Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-07-09
REAL ESTATE GOSSIP
The Annual Summer Vacation in
Its Effect on Business.
OPPORTUNITIES FOR INVESTMENT
Another Local Public Building De-
signed Under the New System.
SOME IMPROV M E n T S

1t would be regarded as phenomenal if
a lively real estate market could be re-
ported at this season of the year. This is
the time when the statement is annually
made that business is dull in realty, and
there is very little going on. 1t is the
slack Ieriod of the year in all CLASSES Of
business, and practically in all parts of
the country, and so it need not be surpIis-
ing that in this city the realty market is
not very lively.
The summer season Is the vacation time,
and whether people want to leave their
ZONES for rest and recreation or not, the
fact remains that great many do and
that it is difficult to do business owing to
the absence from their places of business
Of men who are important in carrying out
various enterprises. 1t is the general rule
to postpone far possible all under
takings, especially those requiring large
sums of money, until the fall season, AMI
while this custom grows out of the more
general one of the observance of the hot
weather holiday period it helps to bring
about a general slackness in all depart
ments of business.
Money Abundant.
Still at this time, is generally the
case, something is being done in real es-
tate, althol gh most of the agents say that
the volume of business is small and has
shrunk considerably since the war began.
The promising indications at the opening
of the present season of a revival of the
interest in real estate have not been real
lied, and it is believed that the war and Its
supposed uncertainties is mainly respon-
sible for this condition.
At the same time, while there is this
complaint about dullness in all the avenues
of business, it is stated that bank and
financial institutions have an abundance of
money on hand, and in this condition, it is
said, lies the explanation, in part at least,
OF the great demand on the part OF banks
and financial institutions for the new issue
of bonds 1t is said there is SO much
money that it is difficult to keep it invest
ed, and that the same situation is found in
other cities.
Rates Loans.
For this reason the rates of money Sc
cured on real estate have declined some
what. Five per cent money is more
abundant than was the case last year at
this time, for example, while gilt-edged
loans have been made at 4la per cent and
some at 4.
Recently a large loan was made by a
local concern on business property at AZ
per cent, and, after the papers had been
drawn and all the details agreed upon, an
offer was received from people represent
ing Philadelphia capital offering to take
the loan at per cent, paying the half of
l per cent in cash to the parties making
the loan. The offer was not accepted, but
the incident goes to show that the demand
for money is much less in Philadelphia
than it is in this city.
Chances for Investment.
While, of course, the market is compare
lively bare Of transactions, yet for one
reason and another frequently property
is offered for sale which the owners
are anxious to dispose Of, and at prices
which are lower than the prevailing rates.
The situation is one that is thought by
many to offer unusual opportunities for
those who have ready money and have
enough faith in the future of the city to
invest in real estate. 1t is the belief that
property here will never be lower than 1t
Is at the present time, and that invest
ments made at what is looked upon as the
present low figures likely in the near
future to yield large profit.
1t is stated that such opportunities are
presented at auction sales, as well as at
private offerings. 1t is believed, however,
when the market begins to show signs of
revival and people see that investments
are being made, they will begin to want TO
make some their own account and in
this way the activity in the market will be
restored. In the matter of investing money
we'll as in a good many other respects,
it is the opinion of those who have had
some experience that investors are much
like a flock Of sheep, and are consumed
with an almost irresistible impulse to do
what they see other people doing. Follow
your leader seems according to this view
to be a favorite rule with children of
larger growth than those that indulge in
the juvenile pastime known by that name.
A New School Building.
An eight-room school building is in course
of erection on Marshall street between 7th
and 9th streets extended. The picture given
below shows the design of the building,
which was made by Mr.. w. NJ. Poindexter,
architect, in accordance with the policy
recently inaugurated by the District Com
missioners of having the designs and plans
of local public buildings made by architects
of the city, and not by the employees in the
Office of the inspector of buildings. AS has
been the case with the other buildings