Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-06-12
REAL ESTATE GOSSIP.
Capitol Hill Property Advanciu9 I'm
Price Under the Present Demand.

|
THE BOOM RESULTING FROM THE PASSAGE OF
THE NEW LIBRARY BiLL-RocK CREEK
PROPERTY IN DEMAND-THE PROPOSED MAS
| sACHUsErrs AVENUE ExTENsIoN-How POOR
MEN BUY HOMES
| A few days ago two real estate brokers were
discussing the advance in the prices of property
| in the various sections of the city during the
| past year, and one remarked that property on
Capitol Hill had advanced in value more than
property in the northwestern section. Excep-
ton was taken to this statement by the other,
who said that it was ridiculous to make such
an assertion. His friend, however, remained
| firm in his opinion, and in the course of the
| argument that ran on, they decided to submit
their opinions to the arbitration of bet, to be
decided by one OF the best posted real estate
men in the city. When the bet was referred to
him he very promptly decided in favor OF the
Capitol Hill man, and said that If the increase
| in values had not reached one hundred per
cent still it was very large and far in excess OF
| the advance in the northwestern section.
This decision opened the eyes of great many
reached Capitol Hill property. Why this sec
ton should not have advanced as rapidly as
others is cause OF surprise to those who ride
| through the beautifully shaded streets and
enjoy the cool air which the elevated position
makes possible. But the property owners have
| the least OF which has been the long tendency
of the library bill. For years it has been sup
posed that Congress would authorize its cree
| ton, and now that 1t is actually going TO be
erected property in the vicinity that was slow
of sale even at low prices has advanced, and the
of any advance that now takes place. While
prices have gone up in the immediate vicinity
OF the library site, the advance is more noticeable
in land out on the commons near the Jail. Lots
in that location that sold last year for six and
eight cents per foot now sell for twenty
and thirty. OF course this ratio of in
| not maintained
but still the increase is very large. While
| in the northwest section property has
one dollar and one h aGa on ana capito Hi the
advance has been much greater. At present
in that section especially in the Vicinity OF the
| proposed new library building. Real estate in
vestors, like spectators in every other branch
of trade, are very much like flock of sheep,
! and go with the crowd. II 1T becomes known
that some experienced operator is investing
neayy IN one se &c; hr1ng b OF smaller
rectlon, and SO with any other circumstance
that is regarded as favorable. The erection of
| tor property in that vicinity, and the conse-
| quence is such property is in great demand and
| is getting good prices.
| THE crock CREEK REGION.
Another illustration of the tendency of in
| vestOrs to follow one another is seen in the ac-
| tivity OF suburban property which followed the
| purchase by the President of a country place
| on the Woodley Lane road. By this time nearly
! all the property that is for sale at anything
like reasonable figures has been eagerly grabbed
| up, and property owners go to bed and have
| such golden dreams that they wake up imagin-
| ing themselves Vanderbilts and the next day
add another five Thousand dollars to the price
| OF their property as u compensation for the
| disappointment in not realizing their dreams.
However, the valley OF Rock creek, where all
| this buying and selling is now in progress, is
one of the most picturesque and beautiful
regions in this section of country, and for this
reason it is destined to furnish, as in the past,
residence sites tor wealthy people. In fact it is
tit tor nothing else, because the ground is SO
poor that it cannot yield an adequate return for
| cultivation.
| The present boom has affected property in
| that region all the way from the bounds of
ington Heights, at the head of 10Th street, is
| feeling the reviving influences. Lots are being
| sold, and there is talk now OF building several
! houses. There has not been SO much activity
| in the Rock c eek valley since the site for the
new naval observatory was located there a
couple Of years go.
THE MASSACHUSETTS AVENUE EXTENSION.
Then the talk was that Massachusetts, avenue
would be extended, and a syndicate of wealthy
gentlemen purchased the land on each side OF
the proposed extension tar back as the Ten
leytOwn road. All this land is held in readi-
ness to be subdivided and placed on the market.
The extension oil the avenue, however, is de-
layed by the owners of the kalOrama property,
who are undecided how TO sub-divide their
property. 1t is expected that the ground ne
ceSsa y for the extension of the avenue will be
donated to the city. The opening of Massa-
chusetLs avenue to the Tenleytown road will
afford one OF the finest drives in the world, es-
pecially when the handsome sites on each side
are improved with residences. If Congress
consents TO establishing q park in Rock creek
valley and also to extending the same arrange
ment OF the streets and avenues beyond the
citys limits, the growth of the city in that
direction during the next ten or fifteen years
will be very rapid.
HOW POOR MEN BUY HOMES.
When people read in a newspaper that there
| is activity in the real estate market they i'm
mediately think of large transactions and the
Investments of capitalists which generally
written with five figures. 1t is sales OF this char
acter that appear with the large headlines in
the columns OF paper, although in fact they
| form but Il small proportion of the daily trans
| fers. While investments of this character
| do much toward improving and building up
the city, yet after all is said and done it is the
| man of small means, with limited income, who
| come the owner Of a house OF his own, who is
the important factor in the substantial growth
and progress OF city. such men build up the
| which prosperity in all branches of Industry
and trade is founded. The increase in the
number OF people OF this class constitutes one
of the most encouraging features in the growth
| of this city. ''There is no reason why every
| man should not be the owner of a house for his
| family remarked competent authority to q
| STAR reporter. He must be willing to be eco.
nomicai ana to deny himself, but the results
attained are ample rewards. One difficulty in
| the way is the unwillingn ness of many to begin
in style that suits their means. They have
| certain ideas about q house, which they want
| to carry out without sufficiently considering
| the cost It is selfevldent that q man whose
| income will only permit the payment of a
| monthly rent of $16 ought not to want q house
| which rents for $40, and yet it is
| very common in the real estate business to meet
| with just such people. OF course they don't
| say that that they want house at such a rental,
but when they tell you what kind of a house
they expect to get, you will find that it must
| have parlor, "a hall, bath room with hot and
| cold water, and in "A word all the modern con-
veniences. All these things are not to be had
| for fifteen dollars a month But there are
| houses which make comfortable homes and at
| the same time are not u burden upon the Occu-
pant. If u man can pay easily fifteen dollars a
| month rent, with a little effort and selt-denial
| he can pay twenty, and perhaps twenty-five
| dollars and in a few years he will become the
| owner of his own home"
| PLANS FOR BUYING HOUSES.
| It does not need "a competent authority" in
real estate or in any other branch of business to
| tell people that they must live within their
| means. The majority of eOple are convinced
| of this truth by their own experience; but at
| the same time 1t is always interesting to know
| the various plans adopted Tor making large
| cess by which few pennies saved here and a
few saved there in the course of few years are
| changed into the dollars and the hundreds of
dollars. The building associations are in many
! instances the medium through which the ma
| gicians wand OF industry aud economy works
its wonders. They are used in the first instance
| to save money. Persons take q few shares
| which are paid in monthly installments of one
or two dollars and half Ten dollars month