Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-09-17
REAL ESTATE GOSSIP
Handsome Profits Made in Some Re-
cent Realty Deals.
LAND VALUES AND RENTALS
Proposed Subdivision of the Bar
ber-Sherman Square.
N E W B y I L D I n G. S

1t is natural that such transaction in
real estate as was recorded the other day
when Mr.. A. L. Barber gave deed trans
ferring to the Protestant Episcopal Cathe-
dral Foundation the title to thirty acres
of ground at the southeast corner of the
Tenleytown and Woodley Lane roads should
attract Widespread attention. There were
several features which gave it general in
terest, such as the Importance of the
change of site of the proposed cathedral
and it's allied buildings, the price, $500 per
acre, which was paid for the property, and
the influence of the proposed improvements
in the locality. But what perhaps inter-
ested the largest number was the fact that
Mr.. Barber made profit in the land which
he purchased a little more than two years
ago of some $4,000. Just at this time.
when investors find it difficult to obtain
more than a low rate of interest on their
me ney, the possibilities which such a trans
action opens up are to say the least at
.tractive. 1t is natural that attention should
be directed toward land in the suburbs of
the city, especially only a short time
ago the Richmond syndicate disposed of a
tract of siXty-three acres, lying north of
the Barber property, on the Tenleytown
road, to Mr. John r. Mclean. The syndi-
cate purchased the property in 1889, and
between what was paid and what was OBJ
tanned shows a profit Of $4,000. A por-
ton of the consideration, however, was
square 1O9 in the city.
Profitable Ventures.
From these two transactions which are
mentioned because they are of recent date
and are still fresh in the public mind and
not, of cour9e, because they are the only
instances of profitable ventures in subur-
ban property, it would not be matter Of
surprise if the conclusion should be reach
ed by some that country real estate pre-
sCnts the only or perhaps the chief cppOr-
tunities for profitable realty investments.
OF course those who are familiar with
the material development of this city, or,
in fact, of any other. know that apprecia-
ton in values in one section at the eX-
pense of another is not the rule, but that
on the contrary the benefit of part is a
help to the whole -
The deal which has been referred to in
which Mr. Mclean was interested shows a
handsome profit in his investment In city
property. He purchased the square
which was made a part Of the considera-
ton in the year 1856. paying for the 12S,256
square feet which it contains AZ cents per
foot. In the transaction it was valued
at $50 per foot, which shows a profit Of
$140 600. There are, of course, other in
stances of profitable investments in city
property, as there are in property In other
sections of the District
Affecting Values.
Since 1892, or during the period of the
financial depression which was general
throughout the country, there has been
p1 actically no market for real estate. Fol-
lowing, as it did, a period of great activity
in realty, which eliminated in the rather
boomy conditions Of 1890 and 1891, 1t is not
remarkable that present prices as com
pared with those which prevailed when the
depression came should show to certain
extent q falling eff. 1t is generally con-
coded by those who are in position to
form an accurate judgment that land val
ues, as well as rentals, have decreased
during the past six years, but whether
either or both have gone below what might
be considered the normal standard when
the market is free from the eievating in
f1uences of great activity is q question
about which there is a difference of opin-
ion. Some are of the opinion that the only
result of the recent period of dullness on
cal estate values has been to strip off
what might be called the merely ephem-
eral or fictitious percentage created by
speculative demand. So that now, accord
ing to this view, values are back at the
normal point, and, in fact, real estate has
practically suffered no depreciation during
the past six years.
As to Values.
During the hard times as stated there
sequence but few sales were made, except
those that were compulsory. 1t is there
fore difficult to form an accurate opinion
as to the condition Of real estate values.
For the same reason i is difficult to de-
termtne what effect the building Of rapid
transit street railroads and the tendency
thus encouraged toward securing houses at
distance from the Ger ter Of the city has
had on what is known intermediate
property. 1t is believed, however that
there are still people lett who will exercise
their discretion in the selection of their
places OF residence, ant, there is more
reason for supposing lat practically ev-
erybody is going out to the suburbs to 1--we
than when In former years new streets in
the city were opened up the inhabited Sec
lions were abandoned.
Some transactions.
Some instances showing how values of
property within the old limits of the city
have been maintained may be cited. Last
month MIR. Chas. G. Thorn sold the proper
ty, 1918 F street, to MI. James M. Johnston
for $4,000. Mr.. Thorn in 1887 paid $37, 900
for this property. In the year 1895 the
property 1105 Pennsyly ania avenue north
west was sold for $3.50 per square foot,
the then owner having purchased the prop
erty in 1887 for $2112 per square foot. A
building lot on Massachusetts, avenue, near
10th street, was purchased in 1890 for "a
per square foot, while in the spring of the
present year the adjoining let of about the
same dimensions brought the same price.
Lots fronting on Lincoln Park. which sold
several years ago for 81 per square foot,
have within the past few months been sold
for $1.50 per square foot.
Other cases might be cited which would
indicate that values Of city property have
been maintained, and while, Of course,
there are instances showing a falling below
what might be looked upon as the normal
value, still the latter do not represent the
entire tendency of the market. The same
result would follow a comparison of rents.
There has been a reduction in the scale of
rentals, but at the same time when the
houses are maintained in good order and
are kept Np to date, good prices are asked
and obtained In fact, 1t is believed that
as soon as money once more seeks invest
ment Washington realty will not be over
looked either for speculative or income pay
ing purposes.
EnlarwinE a College Building.
A large addition is being added to F1ynn's
Business College, Sthsand K streets north
west The addition will be two stories and
cellar. The first story will be finished as
one room, 40 feet by 25 feet and IA feet
l hi nfn lx-ip