Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-19
HOW THEY VIEW 1T.
Prominent Real Estate Dealers Air
Their Opinions of the Market.
VALUES AND THEIR TENDENCY.
Prices May Creep Up Some in Response to
the Demand, but There Will be
NOTHING LIKE A RADICAL DEPARTURE

The leading features of the real estate mar
ket are brisk demand for large tracts OF
land, and the great number of building sites
being purchased by workingmen. Both of
these characteristics are favorable to the con-
tinuance of strong, healthy market The
absorption of large tracts is but prelude to
next years activity. There is nothing to
show that it is the intention of the purchas-
ers to hold them for rise. The policy now
is to realize on investments as quickly as
possible. Such has been the case this year,
and it is not likely that it will be different
next year. These lands will, therefore, be sub
divided as soon as practicable. sold and built
upon. giving the working people additional op-
portunities to become proprietors.
But the increasing numbers of people in mod
crate circumstances who earn their bread by
the sweat of their brow, who are acquiring
homes, is the brightest and most encouraging
feature Of the market Such movement is a
sure guarantee against reaction since they
do not buy and build for speculation, but to
make homes for themselves and their families.
Every lot sold and built upon by workingman
strengthens real estate against a reaction, by
lessening by Sc much the supply; and the very
nature Of the bulk of the edemand-from people
OF small means, unable, if they were willing,
to pay fancy priests reasonable assurance
against extravaganza in the demands OF owners.
Concerning real estate generally, a member
of the firm of W. A. Heron & Sons said yes
terday evening: 1--WE can report the market as
in very healthy and satisfactory condition.
The inquiry for lots on which to build is still
active for the time of year, and the selling of
m OUod has
two years. The inquiry for business property
for investment is on the increase, and indicates
desire on the part of capitalists to look after
real estate as a permanent investment. We
can also report mortgages as in fair demand,
money ably easy. and an abundance of
funds available for all kinds of real estate and
other business transactions"
In regard to East End property, and the
probable tendency of prices in that district
Mr.. w. Q. Stewart had this to say yesterday:
There is a current belief that prices will be
lower-considerably lower-but such is not my
judgment. think so for these reasons: In the
first place, the bulk of the inquiry for property
is largely centered in Oakland, Bellfeld and
Shadyside and portions of th9Twentysecond
ward contiguous to the Schenley Park. People
wanting to erect expensive houses, costing
from SIS 900 to $40 00O desire to locate in Shady
side. These wanting to build homes ranging
in cost from 5000 to 5000 generally prefer
Oakland, on account OF the cheap fare and con-
venience to business.
This demand is causing q scarcity of
property in the districts named, and
the inevitable result will be the
enhancement of values at least 25 per cent
within probably six months; but the idea enter
tanned by some that the increase will be three
fold is simply absurd, ana it is well that it is,
for such an advance would discourage buyers
and retard improvements. At the present time
there is an active demand for this property, and
prices are not considered too high; but to in
crease them threefold, or anything like it,
would mean that owners would be compelled to
hold their property until they came to their
senses. To show that Shadyside property is
not too high for the demand, 1 will say that 80
days ago offered piece of property there for
Sl30 foot. A few days ago sold the esame
property for Sl58 a foot and this morning could
have got $780,
Regarding Squirrel Hill values, will say
that properties on that part of the hill bounded
on the north by Wilkins avenue, on the south
by Forbes avenue, on the east by Shady lane,
and on the west by Barton street. are very de-
sirable and in active demand and with few ex-
ceptions can be purchased at reasonable fig
ures; but they are bound to go higher, because
at present prices lots cut 200 feet deep are sell
ing at from $40 to $50 foot, and Oh Forbes
avenue, where it is paved, the acreage price is
only SIS foot and on the cross streets retail
prices range from $40 to $50 foot, on easy pay
ments, and can be bought much less for cash.
Considering the eligibility of this district
for residence purposes. these figures cannot be
considered exorbitant, especially when com
pared with prices at Braddock and other out
lying districts and with property located in the
hill district of Allegheny. / think the demand
for property in and about the city in all direc-
tioDs is sufficient to sustain values, and perhaps
as l have said, cause enhancement in favored
localities but do not look for anything like
boom, which would be the most undesirable
thing that could happen. On the other hand,
without a complete change of conditions, a ma.
terial depression is simply out of the question"
The local lumber trade is rather slack, as
compared with month or two ago, partly on
account of bad weather, and partly because of
the lateness of the season. Another reason is
the near approach of the end of the year, when,
as general thing, but little new business is |
attempted, owing to the uncertainty as to what
the new year may bring forth in the way of
business changes. In regard to this phase of
the matter wholesale dealer on Fifth avenue
remarked yesterday:
There are so many great interests in the |
would affect the entire business system of the |
country that capitalists are proverbially eau |
tious at the end of the year, when changes are |
liable to occur, rather, when they begin to |
cast their shadows before. Hence but little |
new business is being placed. do not wish |
to be understood as holding that there |
will be a collapse in any branch of trade at the
end of the year or beginning of next for there |
is not the slightest indication of it; but, with |
their usual caution, business men are getting |
their affairs well in hand, so as to be prepared |
for anything that may happen, good or bad; |
and this caution, this disposition to keen |
within bounds and not to needlessly venture |
upon untrled ground, is one OF the best guaran-
tees of the stability of business that can be
found"
Prices are more steady. but with dropping |
inclination incident to the season, but stocks
have increased somewhat within the past two
weeks and are adequate to the demand. Sea-
soned lumber is in better supply than earlier in
the season, when the want was greater. There
is some trouble in getting special orders filled
at the mills, from the fact that they are consid-
erably behind hand with their work; but in all
other respects the market is on a comfortable
winter basis.
THEY PICKED UP.