Evening star., 1901-09-07
Season Of Healthy Progress Drawing
to a Close.
BRIEF REVIEW OF TIE CONDITIONS
Capital From Elsewhere Seeking
Local Investment.
BUREAU OF STANDARDS SITE

Washington and it's immediate vicinage
is approa ching the close of a summer sea-
son that has been more active and vigorous
in a real estate sense than any of it's pre-
deceSsorS for several years. 1T is graft
tying to know also that future pros
poets are for continuation of the same
conditions. Sales of the substantial sort
have been recorded this year in place of
the trades that largely formed the transac-
t1onS OF recent similar periods and there
has been aSWell an unusual number of equi-
ties secured in houses by those in moderate
circumstances who will eventually become
owners Of the properties. In the latter cat
egory are embraced the large class of per-
sons who pay, say, $500 to $500 down on a
house and meet the balance very much as
they formerly paid rent, in monthly INSTALL
ments. Hundreds of such transactions have
been made, and more are being arranged
every day.
The architects and builders, contractors
mechanics and laborers have al had and
are still having busy time of #. Just at
present there is a lull in future plans by
reason OF the uncertainty caused by the
strikes. Steel.and iron enter SO largely into
modern construction that any doubt about
securing supplies of such materials neces-
sarily causes hesitation in entering into
be necessary.
Another condition that adds to the hesi-
tancy of those desrous of building Is the
increased and still advancing cost of ma
terials. especially millwork, plumbing and
window glass.
Investment of Outside Capital.
The numerous apartment houses being
erected in nearly every section Of the city
are nearing completion. Most of the more
being built with outside money, and Penn
sylvania and New Jersey capitalists and
corporations are particularly prominent in
this connection. These investors are satis-
fled with smaller rate of interest than
local men of means are willing to accept,
1t is said, and are, ready to put funds in
such realty when they perceive a good
chance to make per cent thereby.
The steady advancement of realty prices,
especially In the northwestern section of
the District, continues, and during the past
three or four weeks representatives uf large
eastern interests have been prosecuting in
qu1ries regarding large blocks of property
in that direction beyond Rock creek, where
Massachusetts avenue is to be extended
when the bridge over that stream is COM
pleted
Washington city, In rruer i've realty
sense, has advanced in tnat direction in
circles. SO to speak. After the panic Of 1878
had subsided and money came out from its
hiding places, the first circle, then. on the
virtual limits around Dupont circle, was
favored. Land fronting that reservation
was sold in 1879 for 75 cents a square foot,
and on 10th street. immediately adjacent,
for 35 cents.
Mr.. Letter paid $s a foot for the lot upon
which his mansion was built some years
later.
Some Other Big Advances.
The next circle for investment and i'm
provement included Washington Heights
and vicinity This rush began in the late
eighties and continued into the nine
ties. in a boom sense Property on the
heights that sold for 5000 an acre
twenty years ago now brings over ten
times as much per acre by the square foot.
Ex-senator Cameron of Pennsylvania made
big profit on a deal OF his In the
early ninetfes on Washington Heights. He
purchased large plot for $4,000 paying
5000 down. In thirty days he disposed Of
1t for 100000 without putting up any more
cash.
Taking these past movements as criteri-
ons, the next circle to be invaded win prob
ably be that which will be opened by the
extension of Massachusetts avenue.
With reaa estate Sits and more square
foot In the eligible suburbs of WASHINGTON
the advance from the original prices se-
cured for city lots when the national cap
ital city was laid out 100 years ago seems
prodigious.
Other Attractive Territory.
This does not mean that increase Of
values or demand for realty VIII be son.