Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-10-27
REAL ESTATE GOSSIP
The Opportunities for Profitable In
vestment Of Money.
CHANCES FOR BUILDING ENTERPRISES
Great Demand for Houses From
Buyers and Renters.
P E Rod OF E P A NSION


One of the property owners of this city,
in speaking recently of existing conditions,
especially in the northeastern section of the
city, where he is interested. said:
Rents advancing in the northeast.
row of small siX-room houses, and To-
Gated in not the most desirable part of the
northeast, Were rented at SIS, and recently
a. tenant moved out and the house was i'm
mediately taken at $20.50 Another row of
better houses was built three years ago
and rented for $3.50 The owner two years
ago had to reduce the rent to keep his ten
ants. Today every one of those houses is
rented for $500, and if tenant goes out
there is a clamor for the house.
Lots are advancing in value in the north
east. Two years ago man was obliged to
sell a desirable lot. After making every eff
fort he sold at 60 cents per foot. A short
time ago the agent that sold it said that he
was offered 10 cents per foot for the same
lot, or one near it,
Favorable to Building.
1t is noted by those who are familiar with
the market for building materials that
prices are lower than was the case several
months ago 1t is claimed that building
can be done much cheaper just and
that opportunities for economical results
in this direction are unusually good. After
the revival of business there was steady
advance in Material of this sort. and it was
explained that for the first time in a long
interval those who deal in such commodi-
ties were able to get profitable prices Dur
ing a greater portion of what is known as
the period of depression contractors as well
as material men in the building trades were
satisfied, as rule, if they We're able to get
thelr living. They did not expect to make
a profit
When conditions became better prices adj
vanced. but in spite of that building opera
tons went on. The greatest advance was
probably in iron. Prices. however, are not
as stiff as they We're. and in consequence
1t is possible to erect buildings on favor
able terms. Advantage is being taken OF
these conditions, and a good deal of con-
structiOn is now going on, in spite of the
fact that it is the season of the wear when
business operations are rather slack.
The Demand for Houses.
1t is believed there will be considerable
activity along these lines while the weather
permits, and that the record of the fall sea-
son In building in this District is to be es-
peciaily encouraging. Another thing, IN
addition to the reduced scale of prices for
building material, to induce continued op-
erat1ons is the demand for houses, which is
recognized to be a substantial one. This is
especially the case for houses that can be
sold for about 81, 900.
1t is the experience Of most dealers that
there are not enough houses of this sort on
the market to supply the demand. In many
cases people are led to buy lots and erect
houses which suit their purse and the needs
OF their families. Building ones home in
stead OF buying one already built. has at
fractions for some people, while others pre-
fer to take the ready-made article.
Buying VS.. Building
Several years ago the practice of indi-
viduals building rather than buying houses
was more general than it is now and 1t
can now be done to advantage If there is a
desire on the part of the prospective home
owner. The change In this respect has
been attributed to the advance in land
values, which, it is claimed. is overcome
when the ground is bought in quantity and
subdiVided into smaller lots and then i'm
proved by a row of houses erected at one
time 1t Is also claimed that in this way
shower mouse can be built, and it is said
the bulk of the buyers of the present day
regard such features of a house rather than
the character of the construction or the
materials used they naturally think they
can get more for their money by buying a
house that is built to sell rather than being
| their own house builder.
Storage Warehouse Extension.
An addition has been designed to the
storage warehouse of the American Secur-
ity and Trust Company, on 18th street
| between l. and NJ streets. The plans were
drawn by James G. Hill, architect who
designed the rest of the building. The new
part will be in harmony, as far as the ex-
terlOr design goes, with that of the balance
of the structure. 1t will rise to the height
of-six stories and extend back on the deep
lot. An extension Is also being built to the
elevator hall in the rear
Property in Georgetown.
There is a great demand in Georgetown
for small houses renting from. s12 to SIS
permonth," said a real estate broker re-
Gently. Real estate men are obliged to
turn away scores of applicants daily, a
condition of affairs not known for many
years. The transfer of all the workshops
of the Washington Traction Company to
Georgetown, where are employed several
hundred hands, has created in a Ia &c meas
ure this demand. In addition to the de-
mands from mechanics, the conductors and
motOrmen on the various lines are center
ing in the West End. Many of the men are
DESTROYS of purchasing homes. If l adver-
tised today that / had a hundred houses
vacant, renting from $l4 to SIS a month l
would have regular paying tenants in all
by Monday afternoon. The demand is sim
ply Unprecedented.
ITO the splendid street car systems that
cross and -recross the town, giving ready
access to all parts of the District, is due
the credit for the demand from other than
railroad men. Flats are being erected, suit
able for occupancy by the well-to-do and
the low salared people. but the demand
| is far in excess of the supply
Another dealer said: MY position brings
| me in constant contact with people looking
for homes, particularly homes ranging from
$1,000 to $500. They have from $500 to
$500 to pay in cash. Many houses are
being purchased but there are many home
hunters who are unable to get just what
| they want. They not fastidious in
| their desires, either. They simply want
| six and seVen-room houses, with water,
| gas and sewerage facilities, in clean sec
lions of the town. Washington investors
are coming over, but there is room and
profit for more of them. Local men are
| not only talking of the future of George
town property, but of the property's pres
| ent earning value. New houses arey al
ways preferred by home buyers
Result of Runaway.
There was a lively runaway accident on