The Providence news. (Providence [R.I.]) 1891-1906, 1892-02-10
NEWS OF REAL ESTATE.
A Great Reaction in New York Real
Estate Being Felt,
WHILE OUR CITY IS BOOMING.
Building Operations In New York and
Providence Compared.-Th Home City
to be Seen In Favorable Light In
tentions to Build.

The great activity displayed in building
trades in this city furnishes marked
comparison to business in New York
where everything pertaining to real estate
is taking reaction.
In New York there Is but little in build
ing operations going on. Some years ago
there was a great building boom. but this
has ceased and reaction is taking place.
The reasons for the reaction are various.
One is the elimination of the apartment
house idea. City flats are now on sale at
large reductions from their once specula-
tive value. The cold, unornamented, ex-
terror with little, in the tenements,
planned for ease and convenience has
ceased 10 make the apartment house
favorable with buyers. Another reason
for this reaction is the improvement in the
facilities for rapid transit This reason
may seem somewhat misleading, but
nevertheless is true. Rapid transit en-
hances the value of property largely In
the suburbs the value the value of down
town property declining As rapid tran
sat has put the suburbs in easy reach OF
the business man there has been great
exodus of down town people Into the
suburbs and left numbers OF empty Hats
and apartment houses.
The effects of this reaction are now being
felt. The returns being so small capital
lists will not invest money in real estate
aud apartment house buildets are realiZ-
ing nothing from their property. Build
ers have little work. Real estate when
sold is at "a great sacrifice and there are
days when no sales are made. This reac-
tion probably Is only momentary and soon
things will gain their equilibrium. such
reactions have been felt in Boston, Pbila-
delphia and other large cities, mostly for
the same reasons herein given.
A comparison made between Proyi-
dence and New York building trades puts
this city in a very favorable light. Provi-
dence is enjoying at the present time
quiet boom in South Providence. For
the season builders have "A large number
of contracts, not only in the boom re-
gion, but in all parts OF the city, which
shows healthy tone to the market
Large investments are being made in real
estate, which bring good returns. There
is "A good demand for rentals, and the
number of vacant tenements is compara-
lively few. Transactions in real estate
are numerous, and pass for their value.
Such companies as the Central Real Es-
tate Company, and the American Build
ing Company are steadily adding valua-
BILE property to their already long list and
are doing gratifying business The line
of electric cars will most probably add To
the value of the suburban property in
South Providence while down town prop
erty will not suffer in its value as such
companies as those just mentioned are
buying up real estate for the purpose of
building business blocks.
The growth of the city is natural one
and such reaction as New York is now
having is not likely to be seen in this city,
as our building trades are neither stuffed
or weak but healthy aud strong.
There are many improvements being
made to real estate in different parts of
the city Scarcely a day passes without
Intention to build or of improvements to
certain real estate.
McKenna Brothers are erecting a bot
Ting establishment on triangular piece
of property on the corner of Harris and
Atwell's avenues. opposite To the building
of the American Brewing Company,
which is now being erected.