The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-04-08
TEE MARKET GLUqTBD
Why Real Estate Sales
Have Been Failures a@
This Season.

Real estate dealers have discovered, ,
but. sad to relate, too late, that che
market is flooded. This condition Of az
fairs exists at present, and has existed
ever since the season. opened. The natural
result of the overbupdening of any market
is a slump in prices and discouraging in
activity. These facts have bSen very
clearly demonstrated within the past
week. Dealers have offered TO the, pubs
some exceptionally fine pieces Of prop
erty. Some were vacant lois, .Qqt IN
nearly every instance, bidders were few
and low PRICES prevailed. Apartment
houses and dwelling houses, some with
all the modern improvements q otners
with Just what are essential to Any build
ing constructed for rental purposes. were
also offered. but there were no takers
TIL CAUSE OF IT. --
SIS this inactivity the result of the abr
sence of speculatorsfp 1asked a well
known dealer yesterday.
NO" he replied. but holders Of
property see the more extensive and ben
e1cfal Improvements are being made In
the county and city than have been made
in years. Some ofsthem want to sell. but
The first thing they do Ia to size up all
these public improvements and say:
We'll mine is marketable property. Nj.
So-and-So received such a price two years
ago for a lot adjoining my property and Ii
it was worth that muchsthen, 1t certainly
has q double value now They don't
consider for q momen the fact tnae nlty
other property owners are arguing III the
same way and Quitting the market.
.Of course Jersey City realty Is on the
inward turn, and l have seen time and
time again excellent offers refused for
property. But we cannot say TO a Gus
TONER, take that offer. you will never get
as good a one again. IL you mace any
such suggestion nine II of every ten
would take their business, elsewhere ADD
ia Dealer, SO and SO, does not care for bis
customers interests. He is always LOOK
ing tor his percentage no matter what
prices prevail We can't afford to do
business that way, blu some sellers have
made mistakes recently.
when some OF the property now on tne
market is taken of, business will be bet
ter.n
Dealers have had 1t demonstrated to
them that buyers want bargains. Money
is plentiful, spectators go from sale
to sale and are wanting to secure a plum.
People WON'T pay high prices because
there is too much property on the market.
Sellers won't let go at sacrifice prices and
here the matter stands.
CASES IN POINT
Warren & NugenG within a week Of
fered an avenue lot for sale. They re-
ceivpd an offer within $1,000 Of the
desired price. but the owner declined to
sell. The price offered was q fair one; in
fact was considered high, owing 10 the
fact that the buildings on the lot were
useless.
On Thursday, F. G. Wolbert offered
Hudson Clarkis magnificent property at
No. ia Grand street for sale. A fair
price was offered, but Mr.. Clark declined
to sell, and this Same performances has
been seen by real estate men in nine
cases ont of ten during the past two
weeks.
AS a result but few sales are being
made, and the marRet will have TO ne re-
Ieved before speculation will De up to the
mark.
The hill dealers are holding back prop
ersy they have for sale. The downtown
dealers also intend withdrawing some
they have been Offering.
Transfers.
Fillmore Condit to John ". Roche, for $500
lot. with premises on south side of Halstead
street. 100 feet west of Kearny avenue.
Mary j. Mackie to Archibald McArfnuri Ior
$500. lot Is, 1877 feet on Kearny avenue from
Quincy avenue.
RhodaA A. Lawton to Joseph Hugo, for $1,000,
lots IS and SO and part Of lot 81, at warren
street and Ogden avenue, West aoooken.
Mary !. Mackie to Thomas Williamson and
Anne Bormer. parts Of lots Is and IA in Block IL,
Frede rick otterstedt to Henry otterstedt, for
$1,000, lot 2, Block rs, easterly side OF Monroe
street, Hoboken-