Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-05-23

The Condition Of Affairs as Reported
by Different Dealers.

The Condition Of Affairs as Reported
by Different Dealers.
THE GROWTH OF THE CITY-A DEALER WHO
THINKS HIGH-wATER MARK HAS BEEN REACHED
IN THE NORTHWESTERN BUILDINGS TO BE
ERECTED.
The steady growth aud rapid improvement Of
the city finds an index in thereal estate market.
Real estate dealers and brokers, while disagree
ing upon the question as to whether the pres
ent movement is q "boom" or not, unite In de-
scribing affairs as healthy and promising. A
boom" is understood to be sudden, phenom-
email activity by dealers who discard the word.
They claim that the present condition of affairs
is the result of steady growth and progress, and
is not liable to any sudden reaction, such as
threaten "bOoms."
THE HIGH WATER MARK IN PRICES REACHED.
As an incident showing how property has ad-
vanced in late years in some portions of the city,
Mr.. Danenhower, the real estate dealer,
told STAR reporter an experience OF his.
He said that well-known business man
came to him and inquired about good
building sites, as he wished to erect house
for his own use. A piece Of ground was shown
him facing on Dupont circle, which the owner
was year ago last fall. The purchase was not
made at the time, and the matter ran along until
last fall, when another inquiry was made as to
the selling price of this same piece of land. The
owner then wanted $3.50, and this spring he
sold 1t for 50. The gentleman who had a chance
to purchase at dollar foot was finally obliged
to take less desirable lot, paying $1.75 per
foot.
On the other hand, Mr. Danenhower says that
property has begun to decline In the northwest,
and he cites one piece Of property, eligibly
located, which is now held at 81 Is per foot,
although short time ago 50 was asked. He
thinksthat the prices now prevailing In the north
west will not last for more than four or five
years, and that property can never reach the
fancy figures it has in New York He ren1em-
and end streets was the most fashionable in
the city and real estate ran high. Zach. Chand-
Ter at that time bought the house on near
Nth for S32. 600, which was regarded as very
reasonable figure. Of late years 1t has been
standing idle, and recently was sold for $50 900.
Mr.. DanenhOwer says that this is fair sample
of how property has deprecated in that local
ity, and predicts that the same may be expected
in the northwest. He thinks that there is too
much land here for prices to reach very high
point and remain there.
THE DEMAND FOR SMALL HOUSES.
Mr.. j. J. Sutphen, the real estate broker, said:
'In my opinion Washington has become of
in real estate is naturally upward. People of
ample means find that after travelling all over
the world that this city is the most comfortable
place of residence"
Now claim" he continued. that this fact
underlies the future growth and prosperity OF
the city. 1t is the mother city of all the United
States. Here people will continue to come"
ut Is singular fact, i" remarked Mr.. Sutphen
after pause, land one too Indicative of the
solid character Of the present movement In real
estate, that the capitalists of Baltimore and
Philadelphia, who have been inclined in the past
to ridicule this city. are now sending their mo-
ney over here for investment. In Baltimore q
man who gets per cent on a real estate invest
ment thinks that he is doing pretty well, but
here it is not unusual for such an Investment to
yield return OF and 10 per cent"
us the building boom about exhausted7"
asked the reporter.
Il think not" was the reply. I'VE want
more houses In this city to accomm odate the peo-
pie who want homes. We have not one surplus
mousse now. when We ought to have ten. Every
day inquiries come to me for rented houses.
There could be large number OF houses at
rental OF from $40 to $25 easily rented just now,
and 1t Is wonder to me that some moneyed
man does not turn his attention to building
houses Of moderate rental"
IMPROVING FOR SEVERAL YEARS PAST.
Mr.. E. A. Mcintyre notices quite demand for
houses for rent and properties for sale in all
sections Of the city. He Thinks however, that
we are not justified in calling it "boom," for
1t Is not a sudden start, but business has been
improving for several years past. History in
this regard, as In other matters "repeats Itself"
and the questions OF demand and supply reg
ulate the subject Mr.. Mcintyre says he has
had, however, steady number of applications
for the larger and more fashionable style of
houses, and notices an increasing demand from
non-residents for this class Of property. He at
tributes this, In measure to the fact that many
heretofore living in the states have found upon
visiting Washington that 1t is one of the most
pleasant, beautiful, healthy and economical
cities In which to make residence He has
noticed lately an inclination OF certain parties
to try other sections than the northwest and
thinks the high prices will drive MANY to other
sections from which people were driven for like
cause years ago on the original planning OF the
city. Such ventures. however, have been made
principally In the erection of small or medium
sized houses, those being the kind now in most
demand and always most profitable. Mr.. McIn-
reports that clients frequently prefer to sell on
terms Of One-third or 0ne-f0urth cash rather
than "all cash." and as q consequence little, If
any, difference in prices has been made in sales
for cash.
INDICATIONS OF SOUND MARKET
"The condition Of the real estate market is
good" remarked Messrs Duvall & Mari to a
OIAh TcpoTteT '1ueTo ID rising market and
prices are on the increase all over the city. It
Is not confined to any one section as it used to
be. People who want property don't consider
whether it is best to buy or not, but they buy
first and think about it afterwards"
"The great drawback to the sale Of property
in some sections of the CITY," they continued.
sis because the government reservations and
public parks have not been improved"
What is the character Of this movement"
asked the reporter.
cit is not speculative, but very healthy all
around. People can get on Columbia Heights
property for Is or 30 cents per foot In a better,
higher position than they can in any other part
Of the city. We know Of q number of houses that
are going to be built there by business men Of
this city"
Another indication OF the condition of the
market Is the fact that there Is less money being
loaned, and no forced sales to speak OF. ANY
money that Ia borrowed now, as q rule, Is
to build with and improve property"
SALE OF THE KINaMAN ESTATE.
The Kingman mansion, a. we'll as the ad3oin-
ing property belonging to the late Eliab King
man, corner 14th and P streets, was sold at
auction yesterday afternoon. The lots facing P
street, containing 1855 feet. sold for $1.s5 per