Evening star., 1898-10-22
REAL ESTATE GOSSIP
How Property in This City is Regard
ed as an Investment.
4 LARGE MANUFACTURING PLANT
This City the Headquarters Of the
American Institute of Architects.
T II E NAL TYPE

There Is so much interest just now in the
architecture of the colonial period that the
practical restoration of such a fine speci-
men as the old octagon house at the north
east corner Of New York avenue and 18th
streets is likely to make that place one of
the points in the city which will attract
the attention of visitors. The features of
this house, however, will probably be
known beyond the limits Of the city, from
the fact that the building has been Sc
lected as the headquarters of the Ameri-
can Institute of Architects.
Ihe work of restoration has been done
under the direction Of a committee of that
body, of which Mr. Robert Stead is the
representative in this city, and Mr. Stead
mas been in charge of the improvements
The institute has a lease on the building
tor ten years, and as soon as it is ready for
occupancy the records of the institute Will
De removed rom New York to this civ
ana hereafter the permanent home of the
institute will bs here
Substantial Building.
fhe 1st of next mcnth the annual meet
ing Of the institute will be held, and the
new quarters will, it Is hoped, be ready for
its use. AS is well known, the construction
of this house was begun in the year 1898 by
Col john Tayioe, one of the weaithiest men
of that time in this locality. The mouse
was substantially built, and, even after d
lapse of one hundred years. the brick walls
are solid and firm. Every third course IS
d header course. For years past the pla &c
has been neg,ected. but in the work OF
restoration It was possible to find beneal
the coats of pant and wall paper, ana
even or WhiteWaSn, the original decoration
of the walls. The dining room has been.
therefore. finished in green and the parlor
IN pale yellow.
Mantels II Century Old.
The stone mantels in the parlor and din
ing room, which, from the Inscriptions are
known to have been made in London in The
year 1893. are eiaborately carved and have
modelled figures. After having been cleaned
they are in very good condition. All the
doors on the first floor ar. solid nah ,g-
any, and they have been scraped and re-
stored. 1t Wds found that the brass knobs
mad been removed fl ON the doors. but for
tunately one was found. and duplicates
have been made.
This work has involved the expenditure
of considerable money by the institute, but
1t IS thought the details of the house We're
SO good that its restoration would prove of
interest not only to the profession but to
the general public. In the opinion of those
who are familiar with colonial architecture
the details in this house are better than
anything of the sort that can be found in
New England.
Real Estate as an Investment.
Those people who doubt that the market
in real estate is better than 1t was last
year at this time are no doubt very much
surprised at the prices which are being OBJ
teined at auction sales. Recently there
have been instances of pieces of property
offered at private sale at certain figures
with no purchasers which have brought at
auction from $500 to $500 In advance Dur
Ing the past week, while not exactly an in
stance in point property on f street was
sold at figure which is generally recog-
nized as being good one.
1t is true that the price obtained was not
what the property was rated at four or
five years ago. but still the bid at which
1t was knocked down was higher than some
estimated it would be possible to obtain.
THIS instance, rs well as others, is believed
tot otindicate that money is seeking invest
ment in real estate, and when reasonable
return on the money can be shown buyers
are not wanting This change in the market
is one that is appreciated by the dealers
and others who are familiar with the con-
dit:ons that have prevailed here and
throughout the country until quite recent
ly. when 1t seemed to be impossible to get
a market for real estate under any circum-
stances.
Proposed Subdivision of Property.
A representative of Mr.. James Elverson
has proposed a plan to several owners Of
property on the 7th street road which, If
carried out, will result in the uniform sub
division of nearly two hundred and fifty
acres of land lying on the west side Of the
road north of Br.ghtwood ---r. Elverson is
the owner of what is known as the Clagett
tract, which contains eighty acres. Direct
ly south is the property of Ex-Governor
No., I'D lr,,A
prisng fifty-three acres, and next are ten
acres belonging to Mr. Henry A. Willard,
while still further south is a tract of nine
ty-one acres belonging to ex-senator Don
Cameron. All this land extends from the
9Th street road west to the line Of 10th
street extended which forms at this point
the eastern bounds of Rock Creek Park.
1t is proposed by DIR. Waters, the repre-
sentative of Mr.. Elverson in this matter,
that the owners of the properties above re-
ferred to unite in making a subdivision into
building lots which can be placed on the
market. In the event the owners do not de-
sire to enter into such an arrangement, it
was suggested that their property could
be purchased outright.
Action of the Owners.
1t is understood that all the owners have
consented to make a subdivision of the
property with the exception Of Mr.. Camer-
on, who Is now in Europe. and who has not
US yet DSeH HedTu from on tnlS SUBJECT, al
though his agent in this city, Mr.. NJ. NJ.
Parker. has written him. bringing to his
attention the proposed plan.
II is stated, however that Mr.. Cameron
a few years ago declined an offer of 81 800
per acre for his property, not because he
thought it was worth more, but for the rea-
son that he regarded 1t as an excellent in
vestment for his children.
Large Manufacturing Plant.
One Of the largest manufacturing plants
in this city is the one which is conducted
by Mr.. NJ c. Stone where he has force of
some six hundred employees engaged in
making novelties For the past thirteen
years he has occupied the upper floors of
the building 430 9th street northwest but
the need for additional room has been an
urgent one for some time. He has now
made a lease of the Houghton building
121S-1o20 + street northwest, six-story
structure owned by Mr.. Henry Strong.
Some necessary changes and improvements