Savannah morning news. [volume] (Savannah) 1868-1887, 1884-09-01
REAL ESTATE.

One year ago the assertion was made in
these columns that the real estate market
contained all the elements necessary for q
sharp advance. Our trade issue had scarcely
reached the bounds of its circulation when
the sales of property and the prices obtained
justified the position taken.
Our city having passed through a summer
of exceeding healthfulness, and all kinds of
business having been well sustained through
the quiet months OF summer, our people en-
tered upon the Lew business season full Of
hope and in good financial condition.
The inquiry for real estate commenced at
once, and seemed to gather strength as the
fact was forced upon the people that rents
would be maintained and that Increased diff
Guilty would be experienced in obtaining resi-
dences. While landlords did not charge an
advance on rents, they were very firm and
easily made contracts for another year at the
rate of the previous year.
In the case of stores and offices,
advances were asked and readily obtained.
The scarcity of residences noted in the last
issue was more apparent during the year
under review than ever before, and resulted
favorably to the real estate market by in
creasiDg the sale Of vacant lots. The past
year witnessed the sale of more vacant lots
than " year since 1872. There are very few
Ge7l. te obtainable at this time north OF
New hu>~StOn street. The few that can be
bought at all are held very firmly at full
prices.
These large transactions in lots naturally
resulted in much building. Our contractors
were kept busily engaged the entire year, and
we have, as the years business, a total num-
Der of 307 buildings constructed. The value
of these it is difficult to approximate with any
degree Of accuracy. The number embraces
magnificent business houses, elegant private
residences, and less pretentiOus dwellings for
investment.
The result is a large addition to the taxable
property of the city, which must have its ef-
feet in determining taxes in the future.
review of the year shows a very salts fac
as to the future of the market. The demand
for homes continued without abatement Tex
cept during aRnic), and constituted one of
the main el' of strength in the market.
The transactfs for the year foot up $685.
572. These fgur RE obtained from the sew
eral dealers, to- I'M we are under Obliga-
a 5SRS fGT @SR nsF2 Saa 9f
between priNSe parties without the inter-
Ventlon Of broker, and it is probable that
the above estimate is under rather than above
the true figures. and that if it were increased
SZo0, 900 it would be nearer the truth.
A year ago we said in substance that if a
panic occurred it would not be gem
eral IN its effect, and would be the re-
This proved to be correct. The panic had
the effect of transferring to some extent the
confidence before repOsed IN stocks and bonds
and savings BANKS to real property.
Savannah has always found its worst enc
mics in her own household. 1t is Notifying
to put it on record, but such is the fact. Dam
age was done the past year to the owners and
sellers of real estate by the action Of our CITY
assessing taxes. On account of the peculiar
action Cor inaction) taken great uncertainty
for long time existed as to what would
be done in this matter. The rate of per
cent. was continued and values were in
creased over any previous assessments. This
was injurious to the market and would have
proved disastrous but for the inherent strength
of the market. The result was a large cur
of transactions and a reduction of
selling values.
Despite unfavorable circumstances, the
record as quoted shows large transactions for
the year under review, and dealers all seemed
to consider it as having been a very successful
season.
The outlook for the present year is very
promising. The same demand for houses
exists: greater ability to buy is the result Of
a years economy, and the scarcity of homes
for the population is more apparent now than
ever.
The prospect Of lighter taxes this year will
stimulate the market. All of the elements of
strength which were noted year ago exists
now with certain conditions of weakness
eliminated.
Reference having been previously made to
the assistance given to real estate transact
tons by the loan associations, it is proper to
add that the helpfulness of these institutions
is becoming 20 be better understood, and con-