Evening star., 1898-03-05
REAL ESTATE GOSSIP
Views of Those Who Lend Money
About Shoddy Building.
WILL DISCOURAGE fHE sPECULATORS
The Demand for Modern Conven-
fences by Suburban Residents.
SOME n EW B UILDI n .GS

One Of the features of the realty market
at this time of the year ig the prepara-
tions which are being made for the build
ing season. This involves the cooperation
of afchitects who prepare plans for new
buildings, the various contractors and ma
terial men, who are engaged to do the
work and furnish the supplies, and then
som times, and not least important, those
who are called upon to advance money.
1t is not uncommon, especially in the case
of the erection of private residences that
the transaction is a cash one throughout,
but real estate is held I'm such high regard
as an investment there is no difficulty in
securing loans within, of course, reason
able limits. Some of the institutions as
we'll as individuals, who are in the habit of
furnishing money for building enterprises
have come to the conclusion, however, that
for the future at least they will draw the
line on loans so as to especially exclude
the granting Of apple atoms for funds to
erect buildings on purely speculative
basis.
Discourage shoddy Building.
1t is claimed by some that there has been
too much building of this character in this
city during the past two or three years.
and that it would be we'll to call halt for
| little while at least. Others, however,
| take what might perhaps be looked upon
as broader ground, and will refuse such
loans because they regard 1t as public
/ injury to encourage what might be called
shoddy building. 1t Is asserted that men
who go into such enterprises entirely on
borrowed money have, as rule, only one
end In view, and that Is to get out as
quickly as possible and with as much
money as possible.
They do what is called Skin work." be-
cause IL can be done at cheaper rates, and
as a result when the houses are finished
the green woodwork bsgtns to shrink and
| great cracks appear in the doors and win
| dows, SO that it is impossible to keep a
house warm, and there is SO little lime in
the mortar used in the walls that 1t crum-
the property Is SO rapid that In remark
| ably short time 1t is impossible to either
rent or sell to a desirabfe class Of people.
Will Refuse, Loans.
Some men who have the control of ths
| investing of a great deal Of money take
the position that to encourage such build
ing is not only detH Himent generally. but
finally comes back upon themselves. as a
wide area Of property lis affected. For this
reason some of those at the head Of large
| financial institutions have decided to re-
| fuse loans where from the specifications
| Of the proposed buildings or for any other
cause they have reason to believe the work
to be done Is of an inferior character.
On the other hand, it Ia, said to be a ques-
| ton with the men who receive money to
put up such Structures whether 1t pays
them to do the work, for the reason their
| bids are not accepted unless they are low,
and the margin of profit Is Night and some
| fore, question, from almost every point
Of view. whether cheap building pays. and
it is believed If the people who loan money
/ adhere to the policy do above outlined that
there will be less of this kind Of work done
/ In the future than hSS been the case for
| the past two or three years -
| A Handsome Residence.
Plans are to be rrepafed by Paul ].
Pelz, architect, for a lfesidence which Mrs.
Joseph Beale proposeg to build on Massa-
chusetts avenue between 10Th and 21st
streets, on the same eqtare where the
Blaine house is located. The lot. which
was sold through E. C. Baum ngras. real
| estats dealer, for Mr.. g. M. Bryan, to Mrs.
| Beale. has a frontage sofs,61 feet on the
south side Of Massachusetts avenue, With
an average depth of about l5S feet 1t ex-
| tends through to street, with the same
| frontage on this street, and Is similar to
the lot adjoining on the east, where the
residence OF Miss Grace DEMO Lttchheld
| is located. The lot contains 9,69l square
feet, and the Price paid. which was about
x4O.OOO, averages nearly "a per square loot.
| Mr.. and Mrs. Beale have been living for
some tims IN Tacoma, Wash, but 1t Is now
their intention to. make their home In this
city. and, as stated above. they are hav-
Ing plans prepared for handsome resi-
j dence.
/ Water ana slwers.
The growth in the Suburban population
of the city is likely to result in the near
future IN Fastening the extension OF the
sewer and water systems OF the city
throughout the region lying outside Of the