Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-05-19


ALL AGREE THAT THERE Is HEALTHY MOVE
MEST. THOUGH SOME DENY THAT THERE Is A
'BoOA'-THE COLUMBIA HEIGHTS IMPROVE
AENTs-BUnDINGs IN COURSE OF c0NsTRCC-
lion, sc.
The views of real estate men, as gathered by
STAR reporters, and the operations OF builders,
Sustain the general report of healthy activity
In the real estate market and rapid advance
In the march Of Improvement. Though some
real estate dealers and builders are opposed to
what they consider an unnecessary blooming"
still they agree that the condition Of affairs Is
at present very satisfactory.
NO BOOM, But A HEALTHY MOVEMENT.
i think, remarked u. NJ ROhrer. for seventeen
years In the real estate business in this city, that
the present so-called boom In real estate s not
purpOsely, but in reality, exaggerated alike by
the press Of the city and some of the brokers'
and. perhaps. by SINE elated owners, too, who
hare made advantageous sales lately. There is
really no BOOM in the sense / understand the
word. boom implies. | imagine, purchasing
largely and wildly on speculation regard the
trade in real estate at present in q healthy con-
dtlon. and the prices gotten are warranted by
the demand For u long while real property in
Washington was dull and Inactive: hence the
present squirt of activity Is misunderstood and
in real estate do not show other than normal
condition of things for city so large as Wash
ington."
undoubtedly beautiful, and people of taste and
means are attracted to 1t largely and at the
expense Of other sections of the city quite as
desirable geographically. but not so highly
favored In the completion and care Of its ave-
nues, streets and parks. And yet, with all the
drawbacks that the other three quarters of the
city finds Itself handicapped. selling. buying
and building is going on. l reiterate that the
activity in real estate at this time is healthy,
and not near as great as its growing population
and its necessities demands, as Is evidenced by
the daily inquiries at any real estate Office in
town for houses to rent"
what is the effect of the booming?" asked
the reporter.
1.-The effect produced by the boom princpe
70 pertinaciously urged" he replied, sis lust
the opposite OF what is intended. Owners of
property fancy that there is to be great and
sudden rise, and accordingly they put up prices
to point beyond legitimate values or they
Withdraw from market property which, at fair
value, might be taken and improved by CAPT.
talists- Then again this boom theory intimi-
dates some men of means so that they decline
TO invest from fear of values shrinking and
panic ensuing. Why, only a few days ago
prominent and wealthy business man said to
me: We'll, what does this boom in real estate
mean; Is there to be another reaction and crash,
as In 1872, with general falling of values.'
said promptly No The market is healthy.
There is little If any, speculation The i'm
proved property changing hands is either for
Use by the purchaser. or intended as an invest
ment. paying fair interest on the money BY
rental The unimprOved is chiefly taken to be
improved. OF course some is taken to be held
for rise This is wise. for there is much
ground in this growing city that will paw largely
Tor holding Much of the low-priced ground.
Tor example. east and northeast of the Capitol
will double in value In a short time"
m a nr1 b.aa d.1 ;o
Native boom IN real estate In this city. The
daily transfers sustain me in this. The move in,
real property Is healthy and Il legitimate advance
IN prices will continue as the city builds up
GROWTH UPON A SOLID BASIS.
One of the Oldest real estate dealers in the
city being asked how the market was and what
the prospects are sald:"It looks favorable along
the whole line. You know that there has been
boom out here (pointing to the northwest)
and it has extended to all other sections along
the whole line, and to-day property is looking
up all over the District. The investment of cap
tal here Is on solid basis. made for perma-
nent investment. 1t is not the mushroom growth
We had here ten or twelve years ago, IA can be
seen by the character of work The large
majority of houses being erected now are built
70 last and not merely for show, and better than
all. most of them paid for and free of en-
clmbrance when completed"
ITO what, asked the reporter, do YOU at
t-ibute the activity
There are several causes" said the veteran.
"but the main ore is that money is easy and
capital has found that bonds or stocks do not
pay a well as real estate. Without looking to
future rise, improved property pays per cent
Clear OF taxes and repairs-that is my expert
ence- The day for erection of buildings for
quick sale seems to have passed. and good,
eOlid work Is the order of the day.
''DO you See any thing to retard the move
Ment:"
-
man. but there may arise impediments
There ismuch ground here which should be in
The market, but the titles are not clear. mean
some which has been sold over and over again
Tor taXeS Doth special and annually Some of
this has been sold over and over again for
twenty or thirty years. and with the penalties
added some pieces are not now worth the taxes
charged. There are properties In the District to
which half dozen parties hold title. IL some of
you newspaper men would get up project
winch would result in Strengthening out these
Cases You would be doing good service The
Commissioners now are Dowerless but Congress
Should give either the District Commissioners or
Some special board power to straighten ont
tnese titles As IL is the charges grow, and the
property not bringing in cent is an elephant
Some properties in this condition are in rap-
Idly improving neighborhOOds and are eyesores
Standing in the way Of improvement. If through
board or otherwise the titles could be perfect
Ell the prosperity Of the CITY would be greatly
Telling as to how long the laboring men will
work along as satisfactorily as at present.
Should they continue to work through this sea-
son without making an unreasonable demand
tney viii materially assist In the future growth
OF the city. Ii is to their interest while receiy-
Ing fair wages and having plenty of work not to
make any unreasonable demand. Just now con-
tractors and those proposing to build seem sat
Isned, and In my experience Of thirty -fve years
There has never been a better feeling existing
Detween those concerned In building than now
All seem to regard the laborer worthy of his
hire"
You say you have been in the business thir-
ty-hye years." said the reporter.
Yes. that Is L commenced In 1S4S, buyng
some land in the poor house equare. between
oh and 9Th and u and streets ut cents per
loot, on i've years time and 1t is now worth so
cents Then l bought some on the boundary
near The head OF 81 street. at mill foot Some
land In the northwest part of the city see
which sold in 1o72 at 20 cents per foot. was
sold few days ago at sl.5O per foot Before
closing must tell you" said the dealer, that
The eastern section of the city was under the
H.d assessment. put no too high. and properties
There. III some Cases. have been sold at less than
one half of the assessed value. This high yalu-