Evening star., 1899-04-08
Income Yielding Property Now Said
to Be in Demand.
INVESTORS TURNING TOWARD REALTY
Plans for Improvements That Are to
Be Carried Out.
FEATURES OF THE MARKET

| few weeks ago, and dealers as well as
property owners believe the improvement
! in business promises to be permanent.
There are evidences of tangible character
| that all the talk that has been heard in re-
gard to the abundance of money and the
| lack of profitable sources of investment is
not mere talk. 1t is in the experience of
most dealers and also of many property
| holders that there is real demand for
| property, especially that which is capable
of paying moderate rate of interest.
Some owners of property, notably of that
| which is located in the business sections of
| the city, have had the experience lately of
| receiving offers for their holdings based on
| the figures at which it has been listed with
| the agents 1t seems that in many cases
| the asking prices which prevailed are not
! those which some are now willing to take,
although such ngures may be fifteen or
twenty thousand dollars more than the pre-
vailing market prices of the past few years.
Under these circumstances some sales have
not been made which otherwise would have
gone through. However, the offers so far
made are neither numerous nor at figures
that would indicate that a period of any
great activity has yet set in. Still it must
be recognized that the fact that there are
any buyers in the market is somewhat I'M
usual.
What a Recent Sale Shows.
The sale of 1909 street during the past
week illustrates, to some extent, present
| conditions in the market. Mr. William Gait
bought that property about a year ago in
order to protect loan. He paid $4,000,
which was not considered high figure at
| that tir1e, and perhaps it might be said
| in the then state of the market it was a
falr average. 1t represented about what
had been paid during the period of depres-
sion for property similarly located.
In TACT during the winter of 1895, $14 per
sEiaa square foot was paid for 1927 F street,
while during the summer of 1898 for piece
to the west, which is exactly of the same
dimensions, about the same price per foot
was paid In December, 1897, Mr.. Gait paid
S4o,000 for 1909 + street, which contains
about 900 square feet less than the prop
critics last referred TO. This was at the
| rate of about $50 per square foot.
As to Values.
Last May Mr.. F. w. Andrews paid for
Nos. 1913 and 1871 + street which with a
wider frontage, has about the same depth
as the adjoining piece, 1909 f. street, at the
| rate Of about $50 per square foot Now Mr.
Andrews buys No. 1899 from Mr.. Gait at an
advance to the latter of about s15O00 which
| makes the price per square foot about S2S
1t is, OF course, understood that such a
transaction does not determine the market
price of property along E street for various
reasons, among the most obvious of which
is that Mr., Andrews particularly wanted
sary for the proper development of his own
holdings. sHe could not go west very well,
| as his property is adjoined on that side by
the Sun building. and in order to erect an
office building OF suitable size. as he pro-
poses to do, he needed additional room.
Investors of Small Amounts
While the reported inquiry for business
| property indicates that investors of large
amounts are looking about for suitable
| invest If q ba1 hot
| a phase of the present situation and that
the attention of the small investor will
soon be turned in increasing numbers to-
ward the opportunities offered by realty.
| 1t is this class as every one who has had
experience knows, that gives the real ac-
| tivity to the market.
Conservative men regard with uneasness
| the tendency, which is such a marked fea-
| ture of financial transaction in the money
centers Of the couI try, to invest in stock
concerns. 1t is claimed by those who take
| this view that too much stock Is being
placed, and that, owing to the eagerness of
the public. which amounts in their opinion
to almost a mania, most any kind of an
er terprise can be fioated at the present
time.
Realty Will BE Benefited.
1t is believed by those who hold this view
that there is to be a reaction, and that
when the crash comes it will be attended
with disastrous consequences. Fortunately
this mania has not been manifested here to
any extent, but 1t is thought it is likely to
break out at any time, especially now, as
owing to the recent large purchases of local
enterprises a good deal of money will be
seeking investment. 1t is believed that. un-
less the passion for stock enterprises gets
too great a hold here, a good portion of
this money will seek investment in real
estate In the District. For this and other
reasons, the activity that is already mani
tested, it is thought, will increase in vol
fhn cor
Busy Times for Brickmakers.
1t is the opinion of Mr.. T. L. Holbrook,
leading brckmaker, that the present sea-
son is to be one of great activity in the
building business of the District, especially
as compared with the record of the past
few years. Owing to the lateness of the
season, or, rather the lingering of winter
which has delayed building operations he
thinks the brickmakers will have a busy
time in meeting the belated demands. In
stead of the business being spread over
quite period, the indications this year are
that it will be done in a comparatively linn
tied space of time. Builders are of the
same opinion to the probable quantity
of work that is to be done during the COM
ing summer.
Proposed Hotel Building.
Some rather large building enterprises
are under consideration, and 1t is probable
that before many weeks they will be under
way. One of these involves the erection of
structure at the corner of 9th and E
streets, which is to be planned for use for
hotel purposes. 1t will front about one
hundred feet on each of two streets, and
will be built to the height allowed by the
| building regulations.
Apartment Houses.
Another project which is about to be car
ried out is the erection of a large apart
| ment house on the north side of L street
Just east of 18th street. 1t is to be a fire.
proof structure, and will be designed to be
| first class in every respect.
Mr.. Clarence F. Norment intends to build
a series of apartment houses on Pennsyl-
vania avenue at the corner of 25th street,
from plans prepared by N. T. Haller, archi-
| tect. There are to be five separate build
ings, each three stories in height On each
| floor there Will be a suite of five rooms.
which will be supplied with heat The
fronts are to be built of bum brick, with
granite trimmings.
Mr.. j. r. Bfrch's Residence.
A residence is to be built by Mr.. Joseph
II -