Evening star., 1898-10-15
Some Phases of the Present Condition
of the Market.
PROPERTY As AN INVESTMENT
Another Site Proposed for Presi-
dents Residence.
SOME NEW BUILDING


awakened interest in real estate as an in
vestment, and while the volume of business
has not assumed the proportions that en-
terprtsinG dealers, we'll as those who
have property for sale, would like, still the
conditions of the market show q marked
improvement compared with this period
last year. Houses for rent have been and are
In good demand. and a great many people
have been located for the winter at rentals
that are satisfactory. The scale Of rentals
is regarded as moderate
In the wider and in some respects the
more interesting field of investment and
of speculation. the latter word being used
in a legitimate sense, there is good deal
or inquiry, and the prospects of transac-
tlons in the near future are looked upon as
being promising. Mr.. Charles c. Duncan
son, who sells property at auction, said the
other day that during the past week or so
three out Of five sales of property made by
MN at pubic sale were to purchasers who
had no previous interest in the property
In other words such sales attended by
people who have money to invest and they
find opportunities on such occasions. This
IS quite a change from the conditions of
few months ago, when auction sales of
real estate resulted. rule, in the buy
Ing in by the lender of the money. The
basis of the bids made at such sales, ac-
of the property.
Farragut Apartment House.
A permit was issued during the past week
for the erection of an apartment house at
the northwest corner of 17th street and
Farragut square. 1t is to be ninety feet
in height and the walls will be built of
brick and light stone, and the design will
be pleasing as well as artistic. A cut of
this building was published some weeks
ago in The Star. 1t is to be built by a
company in which MIR. Walter V. r. Berry
is interested and the attempt to get a per-
nit for the building at the height origi-
nally designed. which was 10 feet. resulted
in q protest from the adjoining property
holders. The building regulation limiting
the height of buildings was held to ap
ply to this building.
The plans We're modified so that the height
would accord with the regulations, and
then following the recent practice, the plans
for the building were sent to the War De-
partment in order that the use Of the park
ings for the proposed projections might be
approved. Here there was further delay
which those interested IN the enterprise
found to be a source of trouble to them. as
II interfered with the financial arrange
ments made for the erection of the struc-
ture, and ii was found to be difficult to keep
the money in readiness while the various
complications which arose were being
Strengthened out. However, all the difficult
ties have been surmounted, and at last the
initial step has been taken.
The Olympia Flats.
Some of the large apartment houses re-
Gently built in this city are located on 18th
street extended, and 1t seems that Is
favorite locality for structures of that char
acter The most recent addition is the
six story building at the southeast corner
OF 14th and Roanoke streets. known as the
Olympia apartment house The owner, Mr..
=, Iao l1o1 narfa N
erecting structures Of this character in this
city, and he thinks his latest effort in this
line is an improvement on everything OF
the sort he has undertaken. The exterior
walls are built of light brick and the IN
terror arrangements are convenient and
well adapted for the purposes intended
There are three five and seven rooms to
each apartment.
Cathedral Foundation Site.
During the coming week the attention of
the members OF the general convention of
the Protestant Episcopal Church, now in
session in this city, well as that of citt-
zens generally. will be called to the section
of the suburbs lying west of Rock creek,
for the reason that the site recently pur-
chased for the proposed cathedral founda-
ton on the Tenleytown road will be the
scene of the Cnveiling OF what is known as
the peace memorial cross. Just at present
the most direct line of communication be-
setts avenue-has not been fully opened
However provision has been made for the
foundation of bridge across Rock creek,
and when that is finished 1t is supposed
Massachusetts avenue will be completed
According TO the plan of the extension OF
streets in that vicinity Massachusetts, ave-
nue. will make circuit about the grounds
of the naval observatory. and the map also
shows a circular avenue extending entirely
around the grounds having diameter Of
1000 feet.
Efforts of Mr.. Glover.
The land for this avenue, which will be
hundred feet wide, was secured from the
owners through the agency of Mr.. Charles
C. Glover. In fact, this feature was his
own suggestion. and met so thoroughly with
| the approval of the Commissioners under
| whose direction the map was being made
| that they adopted It, What will perhaps
| in the near future prove to be a most at
! tractive detail in the scheme of suburban
| streets would not have been possible If 1t
| had not been for the efforts of Mr.. Glover
| who secured the consent of the owners Of
| practically all the the property involved
| to donate the land needed for the avenue
The stretch Of high wooded land lying