National Republican. (Washington City (D.C.)) 1872-1888, 1884-05-03
LAND TO LIVE ON.
Real Estate Dealers Report That Transactions
Are a Triae Slow.
Some Schemes Which Are Considered
as Traps for the Unwary
Excellent Prospects for an Advance in Suburban
Real Estate
-
Many Elmo Buildings Planned for or
Already Ina Contractors Hands.

The feature Of the real estate market for
the last week, according to some Of the real
estate dealers. has been the building up OF
suburban property. Others however, say
that tho improvement is general, and one
dealer stated yesterday that there was an
attempt among q clique Of agents to work up
a boom for suburban property. "a few
weeks ago." said he, -four well-known agents
made up pool of 49,, 900 and invested it in
porperty in the northern part OF the city,
buying it for almost nothing. Since then
they have been selling the lots ct large
profit"
What will be the rosult?'
swell, after the men who purchased the
property have improved it they will not be
able to sell it for what they paid for the
ground. If you don't give me away I'll tell
you something else. There is movement on
foot among these same four gentlemen to start
a boom in South Washington. They will buy
the property and sell it at high figure,
representing that when the railway COM
panies leave that section it will be doubly
enhanced, when the fact is that the property
is located out of the vicinity of the railway
tracks, and any action taken to relieve the
streets of the latter will have no effect at all.
The market at present is full of schemes"
The principal dealers in real estate stated
that the market was slow, and that there were
very few sales. The records of permits to
build, however, does not bear out this state
ment, and permits for many fine buildings
have been taken out.
The prospect for improvement of suburban
real estate, as stated, was never better. A
great many outsiders are looking for suitable
sites in the country to erect summer resi-
dences, although very little improvement
has been made by the commissioners to the
roads. There are great many complaints
from persons in the county of the action OF
the commissioners in expanding all Of their
efforts to help inside property. The total ex-
penditure for the improvement of the county
has been small and the county property
suffers in consequence.
There appears to be no doubt but that sub
urban property will advance in price, as but
few years ago land about Dupont circle and
on both sides Of Connecticut avenue up to
Boundary could BIO bought from 10 to 20
cents foot. Now it is bringing fabulous
prices, not for speculation, but for occu-
pancy.
A man cannot invest money in land else
where that will double and treble the pur-
chase price in SO short time" said promi-
nent real estate man. Tho future is to
witness growth of the capital of which we
have no conception at the present time. The
population increased 80 per cent. from 1870
to $780, and its present rate of increase will
make the population in 1890 nearly $50, 00O."
Among the transactions of the past week
the majority are for dwellings and extensive
improvements to be made in the central part
of the city. The cost of the buildings, &C.
cording to the permits. during April was
$600,000 far in excess of any month for q
long period.
permit will shortly be taken out for the
extension Of Welcker's hotel, on Fifteenth
street northwest, which will cost about
100000. The plans are being prepared by
Mr.. Felter, the owner, and the work will
probably begin in a month or so.
Mr.. Ferguson will in few days begin the
erection of q spacious dwelling ut the corner
of Twenty fourth and NJ streets, on the site o!
the old Reside dwelling. This mansion
will be erected at q cost Of $4,000 or more.
Another handsome dwelling to be erected
is the one to be located at the corner oil
Thirteenth and Riggs streets by Mr.. w. u
Particle. 1t is to cost $4,000.
E. Poe will begin in few days the cree
tion of large dwelling on De Salses street
to cost the same amount.
Two brick dwellings to be erected by j. F
Redfern on IL street, between Eighteenth and
Nineteenth streets northwest, will cost
$4,000, while Gray e. Page, for Miss Nellie
Simpson, are preparing plans for handsome
house to DO erected on Hillyer avenue, tc
cost $1,000.
Five brick dwellings to be commenced in
n short time on North Capitol street. between
and streets, by Charles Elliott, will cost
$4,000.