Evening star., 1898-12-24
REAL ESTATE GOSSIP
The Features of Realty as an Invest
ment Attracting Attention.
some RECENT LARGE TRANSACTIONS
How One of Uncle Sans Adyen-
tures Has Turned Out.
S o NE IMPROV EMENTS

shown decided Improvement over the
same period of last year, was strengthened
by the announcement OF several large
transactions. In fact these events have fols
lowed each other with remarkable rapidity,
especially when the condition of business
Tor the last three years is taken into con,
slderation. 1t has been difficult as is well
Known, to induce people to even consider
an investment in real estate, much less to
make one, and the appearance on the mar
ket or those who are able to spend large
sums of money is looked upon as a sure
indication that the revival of interest in
this class of investments will soon become
general
During the past few weeks four transao-
uons have been recorded, the total consid-
Grafton aggregating over S6OO.oO These
transactions are, in detail. as follows;
Ground on Pennsylvania avenue, adjoining
the building occupied by the Riggs Ma
tonal Bank. purchased by that bank. for
$4,000; the Hillyer residence and ground
at the northeast corner Of Massa achusetts
and Florida avenues, purchased by Mrs.
Scott Townsend for S190,oOO; the Kali tract
OF land. containing nearly ten acres and
extending from Florida avenue northward
between X and s streets extended north
west, to syndicate for S160 600 and uninl-
proved property at the northeast corner of
lOth and X streets. comprising nearly an
acre of ground. to Mr.. John c. Schawe Of
New York city, for S175,o00.
For New York Property.
With the exception of the latter, all the
above were practically cash transactions.
For the last named Mr. Roessle. the owner
took In exchange the dwellings 463-46o 18th
avenue. New York. the dimensions being 90
by % feet The property lies north of iOth
street and opposite the old reservoir The
houses are occupied by tenants on five
year leases, and it is Mr.. Roessle's inten-
ton to hold them as an investment. The
above valuation of the Washington prop
erty, with an additional cash payment
In regard to the other transaction it will
be recognized that the prices obtained show
no railing off in values, II being considered
that the price of $3.50 per square foot for
The 11illyer property is quite up to the
standard OF values. while $50 per square
loot for the Pennsylvania avenue property
is considered good price, and IL is thought
the value placed on the acreage property
Is very fair one, especially when ii is con-
sidered that the land for the streets must
be deducted from the total amount avail
able for sale.
Era Of Reasonable Prices.
There have been other sales recently. in
volving the expenditure of smaller amounts
of money. but still notable as showing the
strength of the market. 1t is safe to say
that Just now is what may be termed the
era of reasonable prices, and except under
unusual conditions investors absolutely
refuse to pay what are known as fancy
prices. This is shown at auction sales Of
real estate, where it is the universal testi-
mony that buyers base their bids on the
1ncome-paying qualities of the property
If the rentals obtained or the Dossibili-
ties in case of improvement show that the
property is capable Of yielding a certain
income, then people seem to be willing TO
pay a good price, but not in excess of an
amount from which they can derive rea-
sonable rate OF interest There are. of
course, cases where buyers desire a home
and have the money to crafty every whim.
and the property which they want is held
by some one who is not obliged to sell,
then naturally it follows that if the deal
is effected the consideration is apt to ex-
coed the real market value
In such cases fancy prices may be said
still to prevail. but these the rare ex-
ceptions, and the general trend of invest
ments is along the line above indicated,
and those competent to form a judgment
believe this condition of affairs indicates
that the market is on substantial footing
and gives promise of a steady and remun-
erative business in the future.
Uncle Sans Investment.
The recommendation in the message OF
the President of the United States to Com
gress that new and suitable building for
the use of the Office of the Attorney Gem
eral be erected on the site now occupied
by the building where the department is
housed and also the adjoining vacant prop
erty to the west, which also belongs to the
government, is of considerable local inter-
est. 1t is proposed to erect q building that
will cover the entire frontage of this prop
erty on Pennsylvania avenue extending to
Madison place. The avenue front is POI
feet, with a depth of 130 feet to a wide al
ley, which extends west to Madison place.
1t is interesting to note in this connec-
ton the handsome profit to the government
from this real estate deal. Some sixteen
years ago IL bought tine entire property
from the Freedmens Bank for s2j0.oo0 1t
is estimated that the property at a conser-
vative valuation, without taking into con-
sideration OF value of the building, which
is a Substantial structure and in its day
must have cost considerable money, is
worth over half million of dollars or
more than double what Uncle Sam paid for
it. On this basis of valuation the land is
put at only $40 a foot, which is exactly
what was paid for a smaller piece of in
side property just TO the east. When the
ground to the west came into the possess
sion of the government II was occupied
with shanties except the corner. where
there was three-story brick house.
Detached Houses.
Plans have been prepared by Glenn Brown
architect, for some eight houses, which Mr..
H. d. Walbridge proposes to build on 10th
street extended between Grant and Lowell
streets. They will be in pairs and detached
and will be two stories high. with cellar
and attic. They will have brick and stone
fronts.
Some New Buildings.
A row of nine houses to be built in
Princeton street, Columbia Heights, by
Charles F. Ramsdell. They are to be 16
feet inches front and 65 feet deep. and
the bay fronts will be built Of pressed brick
and light-colored stone. They are to be
heated by steam.
Three houses. from 135s-62 Harvard
street, are to be built by Meyers & Ander-
son from plans prepared by ]. G. Meyers.
architect They are 10 be four stories In
height, is feet 4 inches by "A feet, and the
fronts are to be built of Roman brick.
Two houses are to be erected on Hare
wood avenue by William p lockwood.
They are to be two stories in height, 20 by
% feet. with fronts of pressed brick and
stone.
Four houses are to be built by M. Barnes
and Mary E. Briggs on z street between
9th and 7th streets southeast They will
be two stories high. l5 by 81 feet.