Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-04-30


i4gy=E s m ::'; t.. ! 4, g: !: ::''
come to the conclusion
that they must DO regarded a experts. Not
long ago an array OF witnesses were
brought forward to testify to the value
OF the proposed ritv post office square. Then
IL Wa sought 10 Illumine tie judgment of the
Rock Greek PARK commissioners by Heaus of
the knowledge supposed 10 he acquired by real
estato dealers Now the PROCESSION of real
estate judges IL headed toward Capitol Hill,
and the committee authorized by the
House 10 investigate the assessment Of prop
erty IN thu District il getting the benei:
OF their opinions ~ to- values. During the past
few days a good deal of valuable Information
has N this way been clIcIted- The committee
has had the advantage of learning what differ
eht men think OF values, especially IN the bust
nes7 section of the city which extends along
Rom 9Th To 18th street There ~, perhaps, no
section Of the city to which the atten-
ton OF the public has been directed
with more frequency during the past few
years. Property values. 40 Indicated by the
many sales. have apparently been bounding
up with a THpI!;ty that has astonished all and
made the Conservative uneasy. IL Is not sur
prIslnS IN the EXPANSION of the business in
,eIests of the city and the consequent demand
for business sites that property values have In
creased neither Is 1t remarkable that the valua-
tiOns pstced upon this property three years ago
" tut h7StsooIs HhUt4I SHOW u HldNAS0 uluSA-
elcs from tile quoted market prices.
VALUES EN.dGEKArED.
The general tenor OF the testimony tina: has
thus far been brought out by the committee
shows that there has been somewha, exagger-
ated opinion prev .lent relative to the valHes Of
street property. fruitful source of the
mIscOnccptIOn ON tins subject Is due to the
practice general here of speaking of prop
eTty values the basis OF 50 mach square foot.
Az Is well known, the mere per foot price of
property is misleading for purposes OF com
parisou. For example. a lot may sell for s3 per
foot and lot the same neig hbor hood for
about !. l30 per foot. On this basis the latter
price Is. OF course. all advance on the former,
bat when the square contents of the two lots
known and one il found tn be 25xIO0 feet
and the other 25x10, then it IS learned that the
cost Of the two lots was about the same. The
difference III the size of the lot represents the
difference IN tho per foot value.
But this latter figure is what clings to tho mind
of the average citizen. while the square con
tents Of the lot are forgotten. 1t is therefore
misleading in speaking of the values of prop
erty In any locality TO mention only the per
foot price II all lots were Of the same depth
then the per foot price would be 4 fair measure
of value. There has been no instance of "a sale
of corner property on + street when the price
paid. calculated ON the basis of the average
depth of 100 feet. has exceeded S3l per square
foot The highest prices paid for IN
been about s25 per foot. In both instances
there have been circumstances which have
tended to make such prices rather exceptional
A conservative estimate of the ruling values of
j street property would place inside property
at a valuation of from so to SIS per foot and
corner lots at from s25 to S35 per foot. 1t is
not meant to be understood that the owners
would be willing to accept these prices. but
that Is what would probably be obtained at a
sale under favorable circumstances. As far as
r! he ;tseertaIuel from a. of tbs.
yaiues given III the testimony before the COM
mIs.ee these figures represent the average val
uatioh
SOME FINE HOMES.
In few days ground will be broken at the
northwest corner of 10Th and Riggs streets for
the erection of handsome residence. which
will be the home of Mr.. Justice Brown. Sew
eral months s..,o he purchased lot 47xlG0 feet
and he has had plans prepared for u residence,
which when built, will be one Of the hand
somest homes in that locality OF
tine houses. A few blocks TO the
south. at the northwest corner of 18th and
streets. Is n fine lot, which was recently pur-
chased by Nr. Il. L. Shear. The Old houses on
Tins site are being removed preparatory to the
erection of n residence which will be another
addition TO the number OF the elegant private
residences of the city. Senator Proctor has
recently acquired a spacious building site on
Massachusetts avenue between 18th and 18th
IL by the erection o: house for his own Use.
TIE LITTER HOUSE.
One Of the current runors during the week
was to the effec: shat Mr.. L. z. Letter had sold
the residence which Is in course Of erection on
Dupont circle 10 a New York man Bhe rea-
son assigned was that the owner had made ar
rangements TO spend several years IL Europe.
Mr.. Letter Is 80 present out of the
city. but those who in a position to
nf hla rp.n tfsNr,a a
not credit the truth OF this rumor
He has recently purchased some ground ad-
joining his new residence which will make the
building site one Of the most spacious in the
city. In addition to the ground occupied by
the house. which has a frontage on New Hamp-
shire avenue OF some hundred feet, there will
be ample lawns on all sides OF the house. There
was paid for the ground alone more money
than was ever before expended here for a
single building site. The ground cost con-
slierabiy over slO0. 600, and II Is probable that
the house, which Is nearing comp.e.I lion, viii
cesi something like Sl5O,0oO.
PURCHASE OF SUBURBAN PROPERTY.
Mr.. I. e. NewiEnds has recently made an I'M
portant addition to the extensive holdings OF
suburban property which he has acquired IN
the vicinity Of this city either his individual
name the representative OF the Sharon
estate Tie las practically completed tie ne
Go;lations for the purchase OF the Henderson
place which Is situated on the sou:h side of
WOodIey Lane road. This property is situated
Just east Of the Busey place. now owned by Mr..
NewlRnsis, and contains abOut fcrty-tlree acres
The price paid. ~ Is understood. Is consider
ably over S3. 40 per acre. il Is stated TO be
the intention OF the owner TO subG.vide
this property into building lots some time IL
tie near future.
LAND PURCHASES.
One Of tine large TRANSACTIONS in property re-
Gently concluded was the purchase by W. r.
kellogg Of a large block OF land on the east
side OF 18th street between Harvard and Eene-
saw streets. Columbia Heights. Ii contains
about foar acres. and the price paid was about
IS cents per square foot. Quite n large block
OF land ON Meridian ayenue. Meridian Hill and
the frontage % square s0i on Florida avenue
between ith aud 9th streets northeast were also
recently sold
EDWIN A. SEwMAS's NEW RESIDENCE
Another fine residence is to be built on New
Hampshire avenue between Il and 5 streets.
the plans Of which have been prepared by T.
i. Schneider, architect for Mr. Edwin 4. New
man. 1t will be 70 feet wide by 80 feet deep
and the length of the lot affords ample room
for q large stable, which Will also be built. The
front of Inc hous.i viii b. OF stone and Will DO
three stories high. with a finished basemens
and attic The front will have n circular