New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-25
TAMMANY'S BLIGHT ON REALTY.
ELECTION CONSIDERATIONS AND HIGH PRICES
DISCOURAGE BUYERS.

ELECTION CONSIDERATIONS AND HIGH PRICES
DISCOURAGE BUYERS.
The realestate market continues excessively dull and
the prices at which property is held repels buyers
Even at auction little has been done that encouraging
TO holders Some ground for the dulness may be found
in the indspositOn OF people to trade pending the
coming election 1t is feared by many persons that
there many be in the Tammany state ticket and
the subsequent results expected from NewYork Citys
government are enough TO chill investment and enter
prise except among the interests that close allie
glance to the Tammany Hall organization here out
side of this influence, which is more powerful and far
reaching in effect than property owners and cap
Itansts at times willing TO admit there is all AFRO
gance among would sellers with regard TO estimates
of values that is not justified by the action OF the
market in long time. "The Real Estate Record and
Guide" speaks boldly on this point, as follows;
During the corresponding weeks last year, and the
year before, fully twice much business was done as
then ns tbe brokers' Complained But this year the record
for almost stagnant market Is surpassed htte OF
matters are fully us quiet as they during midsum
mer, even the busiest Offices at the present time
This duness is explained by the firm high prices that
resist every attack that 10 made upon them AS We
past have been too high, and until they come down to
their true level there can be no activity large
of business property in only fair renting district that
does not yield per cent gross on his asking price and
..
This owner is type Of many who are Offering and
expecting to sell property on these same terms and
vet buyers they standing out for the largest
possible percentages their investments With this
extraordinary state Of affairs, is small wonder that
the real estate market is dult could not be other
wise, and the present holders OF real estate
realize this the sooner will there be change for the
better, large real estate dealer OF experience who
at the present time holds too much property 70 nave
object In talking down the market sad this week
that he intended 10 unload fast possible In his
opinion the wisest for who not In
vestors TO pursue Is 10 sell out their real estate for
the best price Obtainabe, for within tue next
eighteen or twenty months he says, prices bound
possible.
1t may be Just as well for holders OF real estate who
in the market to sell 20 at once realize the truth
contained In the above warning 1t IS easier for them
concessions than to walt until they are FORCED 10
make large advances to unwilling buyers, ana TINS l. MOI
at all unlikely II the tension under which the nldIhei
abors a present continues. Unless sellers viii con
market remain Just quiet as 1t Is now, Tor ~
their present mood would be buyers not disposed
to advance step. And If this dulEesS continues in
consequence OF the high prices the market may take
a sudden turn and right Itself ut the expense OF the
present holders and perhaps very much 10 their sur
prise. Added to this now rather old dlihculty OF mgh
| prices Is newer aud less important, because only a
temporary one and that Is the scarcity OF money Tho
money VIII Of come bark 70 New-lOik In the
spring but in the meantime the temporary scarcity
OF IL I'm the business centres is factor IN the qHet
! Of the real estate market.
The number Of cOnveyances recorded last week
was 49, involving 1924. 373, against l90 involving
60 $50. $50 In the same week Of 1890 The mortgages
recorded numbered 223 Involving $3,0Sj,356 against
! pas Involving S2,7S2 sol, n year agO. There wcrc
| mated cost OF S409075, against 142, at cost OF
| 81 ,720,405, q year ago