The Sunday herald and weekly national intelligencer., 1890-07-06
A HUNDRED A SQUARE FOOT
THAT'S WHAT ONE MAN EXPECTs TO
SEE F-STREET PROPERTY BRING.
Over $66 Said to Have Been offered and
Declined Already for "a Corner Lot-The
Extraordinary Increase in Values Shown
by Recent Sales.

by Recent Sales.
Although the census returns do not show that
Washington possesses quite as large popula-
tion as some people had expected, this hasn't
affected in the least the strongly bulish feeling
in the local real estate market The transac-
tions show great activity for this season of the
year, and the feeling among dealers is confident
to buoyancy. The most notable fact in the
market is the continued boom in F-street prop
erty. Every one who is so fortunate as to have
a bit Of ground on this thoroughfare hangs on
to it with steadily increasing confidence in the
firm conviction that even at the present prices
the true value has not been reached. What
makes these holders SO careless of selling is the
fact that each new sale made on F street fur
nishes fresh proof of the anxiety of business
houses of the most substantial kind to locate
there. All the purchases made of late have
been in the nature of investments rather than
for speculative purposes. In nearly every in
stance the new owners of F-street property con-
template the erection of fine new buildings for
the occupancy of concerns in which they are
interested. With this fact in all its bearings.
well understood the extraordinary boom in
F-street values is not so surprising.
When the small lot at the northwest corner
of Eleventh and f was sold a couple of weeks
ago at the rate of S45 per square foot every
body thought the tip-top figures for some time
had been reached. This was not, however, so
great an increase as in some other instances.
Mr.. Milburn had held the lot for thirty-four
years, having purchased it in 1866, at period
when prices were high for $4,000. The value
thus increased three-fold during the time Mr.
Milburn held it,
But since the sale of the Milburn lot a very
much higher figure has been offered for the lot
diagonally opposite the southeast corner of
Eleventh and F, occupied by Mertz's drug
store. 1t is said that downtown banking
firm wanted the property and were willing to
give S15, 600 for it. This is at the rate of $4,000
square foot, by far the highest price yet
reached. The offer of the banking firm was re-
fused, as the owners of the property believe
they will do much better within a year.
between Ninth and Fifteenth sell for S1OO
square foot within year." Il dealer said yester
day in discussing the above offer. ''Speculators
who can handle it can make more money in it
than on property in any other part of the city.
You see, street within the limits | have
named is street on which an immense amount
of business is done in a very small area
Every one wants to get on to the street, and
don't care what the first cost may be if they can
do so. Many of the most successful business
men of the city have located here in the last
few years, and others of equal prominence,
recognizing that the business is done here, want
to get in also. 1t is phenomenon well known
in the history of the development Of every
city, Business men know the importance Of
being where they can be easily found, where
every passer-by can see their signs. 1t won't.
do for them to be on side street. They must
be on the main thoroughfare, no matter at
what cost.
can interesting instance of the way prices
have gone" the gentleman continued, lis af-
forded by the history of the lot on +, between
Ninth and Tenth, on which the fine new bullds
jppD M tha Vat Tnjn nn EiraI IneI
pany is being erected In 1886 Messrs. Presbry
81 Green bought this lot for a certain corpora
tion for $4,000, about $S square foot. The
price then was the highest ever paid and was
regarded as very giltedged. The corporation
for which it was bought for some reason refused
to take it and it was left ON the hands of the
agents, The latter thought they had white
elephant on their hands, but to preserve their
credit hung on to it. The next year they sold
it for $4,000, or about $13 square foot 1t has
since sold for 100000"
The property along + street is now largely
owned by institutions and other wealthy and
conservative holders, who are not at all anxious
to get rid of it. There is said to be little or
nothing that can be bought on the south side of
the street between Fifteenth and Thirteenth.
The same is true Of both sides between Ninth
and Eleventh, and on the south side west to
Twelfth. This leaves very limited area avail
able in that part of the street on which every
one seems anxious to locate, and all of it will
doubtless soon pass into strong hands that can
and will hold it for prices much higher than
those that now prevail.
Naturally this steady advance in values on F
street has had its effect on all the adjacent
property. The entire region between Pennsyl-
Vania and New York avenues and Ninth and
Fifteenth streets has felt it, There has been q
steady and healthy growth. The buyers, as
! rule, are not spectators in the proper sense.
They have bought as an investment and do not
care to sell again. They recognize the fact
that within the area named all the great busi-
ness interests of the city will be centered, and
that prices will be steadily forced up, with the
least likelihood of slumps.
Some remarkable sales have been made
along E street of late. About ninety days ago
Mr.. Watson j. Newton purchased the south
west corner of Eleventh and e streets for
$4,000 He sold it within the last three weeks
for 100000, and the second purchasers have
since made resale for $65, 600. A piece of
ground on Tenth street, between aud the
Avenue sold three years ago for $500 The
seller bought it back within the past month for
$4,000 cash, and resold it within ten days, be-
fore he took title to it, for $l3,500 cash.
Property along street. which thirty days ago
could be had for five dollars foot, in now held
for seven and eight dollars