Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-31
REAL ESTATE GOSSIP
Some Promising Phases Of
the Local Market.
DEMAND FOR PROPERTY
TRANSACTIONS IN HOUSES AND
UNIMPROVED GROUND.
Cost of Money a Gauge in the Estimate
of the Substantial Character
of Realty.


| by Frank H. Walker and E f. Smith, the
proprietors of the Yale laundry, for the ac-
commodation of that business. The new To-
| cation is on the north side of New York
| avenue between 4th and 9TH streets north
west. The ground has frontage of &C feet
and 10 inches and an average depth of 100
| feet to a thirty-foot alley. 1t is proposed to
cover the entire lot with the new structure,
which will rise to height of three stories.
There are to be two elevators in the build
| ing, and all the appliances which modern
ingenuity and experience can suggest will
| be supplied, so that the facilities will be
entirely up to date in all particulars. Mr..
Frank L. Harvey is the builder, and the
construction will be substantial
The Demand for Property.
While there is no great degree of activity
apparent in the real estate market, good
deal of business is being done. There is no
doubt a genuine demand for lots and
houses, and people who have money to in
vest are looking about. There is no diff
Guilty about finding a customer for property
that has any of the characteristics of what
is commonly known as bargain. The
feature of the market, which has been
pointed out heretofore, continues to char
acterize it, and that is the desire for prop
erty that will yield revenue
Ally lIIHS tlidl can De SHOWN TO De a rea
sonably good revenue producer is not a
drug on the market. 1t is also recognized
in this connection that peoples ideas about
the proper return that should come from
realty have been greatly modified, and now
If an income of per cent net is assured
the average owner thinks he is doing fairly
well. OF course, this is not an absolute
standard as it varies both ways depend
ing upon the character and the uses of the
property.
The Rate of Interest.
At the same time, an indication of the
substantial standing of realty here as an
investment, it may be stated that large
lenders of money in this city, well as
outside freely make loans at ~ per cent,
and some money is lent at as low a rate as
per cent. Five per cent is now the pre-
vailing rate for loans on realty. Only
few years ago people were dissatisfied I'M
less property offered to them could show
an earning capacity of at least 10 per cent
gross. At the same time per cent for
money was all that could be had here.
1t is a matter of common experience that
in all cities, as property values become sub
stantial and not subject to the variations of
speculative holdings, the rate of interest
falls. This is the process that has been
going in this city, and it is one of the
| evidences of the standing of Washington
realty in the investment world, not only as
represented by local capitalists. but by the
| large lenders of money in the financial
centers of the country.
Cost of Street Paving.
| The inquiry made recently at the in
stance of the Senate District committee as
to the custom in other cities relative to
meeting the expenses of paving the streets
brought out the fact that in a majority of
cases the cost of such improvements was
borne in part at least by the abutting prop
erty holders. In this city the entire cost is
borne by the city government from the
funds contributed equally by the District
taxpayers and by the general government
1t is suggested that in order to avoid al
legged favoritism in the distribution of street
improvements, 80 per cent of such cost be
charged on the property holders
The proposition naturally interests all
owners of real estate and especially those
who have holdings on streets which are as
! yet without pavements. 1t would seem that
there was a species of inequity in the prop
osition, insomuch as the present holders of
| land i'll sections where no improvements
| have been made would be Disseminated
against, as their neighbors have had such
improvements at the public expense
1t is felt by some of the owners Of real
estate who have considered this matter
| that the effect of the adoption of such a
| system would be far reaching and for this
reason nasty action would not be advisable
One-Story Stores.
The vacant ground at the southwest cor
ner of 9th and E streets northwest is to be
improved by the erection of one-story
stores. These buildings will occupy both
frontages.
Remodeling a Church Building.
int no Il.