
auctioneer In reply TO the question as to the real
estate outlook, said he knew but little as to build
Ing.
Judging" said Mr.. Duncanson, "from my own
business, the outlook Is very fine for small proper
ties improved and unimproved are to-day at pub
lie sale bringing better prices than be obtained
by private negotiations. know an instance of a
pront OF % per cent at auction on q six months
purchase"
us the demand" asked the reporter icon fined
to any particular lOcality7"
"Oh no." answered Mr. Duncanson, "the demand
extends all over the city, and out OF 1t In the