New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-02
The OUTLOOK FOR REALTY.
FIRM PRICES, BUT NO SPECULATION.


A MARKET GOvERNED BY SUPPLY AND DEMAND
VIEWS OF LEADING BROKERS.
Within week or ten days Pine-st. is expected
to begin to resume an appearance OF activity thai
will tell that summer is over among the dealers ana
brokers i'll real estate But great activity Is
looked for until October. AT present the real es-
tate market preserves all the characteristics OF
summer dulneSs. SO tar as regards the transaction
of business, last week different from the pre-
ceding summer weeks. Only lew trades merit
second-st, to John H.soller for 500 100 cash. -Four
lots at Lexing On-ave. and Sxty-s xtL-st were SOLD
for $3S 900 by c. b. Cornell The sale of No.
West Thirty eighth-st. for 100000 TO j. k. Robin
is reported. and The Record and Guide says that
No. II West Fltly-soyenth-st. has been sold Oy
David L. Elnstein to General Thomas. OF the East
Tennessee, Virginia and Georgia Railroad.
Talks with the leading dealers and brokers in real
estate show general expectation of a steady and
strong market during che coming season. No
"boom" is expected. Speculation last year had no
place IN the market and It's appearance Is not ex-
pected in the autumn Many brokers say that this
is desirable stale of affairs A steady regular
market is preferred to one which is subject to all
whlms aud varying credits of SPECTATORS. While
the last Disappointing regards activity
of transactions, its results were satisfactory TO the
more conservative brokers and operators.
No signs OF weakness are evident IN the market
The tendency OF operations Is toward he west side
OF the city, On the east side, according 10 tue gem
era opinion OF real estate men. prices nave about
reached their maximum prominent broker said
yesterday; :" In certain parts OF the city only nave
which continued from 1873 to 1878. Imitation has
really been felt only on the east SIDE near Central
Park. do not look for any advance there. I'D
many localities, II Is true the ability OF man 10
pay what was asked determined the value OF the
property, but as fashion dictated for time the
establishment of residences there builders could
put UP magnificent houses and SSH them at profit.
In some cases lots between Fifth and Madison ayes.
are bringing more than they are worth"
The operations OF builders bear out this opinion
At present activity IS directed toward Harlem or
the west side. mere Is no cessation OF building
operations Harlem; in fact.new houses are being
put up from Oue-hundred- and tweu, y-iitth down
to Northumberland tenth-sts. These are OF me-
dunn size. and they have as Il rule met with ready
sale or renting at reasonable urns on the invest
ment +" improvements III Harlem" sad broker,
wall not end until tue whole Of that territory Is
built up" Another feature OF building operations
recently Is the inquiry tor vacant lots on the west
side east OF euth-dYe. far activity Is recorded
IN salos OF lots tins part OF the city, winch bring
from u, 900 to 50, 900 apiece. AZ tuls price good
houses can BE- buiit which TeIt probably. or winch
can be sold Tor aDOuJ $4,000 with pIOht 10 toe
builder. Francs Crawford, GeJrgc j. Hamilton, L.
". Lyster and other East side builders are now
turning tnelr attention To the west side. There Is
DOT the same ylgOi displayed as was SHOWN three
years ago, but there more inquiries which reveal
a disposition to invest that may take shape uurlng
the autumn. Real estate men say that IL tie mar
ket advances durng the coming season IL VIII
probably be- in west 81 10 properly.
do not look for "a boom thls season." said Il
well-known broker, " but there IS every Indication
that we Will nave strong Investment market. Tue
market now Is controlled solely by supply and de-
mand. Where building operations are begun III a
street - say One hunuret- -twenty-secOnd-st.-
the number OF vacant lots there Is reduced aud the
remainder bring higher prices, while III d street
within two or three blocks sales can
is strongly held aud buyers are only
taking what they actually want. Generally tue
situation Is thoroughly sound. Business proper
commands good prices whenever II is sold, ana
business rents frm The strikes of the building
trades may temporarily affect building operations,
but TINS Is not unmlXed evil. The relations
between me employer aud the empIOye Will DO
adjusted, and wnlle the strikes will tend TO check
superiluons Improvements. they Will have no effect
IN localities where Improvements are needed.
favorable feature suggestive oil coming activity IS
10 be seen in the inquiries received from capitalists
who are out of town sent To different firms III reply
to advertisements of properties. Ihls ought TO show
on the market when the vacation season ~ over
There is not sign of depression IN the market. 1T
business grows worse and more failures follow OF
course everything will he changed. But
otherwise cO1inued low prices In Wall
Street will not all ct the real estate market to any
important extent The GLASS of people who deal in
real estate are affected by stock fluctuations only
as the variation, likely 10 destroy confidence i'll
the business situation. A striking feature OF the
amount OF second mortgages on property and tue
activity of speculative dealings In then-lS entirely
absent from the market to-day. Second mortgages
are not dealt IN at all, and their number Is very
small"