Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-10-26
CITY AND DISTRICT
THE GROWING CITY.
Great Activity i'm Suburban Property
as Well rs In the City-Large Invest
meuts Of Money i'm the District.

The record in the real estate market Is one OF
continued activity. and has been during the
entlre season, which Is now drawing to a close.
Large amounts of valuable property have
chahseo hands and q great deal of money has
Deeh invested in city and suburban property.
Inc feature of the market during the year has
undoubtedly been the activity in unimproved
property. The agitation of the eight hour ques-
tlon by the building trades in the early part OF
the year had the effect of diverting capital from
mouse building to large extent. While, OF
course, there has been great deal of build ing
gone. yet among investors q strong preference
mas been manifested for unimproved land, and
Guided this class of property. Under this de-
mand prices have advanced, and the sales show
a steady appreciation IN values. Improved
property has naturally been effected,
the ruling id figures for property show an ad
some property-holders complain that the per.
centage obtainable for rents has been reduced.
On the other hand. the complaint is heard that
towards suburban land is very marked, and
perhaps there has never been period when the
activity In this class OF property has been so
marked and prices have ruled SO high. Dis
lance from the corporate limits OF the city does
not seem to be regarded of very great dis
advantage ;,.I to property. Land has been bought
up In nearly all directions about the city for
literally miles and miles from the city limits.
suburban villages during the past year have
Utcu ialu out IN virginia along the line OF the
Washington and Ohio railroad; in Montgomery
county and Prince Georges county along the
lines of the B. and o. and B. and P. railroads,
while that great tract of country lying along
the northern border of the city, extend
ing back in some cases as far as
the villages OF Brightwood and Tenleytown,
mas been very thoroughly gone over by
investors and available tracts purchased. OF
course all this land has not as yet been sub
bn IL city Lots and placed on the
soon as events will seem to justify such course
IL VIII all be made available for settlement.
suburban property is no longer a drug on the
market, and owners have advanced their
prices SO that farms in the vicinity which have
been Tor years aIfording scanty living to their
iand lying between the farms and the northern
city borders, which has been subdivided for
some years, has of course felt the influence OF
TINS activity, and prices have materially
stiffened. Sixty and seventy cents per foot has
been asked and received for lots just outside
the city limits, and there is some which is held
at a dollar a loot. The same appreciation OF
prices has marked the transactions in land
by the acre, and property of this kind,
W wn,cn W. was III, In the market year and a
per acre have been sold since for $1,000 and
Sl,ooo. For instance, Secretary Whitney paid
$500 per acre for his farm some two years ago.
Last spring the President paid about $500.
During the last summer, land In the immediate
vicinity has been sold for 81 900 an acre, and
Ienleytown road, near the Presidents house,
Where the price paid was $500 per acre.
There is some land IN the same vicinity for
which the owners ask 5000 per acre.
1t Is expected that the period of improvement
In suburban property in various directions will
soon set in, and in some of the recent sub-divi-
sions the erection of houses has been made a
condltlOn In the sale OF lots. Building, how
ever, has been delayed by the lack of Sc wer and
water facilities and, it is expected, that upon
the completion of the water works extension,
these modern necessities will be made avail
able and then the building up OF the suburbs
Will proceed in earnest. The placing upon the
market OF all this land at cheaper rates than
prevail in the city does not seem to have had a
depressing influence upon the prices OF city
property. City lots were never higher, ana
land In the northeast, near the navy yard and
IN 9cutn W asnlngton, which has for years been
rather out OF the market, is now actively
bought and sold at constantly increasing
prices. The explanation of this rapid growth
and Improvement OF the city probably may be
found IN the TACT that the population is grow
Ing and a great deal OF capital Is attracted here
from all parts OF the country not only for in
vestinent, but to supply homes tor people who
will become a part of the permanent and resi-
dant "a ,j,nn ~ 81 ri