Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1891-05-08
BUILDING RESIDENCES

ID OILDING HESIDENCE,S
Staunton is being strained to accommo
date her new population. Her hotels ar,
full, the boarding houses have as much a.
they can do, and private families in large
numbers have taken resident guests. I'nt
all this is but temporary piecing oft. Tho
influx OF new residents want and must
nave homes. In conversation with MI. J
w. Bodley, the head of the great wagon
works about going into operation, the neet
he emphasized most was the building OF
houses. Your people must build houses ,
MI. O. X. Lapham of the Bark Extract
works, another extensive man OF affairs
also presses this need. The need of bust
ness houses has been responded to by the
erection Of some very handsome blocks OF
stores. But that doesn't furnish homes
If we cannot furnish homes to those who
come here Staunton cannot grow. 1t IS a
fatal mistake to think that without oul
doing anything to accommodate it and
make it comfortable, population will come
here. Virginia is too busy a State now for
us to assume that position towards strang-
ers. Men who are masters of any useful
avocation, who have families and who there
fore must have homes, can easily find work
elsewhere in the State if they do not find
homes here. There is nothing now to keep
a wage Garner day in Staunton if he finds
he cannot lie accommodated. and that at a
reasonable price. He will not have fifty,
thirty, no not twenty miles to go to find
work and find home where he can live as
he cannot live here.
What is there to prevent those having
means from building neat residences 7
Lack of profit ? The profit in building
whether for sale or rent, is the largest,
surest and readiest ever known in Virginia
OF known in any legitimate business now
being done in Virginia. Houses built now
pay profit in many instances of twenty
five per cent. if sold, and an annual interest
of ten per cent. if rented. Does any man
know of an investment as safe which Yields
as much =? We are speaking now from ac-
tual transactions within our knowledge.
A gentleman who has just finished three
81 800 houses has gotten tenants at once at
SIS month. We mention this case be-
cause the houses named are about the last
new residences for rent which have been
completed here. Another gentleman who
is building new house for himself has
had five applications to rent his old house
when he shall vacate it, at rental equal to
ten per cent. on it's value. These are only
samples taken from any number of similar
transactions.
There is no Investment so much needed
by the growth of Staunton; no investment
in which a small amount of money can
bring so good an income, and no invest
ment which is SO absolutely safe III it's
character as the building of residences
now. 1t may be said, and said truly. that
the price of real estate is high in Staunton.
But for all that, even with the high prices.
the profit on building is large A neat and
attractive residence put up here now, is as
sure OF ready sale OF rent as food is of con-
sumption. And if the rate of Staunton
real estate is high the Development COM
panies on the edge of town will sell real
estate Oh the line of the street railway at
more reasonable rates.
building and selling houses in Staunton
now, is more profitable than any other bus
lnesS man can engage in-mercantile.
professional, OF any other. 1t is certain
that our people who have capital are losing
by not building, and it is also certain that
the failure to build will be the cause of our
losing many valuable men.who would other
wise become citizens.