The Providence news. (Providence [R.I.]) 1891-1906, 1894-10-15
REAL ESTATE.
Result of Interviews With
Brokers About Town.

WnHe tnere mas been no concerted
boom in real estate for the past three or
four years the brokers' state that business
this fall is little better than last year at
this time. There is no good reason given
for the Improvement and it is looked up
on as an unhealthy growth" among real
estate men.
Many Of them say there are several
drawbacks TO happy contamination
of real estate advancement, chief among
which is the lack of ready money. Not
but that there is plenty OF money in
Providence, but 1t is tied up and those
who can will not put IT out to encourage
the building up OF the suburbs,
preferring, in many cases, to take
Western debentures to large extent. A
case is cited where prominent real estate
broker recently tried to place . mortgage
for about $4,000 with a city bank, on
property worth nearly $4,000 and was told
that the bank had no money, but before
he left he institution heard them
arrange for 100000 worth of debentures
in Western city where, presumably, they
had never seen the original negog iator,
the fact that prominent public official
was at the head of the scheme being re-
communication enough.
Then there 10 said 20 be cons siderable
jealousy among the brokers which pre-
cludes, or has 40 far, the possibility OF es-
tablishing a much needed real estate ex-
change. 1t will readily be- seen
that where piece of real
estate is in the hands OF q half
dozen different brokers to sell, as
is frequently the case, the successful
one is envied OF all the rest and where the
CO mmission is large enough litigation is
liable to ensue. But that hardly pays, as
the cost more than eats up the amount at
stake, so a general apathy or internal war
fare results.
And again an exchange would facilitate
transactions wonderfully. A customer
could go and talk with the broker OF his
choice feeling sure of having an equal
chance OF getting hold of special piece
Of property without having to consult one
who is Objectionable to him, and vice
versa.
The opening up OF large tracts in the
suburbs for residences of clerks, sales men
and mechanics, who are too poor to paw
$1,000 down for q home, is another dis
feature of the trade, according
to large dealer.
This is practiced much more extensively
in most of the other cities in the country
than here and is believed to be conducive
To good citizenship. But here, it is said.
as soon as such tracts are improved the
assessors increase the value of prop
erty to an extent all out
OF proportion to that adjoining and
nearer the city, perhaps, and the poor
man hardly feels inclined to accept the
chances, preferring 20 pay rent. One
thing Is certain, il visitors from other
cities are to be believed, and that
Is that our suburbs are the
least attractive and progressing of
any in the United States. Take Cloye- |
Iand, o., for instance, and one will not |
find 5000 house on one lot and a dump |
ing ground on the next, as is often the |
case here. Considerable Providence |
money has gone toward build |
ing up Cleveland and the
real estate men of this city are won
iering why charity should not begin at
home.
Real Estate Notes.
Mrs. Mary Gilroy is about to erect n
~ STORY dwelling house at 103 Wander
water street, Central Falls.
The Central Real Estate Company is Law
ng the foundations for large building on
born street, next to the old Hoppins
state. 1t will be four stories high, with
3 feet front, OF buff brick and will con-
ain Ave stores on the lower floor. Offices
md business apartments will occupy the
upper stories, and steam heat and modern
improvements introduced.
The total number Of buildings in Provi-
lence, exclusive OF business blocks. ac-
ording to the report OF the chief OF police,
pprox INMATES % 2,499. OF these 1851 are
Iwelling houses, including those with
toros, and 593 are msnufoctories.
Mr.. l.. ID. Newell OF the Paris House has
fought large tract OF land at the corner
4 Broad and Wheeler streets and is be-
inning the erection of handsome resi-
enco thereon.