Evening journal., 1901-06-21
NO MARKET FOR
REAL ESTATE
Agents Have Looked in Vain
for Boom
LONGING FOR A NEW CITY
Prominent Dealer Thinks Wilmington
Should be Extended Far Beyond
It's Present Limits

Quarter OF a century ago when the city
of Wilmington proper, was bounded by
the Biandywine creek, Church, Front ana
Adams Streets men who were interested
in real estate thought they would see
twenty-five years hence a new Whining
ton: a city whose homes would stud the
meadows beyond the Bannings and the
hills Of the Eluotts; and whose factories
would teen I'm tho lowlands toward the
river front and on the well situated
ground now occupied by the Villas OF Cor
don Heights and Claymont. They have
been disappointed. 1t is true, and out OF
that disappointment rises a problem OF
land economies which not only the city's
oldest real estate men. but the younger
ones, as WELL find IL exceedingly difficult
to solve.
They have one solution however, that
Of excessive taxation on both improved
and ummproved real estate. hut this Is
not an altogether satisfactory one, inas-
much as Wilmington's manufacturing es-
Establishments are hives Of industry, her
workingmen well paid and her cap talists
wcalthicr. and her general prosperity
greater than ever before. These are con-
dltions which would seem TO inspire her
commensurate with her business prestige
and Of a commonwealth whose OFF clals
are more considerate I'm the matter OF
taxation OF the property owner, but they
have and are letting opportunities pass.
As one, perhaps too pessimist'c a resident
said, "the bottom has fallen out Of the
town"
Many people agree that it is not only
the question of over taxation Of real es-
tate, that has brought about these condl-
tons but general commercial apathy on
the part of the people of the city as we'll
In speaking Of the prospects Of a greater
Wilmington and the general condition OF
the real estate market, George r. Town.
send. talked Interestingly. yet hopelessls
yesterday afternoon.
Twenty-Five years ago the prospects OF
a city Of twice the ze and Importance OF
the present one. was not considered an
limprobability," he said "The residents In
their fancy saw shipyards on the river
front and we'll built homes on the h lls
overlooking the city. They were inter.
Tested. They bought land. built homes ant
Hooked forward to the time when Whining
BON would be rated among the great com
mercial centres As the years passed IN,
city did grow and real estate was I'm de
mand, but during the past few years Z
general stagnation has been experienced
Manufacturing sites in the direction o
the river are % per cent cheaper thar
they were then and home sites in ant
about the city are as much as so pei
cent lower I'm price. One thousand me
chanics need as many homes, but rea
estate men cannot afford TO sell land a
the exceedingly low price offered for #
Moreover they cannot realize on mort
cages already i'm hand with which none,
il would be possible TO build on real es
tate OF their owning, because they canno
offer as high a rate of interest as wa
obtainable years ago. In order to con
tinue business it has become necessar,
for many OF the agents TO engage in a gen
eral stock and bond business, which 4
bringing them fair profits"
X has been said that the trust com
panies OF the city are negotiating tn
mortgages, but Mr.. Townsend does no
believe the existence Of these institution
has brought about the stagnation in thi
D particular branch of the real estate bust
ness 1t is true that there is more com
petition among real estate agents, bu
thls fact does not give the merchan
the solution he desires. That there /
more money in circulation than ever. al
indication of general business prosperity
makes the question additionally perplex
ing
As for the future. immediate prospect
are not encouraging. but all the real estat
men. hope than before the close of tn
year there will come q boom I'm the marke
which VIII extend the limits OF Wilm 'ng
ton nearer Newport, Talleyville, Claymon
and the Delaware river, and will max
her people busy in all the mercantile pur
suits and happy In the possession o
homes in the Greater Wilmington.