Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-06-10
GROWTH OF THE CAPITAL.
Steady Appreciation of Real Estate.
Correspondence Baltimore Sun

Washington Correspondence Baltimore Sun
During the last presidential campaign, just as
in 1876 and 1850, one OF the most frequent
arguments used in Washington against the
election of a democratic executive was that it
would have disastrous effect upon business
here, and cause a rapid depreciation i'm real
estate. Had there been any foundation for such
argument the query might still have been very
pertinently suggested whether the interests of
the fifty-five million people in the country at
large were not of more consequence than any
temporary pecuniary disadvantage possible to
be entitled upon few thousand business peo-
pie and land owners of Washington. But
shrewd and intelligent business people here
We're perfectly well aware that the reasoning
upon which such statements proceed
ed was wholly pnsound and fala-
cious. as the experience of the last few
months has most abundantiy proved.
There never has been time in the history of
Washington when real estate was SO active and
when results were SO promising. Information
received to-day from several of the very largest
real estate agents and dealers in Washington is
that prices in every section of the city are from
ten to twenty per cent in excess of the prices at
this time last year. One dealer on f street sold
to-day no less than ten pieces of property, some
of it at thirty three per cent higher than il was
held at in October last. Real estate men saw
that NO city in the country offers such advan-
tageous opportunities tor investment as Wash
fngton, and the increase of prices is met by
OF the oldest and most experienced of real
estate agents, in speaking of the sale above
noted, SAID that capitalists In ali the big COM
mercial cities were turning their attention to
real estate in Washington. The interest re-
ceived on investments i'm stocks and bonds
of recognized value has dwindled to such
an extremely low figure as to compel
and Washington stands at the top
in promising safe and certain returns on real
estate investments. The average net returns
range from seven to ten per cent, with a TEN
dency in the majority of instances TO the latter
rate. What is styled small property, houses
ranging in cost from three TO five thousand dol
lars, is considered as promising the highest rate
last November predicted that this class OF prop
erty would be thrown on the market i'm solid
blocks on the advent of q democratic admins
tratiOn, and ruinous depression in prices would
follow. So far from this being the case, it is be-
Heved that there would be a demand for double
the number of houses of this character If they
We're constructed. But residences and business
buildings of the most extensive and costly char
acter find almost as ready and profitable de-
mand. The Portland flats, the pioneer of the
large class Of apartment houses in Washing
ton, which 1t was predicted would be
complete failure, and the construction OF
which involved an expenditure of nearly
100000 has paid steadily from the day il
was opened a net return averaging twelve per
several imitators with like happy results. First
class business property for rent is sought after
with much avidity, and several outside capital
lists who purpose rearing extensive structures
have had numerous applications even before a
spade has been stuck in the earth. The future
of Washington can scarcely be anticipated
Wealth gathered in all parts of the country rolls
steadily in for permanent placing. the accession
OF population is OF the most desirable character,
and the impetus which it has gained is too
strong to be checked by any administration, OF
whatever politics, even If such a thing were
possible as that any administration could have
any other desire than to contribute all I'm its
power to improve and adorn q capital city of
which the whole nation is justly proud.