Evening star., 1898-08-06
REAL ESTATE GOSSIP
Advance in Values as Shown by
Recent Transaction.
PROFITS FROM TWO INVESTMENTS
Advantages Claimed for Brick for
Suburban Residence Purposes.
SOM ME IMPROV en- EN- T S

quires the title to some siXty-four acres
of land the Tenleytown road. 1t
is not known, of course, precisely what
Mr.. McLean's plans for the future in re-
gard to this property are. 1t is possible, of
course, that he may build residence there
for his own use. or that he may improve
the old house which is now on the prop
erty.
He already has lease on country place
on the Woodley road in this same neigh
borhood, where he entertains his friends
during the spring and fall seasons. The
property which he gave in exchange for the
suburban land is the square lying between
18th and goth streets and S and Florida ave-
nue.. He purchased this square some twelve
years ago, and the only use he has made
OF 1t was as sort of pleasure ground, al
though it is said at one time he intended to
build a house there for his own use. The
appreciation in value is such that it has
proved to be a splendid investment. He
paid less than fifty cents foot for the
ground, and in the trade it was rated at
sl.JO per square foot.
Handsome Residence
The square contains 12S 25G square feet
and its valuation in the trade was placed at
S192,000 Mr.. Mclean paid for this property
about $4,000. In addition to transferring
the title to this square Mr.. Mclean paid
Sto,GO in cash. 1t is likely the new owners
will continue Oregon street through the
square and erect some houses there.
1t is the opinion of those who are compe-
tent to form judgment that one reason
Mr.. Mclean had in making the exchange
was because he saw in this suburban prop
erty an opportunity to improve his invest
ment. In other words, it seems to be the
opinion of Mr.. Mclean that suburban prom
erty is likely to advance in value. This has
Deen the history of this particular tract
since it came on the market some ten
years ago. and it may be said in passing
that II Is only one of many instances, both
In the city and suburbs. The property
was formerly known as the College
villa tract and was owned by George
Town College, and about ten years ago
II was sold to the late Mrs. Anastasia
Patten and John E. Beall, who paid for
the "a acres 100000 The old residence was
leased ito the old Country Club, and about
year later the tract was purchased by
wnat was known as the Richmond Syndi-
cate, represented by Mr.. Richard H Colds
borough. The price paid by the latter was
$iG0,o0o, which showed a handsome profit
especially for such a brief period
Advance in Values.
Now, after less than a decade, the syn-
dicate has disposed of its propertv at
1igures which are more than double what
they paid. In the meantime no chances
have been made in the character of the
property, and no money has been spent in
improvements. 1t is evident from the fig
ufe which was placed on the property in
this transaction that values have been we'll
maintained in that locality.
"A year or so ago Mr.. A. l.. Barber paid
So'oOo an acre for twenty-five acres located
at the corner of the Woodey Lane and the
Itnleytown road, some distance south of
the property just acquired by Mr. Nc
Lean. II it is Mr.. McLean's intention 10
pulid a nome there he will find other
he aity
that section as the location of their co1n-
try home.
Ihe extensive grounds surrounding West
over, the handsome country residence of Mr..
= C. Glover, adjoin Mr. McLean's property
10 the north Mr.. Thomas j. Ryan owns
Grasslands, the former home of ex-Secre-
tary Whitney. To the south is the former
nome OF ex-President Cleveland, now the
summer residence of Col. Robert l. Flem-
ing.
Brick Houses in the Suburbs,
A writer in one of the recent issues of a
magazine points out what to him seems to
ee danger to property as well as source
of actual yearly loss to property holders
arising from what he calls a mere senti-
ment which leads people to choose wood
instead of brick as the material to be used
IN the construction of houses outside of the
limits of the city. He argues that as the
population of the city pushes out suburban
city proper, and yet such settlements are
wholly composed of frame houses huIlt
closely together.
He thinks this policy rather custom is
not only a menace to life and property but
is an economical mistake. On the latter
point he writes, in part, as follows:
The difference between brick house
and a wooden house lies entirely in it's ex-
terror walls. The cellar and the founda-
tons, the interior carpentry, pIastering.
interior painting, and glazing, heating fin
ish and decoration, these all remain the
same. 1t is purely a question of outer
walls. hundred superficial feet general
ly called square) of Pinch brick wall is
worth about $50; hundred feet of stud
outside wall is worth about $15-a differ
eLce of $40
building what the total amounts to. In a
small house costing 5000 it would add 16
per cert to Is per cent, but an S-inchs wall
would answer, and this would cost about $22
for hundred square feet, and would add
about per cent. AS the house increases
in area and cost. the exterior walls bear 4
less and less proportion to the total cost, SO
that per cent or 3 per cent will quite
cover the difference between wood and
brick on a house costing $4,000
In the case where an S-inch wall is per-
m:ssible, and in the case of all sman de-
tached houses where the outer surface is
out of proportion to the cost, one would
save each year more than the interest on
the original outlay. In the other cases one
saves three-quarters of the interest on the
original outlay, and with cheaper prices
for brick one would save it all. :
Think what is gained by the outlay: A
substantial and permanent instead of a
perishable house; one which constantly i'm
proves with age and needs but little repair
instead of one which must be constantly
kept up with paint to make it look pre-
sentable and to preserve it from decay"
An Oid-Time Ground Rent.
A curious instance of the change in val
ues of property in this city, and it may be
said only one of a great many, was men
toned the other day in the course of con-
versation with Mr.. Charles C. Glover
Some reference was made to ground rents.
system which great many think for
tunately never gained much of a foothold
in this city. Mr.. Glover said that he and
his aunts received each year from the heirs
of the late Peter Force the sum of $l47A "a
as ground, rent for the property at the
northeast corner of 10th and d streets.
where several years ago MIR. Sfiison Hutch
ms erected the large building which is To-
Gated there.
Mr.. Glover states that his grandfather
leased the property to Mr.. Force. who was