Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-06-09
REAL ESTATE GOSSIP
Additions Being Made to the Num-
Der of Apartment Houses.
REGULATIONS as TO TALL BUILDINGS
The Interest Rate as an Indication
Of Property Values.


SOME IMP ENTS
People who like to live in apartments.
with as few Of the cares of housekeeping
as is possible. will find larger variety of
buildings adapted for this purpose in this
city at present than ever before. AS COM
pared with other cities. the apartment house
does not flourish here, the reason being that
space Is not such an important considera-
ton here as 1T is in cities where the area
OF population is much more limited. During
the present season several buildings of this
description are being erected, and these,
added to the number already in USE will
make quite a respectable list of buildings of
this class. The houses that have been
erected and are being erected are not of the
elaborate character, either in design or size,
which are usually found There is one ex-
ception. however, and that is the apart
ment house which Mr., Schneider is putting
up on Q street This is really an immense
building for Washington. 1t is to be twelve
stories in height, and the measurement
from the level of the sidewalk to the top
will be $50 feet. AS has been stated in The
Star, the iron construction is to be used
and this framework is to be filled in with
brick and stone.
The building is practically the first speci-
men Of the class known as Sky scrapers."
which are so common in other cities, espe-
cially throughout the west. The tallest
buildings in the city, excepting, of course
those edlficeS which have steeple or tower
elevations, are dwarfed in comparison with
this great structure. The Washington Loan
and Trust Company's building is about 10
rect nigh, the Sun building is little taller,
Whlle the Moses building is only 90 feet.
Yet this new structure will tower to the
height OF 80 feet. 1t VIII be twenty feet
higher than the building regulations of
Chicago now permit the erection of any
building. Perhaps this latter fact gives a
more impressive idea of the height of the
new building than mere figures or COM
PARSONS with other structures in this city,
for 1t is greater elevation than buildings
are now permitted in the place where the
erection of lofty structures has been most ex-
tensively carried on.
Chicago Has Fixed a Limit.
1t Is true that in Chicago there are build
inss which are much higher than this new
building, but some time ago the Chicago
authorities decided to draw line on "sky
scrapers," and in the future buildings viii
not penetrate the smoky atmosphere of the
windy city greater distance than 100 feet
This change in the building regulations of
that city Is 50 recent that the reasons for IL
are comparatively familiar. II is sufficient
to say that the disadvantages as well as
danger of such lofty structures more than
balanced their advantages, at least as far
as the general interests of the community
were concerned, and so this check has been
put upon Individual enterprise
II Is probable that the city authorities
here will take this matter into immediate
consideration, for II is known that Mr.
Entwisle is not favorable to the tall build
ing craze He thinks that there is no ne
cessity for 1t, and that a building of mod
crate height answers every purpose. As
Tar as the building regulations are concern
ed. man can build to any height The
only limitation is that IL a building ex-
ceeds the height OF seventy-five feet IL must
be fre-proof in construction 1t is thought
likely that another amendment will be made
to the regulations fixing a limit to the
height Of buildings.
Values of business Property.
Every once in awhile statements asa
made which show that in the opinion s.
some people land in this city has reached
a high figure There is no doubt that land.
especially in the business section, is more
valuable now than It was several wears ago.
and 1t Is equally safe 10 assert that the
future will witness a still farther advance
rms is always the case in cities that are
growing and prosperous. Prices of property
here have not reached the altitude that they
have in the leading cities, not only of this
country, but of the world. Quite recently a
sale was recorded of q lot on Cedar street
between Broadway and Nassau street in
New York city. which had frontage of 96
feet and a depth of s.. The price paid was
$40 per square foot.
About year ago lot at the corner Of
broadway and Fulton street, in the same
city, was sold. The dimensions were 29x76
feet, and the price paid was Sl11 per souare
foot Not long ago several lots in Cornhill
London, In the vicinity OF the Bank of Eng
land, were sold and the price averaged was
$50 per square foot.
Interest Rates n Test.
1t is not true, of course, that real estate
values here are on a par with those I'm the
great centers of trade. 1t is the history of
all cities that as they grow in importance
and wealth property enhances in value
The character of the valuation placed upon
property changes from more or less vari-
able quantity to something that is fixed
and determinate. This accounts. In part
for the low rate which prevails for loans
on property in some of the principal cities
of the world In New York. for example
real estate loans are commonly made for
3 or per cent. In this city the rate is
or per cent, while in other places. where
the value of property is more fiuctuating.
the rate of interest runs all the way from
S to IL per cent and sometimes even higher
rates. High rates are generally taken as
an Indication that the borrower is not al
together certain that in the event the ne
cessity arises he Will be able to get from
the property the face value of the loan.
Here In this city where per cent has been
the prevailing rate. 1t is now quite common
to hear of loans being made at per cent.
This change in the rate which is gradually
being made is another evidence of the sub
stantial character Of property In this city.
Capital, which is proverhially timid, has
evidently changed its rating Of the value
of Washington property.
New Building Regulations.
The building record for the week ending
yesterday shows that twenty-one permits
ere issued during that period to erect
houses at an aggregate cost of SIO,2s0. OF
this number fourteen permits were taken
out to build new houses in the northwest
costing in the aggregate, $4,000 The
southwest captured three permits for houses,
whose aggregate cost amounted TO $l,630.
The southeast has two permits TO its credit,
at an aggregate cost of 81 $50 The north
eastern section was neglected, and the coun-
ty secured four permits for new houses, that
will cost s., 800 in ALL
One of the features of the week was the
issuance of the new building regulations.
All OF the new amendments are Incorporated
in the new book, which IS neat little doc
ument OF sixty pages, containing a fund of
in formation about building. They may be