St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1899-12-16
REAL ESTATE DEALS.
They Are No Longer Profitable In
the National Capital
Trolley Lines Have Opened Up Do
Many Suhaivisions That the Cor.
nerlng 81 Valuable Property
10 Unsafe GaDbling.
Especial Washington Letter.l

lSp0clA Warrington ActteL.J
sNany 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 natien 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 $2.OOO,OOo monthly in
salaries, and all surface indications
point to continued growth of this city.
These facts were 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
ionable 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 win not in
crease"
That also seemed singular, but the
real estate man is one who is well
known and in 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, rs they
used to do. because ground is not 20
That is to say, it is not In
creasing in value 70 rapidly as it used
to increase. The secret Of it is found
in the rapid transit developments Of
later years. It has brought the contig-
nous country almost into the city; and
rapid transit II doing the business.
What I say may apply to other cities. |
but Just look around you in your own |
city.
'Since have lived here, in just one
/ have seen the property on |
avenue, F and G streets, |
to the treasury, increase in
ralue from one to f1rty dollars per
Iquare foot. Millions of lots laxe been
sold again and again, always at in
figures, and the real estate
men have made their percentages out Of |
Ill Of these transactions. It will be
many a year before this ground in
.reases in value. It is at the top notch
aow; at least for generation.
Then, rs to the residence property,
have seen it grow from ten cents
quafe foot to five dollars; and mas
much as it has changed hands many
imcs the real estate men have made
money out Of it, but it will not now i'm
rease so rapidly.
"For example, just north Of the city,
a what is called Mount Pleasant, John
sherman, then q senator from Ohio,
oined with other capitalists in buying
large farm called the Stone estate.
hey paid 500 an acre for it in 1881.
hey began selling small lots ut ten
ents per square foot. Those lots have
radually increased in value, until now
ome of them are selling for three dol
ITS per square foot. That is top notch
DR. residence property in that section,
nd it will not be any higher for q very
ing time. Several real estate men
ave made big fortunes by handling
hat property. It was q suburb in 1881.
'ow the electric cars run through the
and it il . part of the city Z
roper.
During the past year q syndicate
- bought up all Of the street railways .