Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1884-04-08
New Haven Real Estate.

The Crash OF 'Sl and Prices Then and
N0w-some Views by Dealers-Marked
Improvements In Special Locations
New Features In the Building Prospects
For This Season.
The work of demolition Of the ancient
wooden dwelling on Broadway some account
of the history of which was recently given
in our columns, is finished. Congressman
Mitchell will erect handsome block in its
place. The property was bought years ago
by the late E. A. Mitchell. Real estate men
say that all the indications point to Broad
way real estate as being property worth
keeping for a rise, which reminds us of the
opinion recently expressed by real estate
men. They were discussing the dormant
condition OF real estates and values, a con-
dition into which real estate fell in 1871,
and where it has remained with the excep-
ton of slight advances In some cases. They
held to the opinion that one prominent
cause of this dormant state of affairs in
regard to real estate is that SO much prop
erty is held at the old prices which were
commanded in blooming times" The pof-
chasers hate to let go Of it except at prices
that will not only restore them their pur-
chase money, but indemnify them for money
they have disbursed on the property for in
terest and taxes Now, urged the dealers, we
don't blame the property owners for hanging
on to their property til they set out of it at a
profit, but this high range of prices retards
building operations and keeps lots of real es-
tate out of the market, much of which would
otherwise get into the hands OF small capital
lists who would rather own house than to
pay rent. These people with 81, 500 or
$4,000 saved by for rainy day would gladly
buy let and build a house. preferring to
pay the interest on savings bank mortgage
and gradually iquidating the cost OF
the house, to paying rent. But with the
old scale of prices ruling get, proper
ty don't work off and real estate is staenant.
Now, continued the dealers, there are a large
number of mechanics who have a little
money. 1t is now years since the hard times
that followed the II crash, and these years
have brought to many men steady work on
the average, and they would invest, but
property is held at too high a figure vet On
the subject of building in these times the
real estate men held that it was, on the whole,
very good time to build and added that
when you see Gov English starting in and
building, as he is about doing this spring,
time to build -
locality of the city that has advanced
very rapidly in attractiveness and been much
improved in the last few years ia the new
street, LynWood street, which was cut
through from Elm to Martin streets four or
five years ago. This street was cut through
large open tract of land which was one OF
the largest unlmproyed tracts to be found in
the heart of the city. The change made in
the interim is very noticeable Many new
houses all of superior class, have been
erected. The first erected is the brick resi-
oenca on Elm street, occupied by Mr.. Walter
b. Law, firm of Booth & Law, Water street
Mr. William P. futile, son OF Mr.. John P
Tuttie, secretary and treasurer of the New
Haven Savings bank, built and occupies
another of the residences This is on Elm
street, near the corner OF Lynwood Mr.. E
Il. Jefcot built the handsome double brick
house on Lynwood street short distance
below Elm street, one of which he occupies
himself, renting the other. The block cost
somewhat In the neighborhood of $12,OO
The houses have pressed brick front and
white stone trimmings. Mr.. W g. Ccwell,
or the well known firm of Herrick & Cowell,
has ell-built, commodious and attractive
brick residence on the corner of Elm and
LynWood. MIR. w. B. Law, who lives on
Elm street, has also erected another brick
mouse on Lynwood street in keeping with the
other new houses. Then a block of two
handsome brick houses has just been erected
on Lynwood street, which are owned re-
spectively by Mr.. Frederick L. Converse of
the Yale Clock company, Artisan street, and
ME- Il. q. Curtis, purchasing agent of the
New Haven & Northampton Railroad com.
pany. The houses have just been
rooted In and will have all the
modern conveniences. The houses have
brown stone trimmings. Black mortar was
used. They are next south of MIR. Laws
Directly opposite the Elm street terminus OF
Lynwood street are the tive new and stylish
brick residences respectively of Mr.. T. G.
Bennett, vice president of the Winchester
Arms Co., and his brother, Mr.. William L.
Bennett, of Doolittle & Bennett, lawyers,
which are handsome additions to the To-
eality.
Prominent men interested in building op-
erations say that since the change in the
weather, since winter has given evidence of
Indicating in favor of spring. there are a
number of indications that building will be
considerably livelier this season than was ia
Dictated few weeks ago.