The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-25

IhSluu- ne SLdAtu ttidl ne anu MS WI At
had been on the hunt for the greater part
of week. and had found only two in he
whole city that were anything like what
they wanted. This man said that he had
lived in Buffalo, Cleveland, Philadelphia.
and Baltimore, and that houses for rent
were not only more numerous in those
cities. but that rents were lower. In Bal
timore, where he had lived last, he said
there were literally acres Of houses to
rent, and the rents were cheaper than in
any other city with which he was &C
quainted.
The man spoke of it as a remarkable
thing that an ordinary family should find
1T so hard to obtain suitable shelter in
the Capital City. The natural beauties of
the city were such, he thought, as to in
vite all classes. if only there were houses
to accommodate them. He stated that he
had heard before coming to Washington
that ii was an ideal place of residence,
and that he had anticipated with pleasure
his coming here on that account. But he
said that his brief experience in Washing
ton had convinced him that it might be
an ideal place for rich people who had |
money to buy houses to live in but that |
it was not inviting place for a man of |
small means who was obliged TO rent a |
house ard keep his family on a Moderate
salary. He said almost any city could give
Washington cards and spades on that |
score. and win out with count to spare.
Calling 20 mind a similar experience a
year or two ago. the reporter set out to
find the cause, if possible, of the appar-
ent dearth of houses in Washington. With
this in view he talked with a man who
deals largely in real estate and whose |
observation extends over several years
In reply to a question from the reporter
he said the first cause was OF course the
constant coming of people to the city |
from elsewhere. who take up the houses
faster than they are built Washington
invites a great many people every year
and for more than twenty years past there
has been this same lack of room TO shelter
them.
The reporter suggested that there must
be something wrong with the foresight
of property holders and builders to allow
this thing to go on indefinitely. III there !
is really a lack of houses. as there seems
to be, would it not argue that the place
for investment in Washington is in i'm
provements to vacant property asked !
the reporter.
That suggests another story" said the
real estate dealer You know, perhaps /
in real estate in Washington. more, pos {
sibly. than in other cities. This, in the
past has put a fictitious value upon every '
available foot of ground in the District. :
1t has been only within the past three
years that building property has come J
down to price where anybody was act !
ually justified in building upon il. Let me :
illustrate:
Suppose you have to pay from 81 900 .
TO 1880 for the lot on which to build. 9
The building regulations require that you :
shall build on this lot house of certain
proportions width of wall and that spe-
cifc conditions shall be complied with re-
garding plumbing. drainage, etc. All this
requires that the house you erect shall
cost from 81 400 for a two-story structure ! L
TO 5000 for a three-story house. Now, /
take the twO-story house, which. for the [
lot and the building has cost say $500 L
Six per cent on the amount invested is G
1886. Add TO that the taxes and water s
rent and you have about $3.50. Now you
see, il is necessary to rent that house for a
$50 a month to make per cent on the L
investment. The chances are that 1t will p
rent for SIS 10 the first tenant, while the Fl
house is new. and for S25 thereafter. So, n
you see. building houses for investment in O
Washington is attended with certain Il
drawbacks, which make 1t somewhat pre-
carious. In other cities where the build n
ing regulations are not so rigorous. and n,
where the same rules do not apply with ..
regard TO setting the houses back from n
the street lines, and where unlimited :,
building of shanties in the rear is allowed -
Il is much easier to get "A good rate for :
investment than here. I believe the au- II
thorities are right in insisting upon the
present building regulations. as it will be
for the ultimate good Of the city. but with
the prices of property that have generally y
ruled it viii always make Washington
city of expensive homes. whether you
wish to buy them or rent them"
In speaking of the outlook for unim- CT
proved property in the city and District al
this man said that the introduction of n
the rapid transit cars had had a marked | =.
effect upon the prices of real estate in J.,
side the city limits He thought the | oil
trend was rather for lower prices than | g
for higher, except in the very best loca- 81
tons Some of the old property in the OF
city is being offered for sale, with old a.
frame buildings upon it, and when this D.
once gets fairly started many of these N
will come into the market, and "
that Will have tendency to bring down u
prices Then, too, It is now possible for a
people TO have homes outside the Dis
trict and come to town every day to !
work, and this Will grow as time passes.
People will have homes more and more c
IN Maryland and Virginia instead OF try
ing to live in the District and pay the
high rents. ] think it will result in
general come down from the high prices u
that have prevailed in real estate for the W
last twenty years" In
The reporter then called upon a man | -
who is the owner Of a good many houses oi
In various parts of the District, and has ST
several stores which he owns and rents in
He said. Il do not know much about the nj,
causes that have led to present condi- -
tons in property. but this do know that ~
am making very poor returns upon the la
money invested in the majority of my is
houses. / built some of them when the IN
boom was on. and they cost me more Gu
than shall ever get out Of them. Some pl
Of my property has reached the point
where II is necessary TO spend a good | Oc
deal in the way of repairs and that will | alb
be an additional burden upon the prop II
srty. have no trouble in finding rent co
srs. and my houses are never empty. ex- mi
cept when IL Is necessary to overhaul a | an
house when the tenants leave. ii,
NO, we could not build houses in ar
Wa hington," continued the man and OF
rent them at such prices as they do in ar
Baltimore. Tho first cost is a great deal ne
more here. We have no such help as
heir ground rent system, separating the SCI
house from the land as an individual Item | 70
Here the land and the house go together tr,
IN the old Saxon way, as II should be ro
or the grOund-reBt system is Irish TO the
core But the Saxon way makes the
investment more in the begin
ling. and that adds TO the rental We -.
build better here than in the cities OF I"
'heaper rents, and all things considered ! pil