Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-10-20
REAL ESfATE GOSSIP
City Lots That Can Be Bought for a
Dollar and Less.
8 T.
THE LEGITIMATE BASIS OF VALUES
What Business Property Pays and
the Suburban Future.
SOME NEW BUILDIN G S

WhethSr there were any lots WITHIN the
bounds of the city which could be bought
for dollar or less per square foot The
man who asked the question was evidently
of the Impression that the values had reach
ed such height that there was no more
land of that description left in the city.
Probably his idea of land values was based
en- the impression which he had obtained
from seeing in the papers occasionally an
account of the sale of some exceptionable
piece of property. The price mentioned, of
course, would naturally be a large one, and
it consequently occupied large place in his
mental conception. 1t is not to be expect
ed that men who have business to attend
to and their living to cam will keep posted
on the advance in the values of real estate
unless such information happens to cone in
their line.
Most people, however, have a general idea
Of the conditions which surround them, espe-
cially whether they are of a prosperous
character or not, and so 1t happens that
there is probably no one so engrosscd in his
private concerns, or so far away from an
interest in local matters, that does not ap-
preciate the growing prosperity of the city.
1t is not necessary, however, that there
should be any exaggerated views relative to
the interests of the city; the plain facts are
sufficiently gratifying and fully attest the
present greatness and the future promise.
There is no doubt, however that a coed
number of people, like the person referred
to above have rather vague and misty ideas
as to the value of property. Many people
of this class have money which they wish
to invest in unimproved property, but in
some cases the erroneous ideas which are
afloat in regard to property values turns
their attention in other directions and pre-
vents them from making proper inquiries.
Desirable building Sites.
If space would permit the enumeration of
all the property within the limits of the
city which can be purchased for q dollar
and less no doubt the publication would
surprise a good many people by its length
and also uy including mary really de
srable building sites. A few weeks ago
The Star gave a selection from the list of
properties offered to the Commissioners as
site Tor an engine house in the north
eastern section of the city. The prices were
given in each instance, it the in
tentiol to show what was believed to be
the idea. of the property owners to the
current value of property in that locality.
good deal of this properly was offered
at less than one dollar per square foot
1t has not been estimated exactly what
the percentage was, but no doubt If such
a calculation was made it would be found
to be quite a respectable proportion. What
is true of this section is also true of every
section of the city, not even excluding the
northwest, where 1t Is supposed that high
prices are more prevalent. 1t is not in
tended to be understood that eligible build
ing sites on the fashionable avenues of
the city can be secured at such figure,
but 1t is true, and investigation viii verify
it, that good building sites in desirable To-
caliti-s cali be obtained for one dollar and
less per square FOOT
All this goes 10 show that. generally
speaking, prices Of real estate in this city
are regrlated by a legitimate condition.
Even i'll localities where high prices pre-
vail and where figures are at the top notch
it viii be found that in the majority of
cases the income which the property yields
justilies the prices.
What Business Property Pays.
A short time ago a man Offered for sale
some property located on one Of the lead
ing business streets of the city. He was
informed by the person whom he hoped
to have as a purchaser that the price was
too nigh, and that the rents would not
justify ii. He concluded 10 see whether
such an assertion was well founded, So
he asce-tained what revenue each building
yielding along a certain square 'front.'
ing on the business thOIoughfdre. Then
calculating On the basis of the current
value OF .he property, the income which ii
would yield at the rents obtained he found
that on the same basis the properly winch
he offered would yield on the figure named
t,,.i,,.- ,,r,,,ar,y oenec;ajlv in view of
uioi1rSs r. Pt' nbpan"aHant ,n yai,,es
such an Investment may justly be regard
ed as gllt-edged.
Future of the suburbs.
Recently a sale was recorded in New York
city of a large tract of land lying opposite
the Morris Park race track to john Jacob
Astor This nronertv is at a considerable
- -, =, -. ,;,, =, a.,
instance peso,io .iie pie'.n. i'''i'a Va .iie
great metropolis but the Astors' whose I'M
Hlehse wealth. Is largely III we" ioih CITY
u,or,,erfmi gropph &c that c,tv in the mast
will de duplicated in the future, and that
the territory now lying long distance from
the noise and hustle of the city, and de-
soaeu 10 iatiing PURPOSES ,,t 70 hheiy 70 oe
ionptheadsI nurcba sas of a similar cbar-
acter have done much To swell the Astor
millions.
Several comfortable fortunes, IL not mill
lions, have been made in the vicinity of
future will witness sirniIar nsac,ions II
is safe to say that land purchased within a
reasonable distance of this city is bound
to enhance in value. There may be times
when certain localities may not forge ahead