Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-10-03
CITY AND DISTRICT.
HOUSES AND LOTS.
The Growth Of the City Indicated by
the Real Estate Market - Building
Rows of Small Houses ~ an Invest
ment. Etc


The real estate interests In this city exhibit
the effects Of the increase In the populations,
which Is more rapid each year. During the
past year there has been "A large addition to the
resident population, and many people of means
have made this city their home, and in this
way there are large amounts of capital in
vested or available for investment The fact Is
that money is so plentiful that cash payments
IN transactions are no longer an advantage to
the purchaser, and the owners of property pre-
fer to allow a portion of the money to remain
on the property At six per cent and even at
i've per cent Prices for improved and unim-
proved property are stiff, and owners prefer to
wait rather than To sell at a reduction of the
prices asked. The opinion seems to be that
next year the demand will be even greater and
that better prices can be obtained. In some
localities the high prices has the tendency to
direct investments TO other sections of the city,
and this has the effect in many cases of modi-
Tying the rather inflated values which
some owners place upon their property
The erection OF costly private residences
while not being doue this year to the extent
the growth of the city. A few years ago a house
costing thirty forty thousand dollars was re-
ture tor single private residence. But now
seventy and eighty thousand dollars are laid
out in improvements of this sort, without eX-
citing much comment. Large investments,
however, are being made In another form, and
to a very great extent, by the erection OF rows
of small houses on ground which is obtained in
localities where prices are still low This kind
Of improvement Is in progress all over the city,
the readers of The STAR are aware Men OF
means, as ID. III. Warner, Thos. r. Waggaman,
John X. Mclean and Others have purchased
large blocks of land, in some cases whole
squares which are being built up with small
houses containing four and six rooms each.
In this way the lack of house accommodation
which the increase of population has made ev-
ident is being remedied. and many people who
have been unable to find houses at q moderate
rental are now going into homes OF their own
These small houses are also found desirable for
fhQ httv
thousand to twelve hundred dollars, and the
monthly rental obtained Is about twelve dollars,
thus making return upon the investment OF
about twelve per cent gross. The result of these
extensive building operations Will naturally be
TO lower the scale of rents throughout the city,
the city u cheap place OF residence, as well as
most desirable one
The Improvements outside of the city limits
keep pace with the growth of the city proper,
and homes in the suburbs are being erected
and occupied by people who prefer to live away
pense of city life. A. +. Bateman, the banker,
and Col. u. NJ. Parker, who are interested in
the Columbia Heights property, are erecting,
and have In contemplation the erection of,
number of houses in that locality. The other
property owners there, and all along the hills
overlooking the city, will improve their prop.
.rty as soon as it is found to be profitable, and
the completion of the water works extension
and the improvement OF the roads by the Dis
trict authorities will soon cause the city's
growth to I'LL up these vacant spaces with cOun-
try residences. There Is no boom in suburban
property any more than there Is in city prop
erty, but prices are steady, and the improve
make the indications for the future bright and
promising.