Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-12-01

BUILDING AcTIvrTY-RAPID TRANSIT NEEDED
REAL ESTATE NOTES AND LONESOME NEW
HOUSES.
An important real estate sale has been lust
effected Of street property. Col. Henry
Strong. formerly of Chicago, but now a resi-
dent Of this city, has purchased the property
1926 street, the second door from 18th street,
on the south side. The property has front
age OF 32.S feet on street, and runs back and
then turns toward 18th street, having q front
age on the latter street Of 2S6 feet. It is un-
derstood to be the intention of the purchaser
to improve this site by the erection of large
store building, somewhat similar to the build
ing he recently erected for Houghton 4 Co.
Col. Strong is quite an extensive owner Of F
street property and has q firm faith in its
future.
MORE STREET RAILWAYS NEEDED,
Il read with great interest what you said in
The Stars real estate column ON the subject of
the rapid development of suburban property. !"
remarked a well-posted citizen the other dav
TO STAR reporter. While am more or less
damiiiai with what is being done in the real
estate line, still have not realized 80 forcibly
the extent and meaning Of the suburban move
ment Now, that the paving of streets outside
OF the city limits has actually begun, there is
no reason why we should not expect in the near
future that the present city limits will be moved
Iurtner ont. While this prospect is not an I'M
welcome one, still it seems to me that the CITY
ought TO develop in q more uniform manner
As 1t Is now the present growth is largely to-
ward the north and the northwest. and the
population is pressing outside of the city
the eitv "nu narticu, the eastern portion Of
other sections, there is square after square Of
ground which is in about the same condition
as when the city was laid out, nearly one
hundred years ago. In some instances the
street. lines have not been fixed, and it is i'm
possible to ind the location of the lots unless
you are accompanied by a surveyor. It occurs
10 me that this unoccupied land lying within
the city limits ought first to be improved and
then the suburban movement would naturally
follow. But the trouble is that it is much
than certain sections of the city. It actually
takes less time to 60 mile or SO outside of the
city limits than half the distance within these
limits. What this city needs more than any-
thing else just now is more street railway faciii-
ties. New car lines would tend to develop some
OF the neglected parts Of the city and
place on the market property which is now
hOpelessly outside. The new railroads. that
are to be built in the northern suburbs will
greatly accelerate its DEVELOPMENT. Already
the effect OF the new electric road on property
along that portion of the line within the city
limits has been favorably felt; and. in fact. ali
that section has been improved. This shows that
there Is no objection to this locality for resi-.
dence purposes. 1t only demonstrates the old
truth that people will not go in any great num-
bers where they will be deprived of the facili-
ties of rapid transportation. What we need ia
street railways and more of them"
PROPERTY IN SOUTH WASHINGTON.
There has been so much said of late vears
about the railroad nuisance in South Washing
~ ho
an impression that thatsection had been aband-
oned as place of residence. While all that has
been said about the railroad is fully indorse by
the property owners and residents there, vet
they have by no means abandoned their homes.
On the contrary, in quiet and modest way the
properfy-owners there have been ENJOYING
quite real estate boom. Those who know ali
about property in that section state that there
are not enough houses to meet the demand.
There are always, they say, applicants for
houses, and rentable property is not al
lowed to stand idle. The explanation given
is that house rents are cheaper in
that section than in any other, and peo-
pie are beginning to find it ont Az
most OF the property has been owned by the
same persons for some years they can afford to
rent at less figure then if they had paid big
price Tor the land. A STAR reporter was told
that in the best built-up parts Of South WASH
ington there was very little land on the mar
ket, and this consisted mainly of isolated lots
There are but four large blocks of lots for sale
Inc average price for good building site is
SAID 10 DC about dollar foot, although there
are some choice locations which are held "a
high as S1.35 and S1.50 per foot The cases
are few, 1t is said, where land can be purchased
west OF 9Th street for less than 50 cents per
foot At such price for land it is claimed that
houses can be built and rented which will nav
at least nine per cent net on the investment.
The erection of the building for the bureau
OF engraving and printing and Of the army
medical museum building has added, it is said,
largely to the population Of this section of the
city. Inc building operations recently have
been quite active and a large number Of new
residences as well as business houses have been
erected. Recently large block of land has
been purchased by Geo. W. King and Geo. =.
Emmons on E street, between 9th and 10th
streets, and they propose to erect two blocks
OF houses ON Z street and on the street in the
center OF the square. making in all forty-two
houses. These will be small houses and will be
rented at moderate figure. c. B. Church. ].
Harrison Johnson, and others also build quite
extensively in this section. Seventh street and
AZ street are the business streets and stores
line nearly their entire length In the section
east OF 9Th street there is good deal of land
still unimproved, but good progress is being
made in building up the vacant land. John
H. Mclean, several years ago, purchased an
entire square. which he subdivided, and on it
he has built large number houses. 1t is ex-
pected that the railroad will be ultimately re-
moved, and that will tend, it is thought to
give an impetus to the progress Of improve
ments. The extreme western portion has been
affected favOrably by the river fats improve
ment, and now the residents claim that there
is no healthier section Of the city.
MIR. Geo. w. Smithern has Just completed a
comfortable dwelling and business place on Az
street, between + and q streets southwest. The
building occupies the full width and depth of
the lot.
REAL ESTATE NOTES AND LOANS
There has been recently very rigid en-
forcement of the law prohibiting national
banks from accepting real estate notes as COL
laterals for loans. The bank examiners in
their rounds have in several cases thrown ont
such notes. Although, ON account of the law.
the banks here have never made q practice OF
accepting such collateral, still now and then an
exception has been made. As such security.
especially In this city, is considered to be the
very best, the impOssibility Of using these
notes in the national banks is regarded "A a
hardship and tends to check to a certain extent
improvements. The plan has been suggested
OF starting bank where a specially is made of
handling such paper, and it is thought that very
profitable business could be conducted. It is
thought by many, especially those who are
engaged In building, that a change could be
made for the better in the system Of loaninQ
money. 1t is claimed that the cost of obtaining
loan is too great. Money has been so plenti-
ful that In recent times it has been possible to
obtain small loans for per cent. The regular
rate has been per cent, and is now the rate
where the amount Of the loan exceeds very
much 90 per cent Of the value of the property
securing the loan: But even when the rate Is
per cent it is said that the Communication. coat
of scare hing the title leool foaa A. 49,. ~ :.