Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-03
FIRM AND STEADY
Condition of Real Estate in
This City.
A TAXPAYERS TALK
THE BOOM OF A FEW YEARS AGO
IS RECALLED.
How It Was Stopped-Realty Here
TAXPAYERS TALK
How It Was Stopped-Realty Here
Considered the Most Satisfactory
Investment by Outsiders.


ington at present existing, and which has
prevailed for so long, is worthy of more
than passing attention, and it serves to
bring into sharp contrast values which are
real, as in the capital, and values which
are fictitious; and in the latter instance I
am reminded of interesting instance of
the great real estate boom in Los Angeles
a few years ago. said a well-informed
Washington taxpayer.
The real estate boom in the city of the
angels was one of the most noteworthy of
the many of similar booms in this country
and it existed for year or two in feverish
activity. While we all knew, as I was OPP
Grating a the time, that it could not last, ;
the great question was, How long will it
last? and the question answered itself un-
eXpectedly. Without apparent reason, and
almost literally in a day, the activity of the
market ceased; there was nothing doing
The SPECTATORS asked themselves the
cause of the stoppage of the boom, and
could not find a satisfactory reply; it just
stopped. There was a stiffness like that
preceding a storm. Then one or two of the
more courageous of the daily press came
out editorially and said that the boom had
gone far enough, and the appeals of certain
of the business element that such printed
statements would hurt the town were re-
sponded 60 by further editorials that the
quiChei lile alleged INJURY 10 the city was
inflicted the better for it's ultimate future
the fixed, real value of it's real estate and
the material business prosperity. 1t was a
bold stand to take. and there are few in
stances In American Journalism which
equal this move on the part of one or two
determined men who had the real prosperi-
ty of their city at heart. The period of
fictitious values passed, the boom collapsed
and. following the necessary reaction the
people all realized that the blow which the
Spectators had said had struck the city
was in reality a God-send.
Washington's Solid Foundation.
Realty values in Washington afford
pleasing contrast. The market is builded
upon the solid foundation of actual pros
perity and genuine demand. Values are
fixed and stable, and the sales recorded in
The Star from time to time show such a
healthy. conservative, yet upward. ten
dency, that the real cause may be inquired
into and freely and intelligently explained
and demonstrated. Another noteworthy
condition of the Washington market is that
residents of other cities. seeing the oppor-
tunities here for permanent, sound and
investments, place their money
readily into the choicest of our business
and residential property. This is not only
q compliment to the capital but is a tes-
timonal which is food for thought on the
part of those who have lingering doubts
as to the future. Many of the capitalists
whose recent heavy investments have at
tracted public attention have informed me
mat their only regret is that they did not
years ago see the opportunities existing
here, and bring their money then as now
Their purchases have impaired tone to
the market which cannot be fully done Jus
tlce TO in few sentences, and the bene-
flc1al ramifications in the allied markets
such as building materials and the vari-
Gus trades, has caused a corresponding
stimulation as gratifying as 1t is pr0fta Bile.
INN rrir- I,
these great transactions is responded Ito
at once by the heavy increase in the sales
of smaller properties to persons of moder-
ate incomes, and to departmental and
other wage earners. Blocks upon blocks
of these mouerate-priced dwellings,. SELL
Ing from $4,000 to $4,000 each, have been
erected without any cessation of demand
And this fact is true in all quarters of the
city. Were this edifying activing con-
fined to any one of the four sections Of the
city it might be said that that particular
section were experiencing BOOM but
the rule holds good all over the CITY and
far into the suburbs.
Prospects of Brilliant Future.
And yet there is no boom. It is steady,
solid growth indicative Of our splendid
future. The prices asked are paid because
the property is worth it today, and not
wat it will be worth years hence, as is
the case of fictitious values While sew
erai senators are property owners, and in
one or two instances. notably Senator Quay,
senator Hale and Senator Mcmillan Of
Michigan, are pOSSeSSorS of some of the
choicest holdings in the city, representa-
tlVes consider their terms too short and
uncertain to own their own homes, but
there are notable exceptions. and, during
this session know personally of a num-
Der of representatives who have made these
and / am satisfied that more
will from time to time follow their ex-
ample. A representative must be a man
of wealth to maintain an establishment in
the capital and one-at home, and most of
the representatives are not men Of wealth.
The fact, however, that they are making
increased investments here is one of sig
niticance They have learned that there is
no city in the United States where property
values are apt to be more permanent than
in Washington. 1t is to be regretted that
every man who comes to the Senate and
the House cannot from the inception of
his term become a property owner to a
greater or less extent. 1t would give him
a fixed and personal interest in legislation
the capital which cannot and is
not expected under existing conditions.
While all feel to certain degree an inter-
est. it would then be intensified to a de-
gree that many of the pending problems of
local legislation would be solved in a jiffy.
Statesmen Who Are Our Friends.
20 Senator Mcmillan, who is chairman
of the District committee in the Senate,
w owe d ueDC Ol gratitude OF
which many are unaware. Quietly and I'M
ostentatiously this public-spirited gentle
man has fostered the interests of our city
and its people in a manner worthy of IN
stinted praise In legislative matters he
has stood beside the local taxpayers, and
his influence and broad-minded views have
been felt in directions where they have
done us the most good, while in the House,
Chairman Babcock has stood as faith
full and answering ally. By reason of the
peculiar situation of the property owners
in the capital these two powerful friends at
court will ever go down in our municipal
history as worthy examples to those who
are to follow.
Another point about Washington's ma
terial prosperity which must not be lost
sight of is the fact that this year desirable
houses for rent have been scarce, in fact,
almost unattainable, and this in the face
of the new residences which have gone up.
.--e deductions which may be drawn from
this pleasing fact are SO many that they
need not be recounted in detail. The one
all important thing which is established,
however, is that the people wish to live
here; that they must have homes according
to their wealth or moderate means, and
Lat these homes are in demand and well
filed indicates that they, as realty, pay a
good interest on the investment either as