National Republican., 1884-04-12
HOW THE CITY GROWS.
Progress Of the Movement in Real Estate
Transactions.
Opinions OF Prominent Agents Upon the
Seasons Operations.


in small amounts, but no large sales have ro-
Gently been made. Prices are kept up some
what too firmly as tho brokers think. There
is plenty of inquiry both for speculative pur-
poses and by those who arc looking for
houses for themselves, but the holders,
as one broker put it, place prospective
rather'than present values upon their prop
erty. They are asking what the property
will be worth five years from now. The
brokers are largely to blame for this state of
things because they havo SO extensively ad-
vertised tho properties in their charge that
the owners have an exaggerated notion Of
their value.
There appears to be no especial "boom" in
any locality. The sales, which are much
less frequent than was expected, are not
moro numerous in one part of tho city than
another. Possibly there is less trading in
the northwest than elsewhere, because there
the values are moro settled now and there is
less margin possible for spectators. There
is considerable inquiry for East Washington
property, and prices there are good in conse-
quence. There is also agood demand for lots
in Mount Pleasant, Columbia Heights and
Washington Heights.
The agitation Of the railroad question does
not seem to affect real estate values very
much, but its hual settlement would have
very appreciable effect upon the market.
be added to the value Of land in the north
eastern part of tho city the instant that con-
gress decided to compel the Baltimore and
Ohio road to 90 around the city, instead of
cutting diagonally through squares and max
ing them useless for building purposes"
Notwithstanding the present inactivity of
tho real estate market, tho brokers are very
confident and hopeful. They expect to see
constant and steady increase in value as we'll
asa constant and steady growth of tho city.
Said Mr.. w. E. Burford: "There is no city
in this country where real estate investment
is moro deirable We have low rate of
taxation, Of which the government pays half.
We have permanent improvements of the best
kind, and, with the reclamation of the
Potomac flats, which has been the great
barrier to the growth of the city, and the
completed system of water works and drain
age, a healthy city to live in. Suppose that
man with plenty of money wants to buy a
place to live. Property on Connecticut
avenue at 50 or SO a foot is just as good OF
better for his purposes than that which he
would pay S5 a foot for willingly in New
York city"
Building in Washington this spring is not
rs extensive as it was year ago, but the
apparent stagnation is said to be largely the
result Of the backward season. Tho resi-
dences in process of construction are gen
orally of medium COST although there will
probably be q few expensive mansions
general all over the city, not being confined
to any one favored locality. In some of the
suburbs building is especially active, in
Mount Pleasant alone there being now
nearly score of residences, and some Of
them quite expensive ones, in process Of con-
struction.
Mr.. Presbrey, the real estate agent, in con :
versation with q REPUBLICAN reporter, said
that the unpleasant weather of the past week
made the market quiet. As far as suburban
real estate was concerned some defined action
on the part of tho district in regard to out
side property should be taken by them. He
meant by outside property the roads. The
authorities have provided no way in which
the property on Meridian hill could be
reached or made available. Sixteenth street
was impossible. Delaplaine and Columbia
avenues might have been opened by easy
grades, and this desirable location could then
be available for residences As far as the
real estate outlook was concerned, he thought
the business prospects was hattering, judg-
ing from inquiries and tone of conversation
of those looking for property. At present he
did not know of any large projects in real
estate transactions.
Mr.. r. c. Fox, of the firm of Fitch, Fox &
Brown, stated that the unsettled condition of
tho weather for the past week has been de-
cided drawback to real estate transactions.
Notwithstanding the firm has negotiated
quito large sale of unimproyed property in
inc nOIbuWcSL bbCIlOu, also several lOLS OIL SUD-
urban property in the neighborhood OF the
Hon. Walter Phelps's new purchase. If the
efforts made for tie continuation of Massa-
chusetts and Connecticut avenues in the
direction of the new naval observatory site
and Tennallytown could be successful real
estate in that direction would receive very
decided impulse. What is needed now specially
is the obliteration of all distinction between
city lots and ground Immediately adjacent to
the corporation. People of means seem to
object very strongly to cross this boundary.
In point of fact the sites overlooking the city
are equally as healthful and more desirable
than very many locations within the city
limits. think it would be grand thing
for the city if Boundary street could be con-
verted into q grand boulevard from George
town to the H street toll gate. This plan, q
cherished one by many Of our best citizens,
is now defeated by the presence of the two
tracks of the Baltimore and Ohio railroad,
which should be removed and made to con-
form to the requirements of the Morrill, bill.
Mr.. Robert .. Hoffman said yesterday
that the transactions during the week were
in good solid, healthy investments, and not
speculative. There is an increased inquiry
for good investments ut 6 per cent, and money
is plentiful in the district. Much property
is changing hands and property needing
repairs is unloading upon the market as the
owners prefer selling to holding on. There is
much demand for small houses, "and in fact" /"
continued Mr. hOltzfnan, Il have never
known better spring opening for the real
estate business Some large transactions on
real estate are expected to be developed in
week or two.
Mr.. b. II. Warner said that there was much
inquiry after small lots and houses, and that
the business during the week was chiefly in
medium transactions People from other
cities are in the district with a view to in
vesting in real estate. A gentleman from
Chicago is after property, and said he wished
to leave that city as soon as possible. The
usual spring changes have commenced in per-
sons leaving houses and in Others becoming
occupants Of them. Mr. Warner spoke very
encouragngly as to the spring Investments
in real estate,
Mr.. Christian Rupert, the Seventh street
merchant, is erecting two brick dwellings,
two stories and basement, with all modern
improvements, on q street, between Twenty
first and Twenty-second streets. They will
cost $500.
Mr.. NJ. r. squers is preparing to build two
brick dwellings of modern design at the cor
ner Of Fourth and NJ streets northwest. They
will cost 81, 900 each.
Mr.. A. N. Skinner is erecting handsome
brick dwelling on o street, between Ninth
and Tenth northwest. 1t will cost $1,000
The building at the corner Of Thirteenth
and f streets northwest, formerly occupied
by Mr.. Page as grocery, is being remodeled
by Mr. f. Hufy, at cost Of $500. 1t will
be occupied when completed as banking
house.