The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1899-11-17
REAL ESTATE DEALS.
They Are No Longer Profitable in
the National Capital.
Trolley Lines Have Opened Up So
Many subdivisions That the Cor
nering of Valuable Property
Is Unsafe Gambling.
Especial washington letter.


"Many millions of dollars have been
made in the national capital by real es-
tate Dealers says one of the most sue
cessful men in that line. He adds:
But many years will pass before for
tunes are again made here in the same
manner"
This latter statement seemed singu-
lar, because the nation is growing in
wealth, rich men are coming to Wash
ington from all sections, building
houses and fiinging their daughters in
tc the maelstrom of official society, the
national government is. putting forth
approximately 100000 monthly in
salaries, and all surface indications
point to continued growth of this city.
These facts We're suggested to the real
estate man, and he said:
There is no doubt that this capital
city will continue to grow, but there
will be no more fortunes made in real
estate deals. The ground in the fash
ionabie northwest section now COM
mands about five dollars per square
foot 1t will command no more than
that ten or twenty years from now.
The city will continue to grow, too;
but the price of the ground will not IN
crease"
That also seemed singular, but the
real estate man is one who is well
known and III some sense distinguished
for his calm Judgment and wise fore
sight; and so. instead of ignoring his
statements. further information was
asked. and he said:
similar statements might be made
concerning New York, Chicago and
other large, thriving, growing cities.
Real estate dealers will not make for
tunes out of the ground except by
spending long lives in the business.
They Will not grow rich rapidly, as they
used TO do, because ground is not so
valuable. That is to say, it is not in
creasing in value so rapidly as it used
to increase. The secret of it is found
in the rapid transit Developments of
later years 1t has brought the contig-
uous country almost into the city; and
rapid transit is doing the business.
What 1 say may apply to other cities,
but just look around you in your own
city.
'.Since 1 have lived here, in just one
generation, have seen the property on
Pennsylvania avenue, f and G streets,
contiguous to the treasury, increase IN
value from one to forty dollars per
square foot. Millions of lots have been
sold again and again, always at in
creasing figures, and the real estate
men have made their percentages out Of
all of these transactions. 1t will be
many a year before this ground in
creases in value. 1t is at the top notch
now; at least for generation.
''Then, as to the residence property,
I have seen it grow from ten cents
square foot to five dollars; and mas
much as it has changed hands many
times the real estate men have made
money out of it, but it will not now in
crease so rapidly.
For example, just north of the city,
in what is called Mount Pleasant, John
Sherman, then senator from Ohio,
joined with other capitalists in buying
a large farm called the Stone estate.
They paid 500 an acre for it in 1881.
They began selling small lots at ten
cents per square foot. Those lots have