Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-10-08

renders . sale Of such property useless
guide to prices. Sometimes, however, there is
a sale which is Of interest, not because 1t fixes
or determines anything, but for the reason that
1t indicates to some extent at least the condi-
ton Of the market. Whether there Is any sig
nitoance attached to q sale or not, still it is
always interesting to know what property
offered at public sale brought. During the
past week a piece of property was sold by
Latimer Sloan, auctfonsers, which was To-
Gated in residence section Of the city. There
the sale. II was well attended and the lot
offered has dimensions of 25xl2O feet to a
twenty-foot alley. There is a four-foot alley at
the side and on the lot a small frame house,
which is, however, of no value. The property is
located on Q street between 18th and 14th
streets, and the price paid for it
s208 per square foot 1t is not
meant to be inferred that this sale indicates
that the price obtained is all that property in
that section is worth. The only purpose in
mentioning the sale at all Is to show what this
particular piece of property brought and each
one can form his own conclusions. Two dol
lars a foot, which is what this property brought
IN round numbers, is not looked upon . high
price for a building lot In such locality. The
owner, no doubt. would not have been SUI
prised If the price obtained had been 81 so in
stead of 81. 1t is too common to pay SO, 900 or
$1,000 for a building lot to excite any special
comment, and even then, of course, it Is under
stood that the lot is not situated in what some
might look upon as the fine resident section Of
the city. SUCH prices are pretty general in all
parts OF the city, and while ground can be
bought at lower rates, still the general rule holds
good.
PROFITS ON REAL ESTATE.
The prevailing prices for ground have caused
material change in the character of invest
ments in this city. few years ago purchasers
expected to realize at least or 10 per cent net
In rentals on property. 1t was not uncommon
to find investments that would pay a still higher
rate. Nowadays, however, investors a rule
must be content with a return of per cent net
Even this rate. which seems low here when
compared with what formerly prevailed, is still
somewhat in excess Of the net profits which
real estate investments yield in other Cities
When the ratio which rents bear to property
values was greater the interest rate of money
was higher. Then per cent was the ruling
rate; now money can be had for 5 per cent
These changes are along the line Of the city's
growth. and indicate that the city Is increasing
In population. In New York and Philadelphia
money can be had at still lower rates, and hence
it is that a good deal Of outside capital is in
vested here, and Is used to build up
and extend the city. A large percent
age Of the money invested in real estate
here Is in residences which are occupied by the
owners. The central thought in buying such
the demonstrating power Of the property be-
came a secondary consideration. People pur-
chasing q home are willing to pay more for q
site that suits them and for house that Is con-
venient for their use than for property pur-
chased for other purposes. This city is becom-
ing each year more largely city of homes
There never was time when this feature Of
city life was more stable and settled than it Is
now. Washington is no longer merely a tenn
porary abiding place. subject to great changes
- Ia, L. IA II
permanent homes, and hence the era Of specu-
lstive values is fast disappearing.
THE ROCK CREEK TUNNEL.
The great retaining wall which was built along
the front of Mr.. Waggaman's property on the
north side of the woodley road bridge has not
beenrebult. When the work of reconstruc-
ton is begun it IL expected that the new wall
will be on q much smaller scale than the old
wall. The plan is to place the new work on the
line Of Rock creek, and by series Of terraces
make gradual descent to the wall. A public
driveway will extend along the line of masonry
to the bridge erected by the Rock Greek railroad
across Rock creek. There is no doubt that this
driveway will be extended to the south OF
! the Woodley bridge. well to the north. and
when the plan which has been proposed OF arch
ing over Rock creek and filing the ravine is
| carried out this driveway will be another means
| OF communication with the city. As the growth
OF population has already, reached the
| eastern side of Rock creek it is evil
dent that some means must be adopted
of getting rid of the obstruction which this
waterway presents. 1t is already used in part
| as a sewer, and Independent of other reasons
that fact will compel the adoption of some plan
| to make what is now an open sewer a closed
| one. When that part of the ravine of Rock
creek which separates Washington from George
| town is filed up large area of valuable land
will be reclaimed and the approaches to both
| sections of the city on each side of Rock creek
viii be made more slightly.
Mr.. wEBB's RESIDENCE
Apretty house is being built for Mr. H. Ram
dali Webb on 18th street between G and II
streets The design was drawn by A. b. Bib,
architect, and is pleasing study in brick.
The mont Is plain, but attractive. bay pro-
lection extends through the second story and
| the top forms u line with brick cornice across
the front Above Is the third story. The ef
feet of lowering the cornice is odd. Stone is
used sparingly in connection with the brick,
and the exterior has a substantial. wholesome
appearance. The interior arrangement Of tho
house is convenient and has o number Of pic
| turesque features.
BUILDING FOR THE WEEK.
During the week ending yesterday fifty-one
permits were taken out for the erection OF new
dwellings. The aggregate estimated cost Of
these amounted to $751; The northeastern
| section again leads with the greatest number Of
permits. Nineteen were taken out, costing
| s45, IT'S. Then came the southeast with fifteen
permits at S3l, 700, followed by the northwest
with nine at $7S,0o0. the county with eight at
SIS, 800 and the southwest with three at 81, 800.
HAnginEs in the south.