Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-06
Close of First Years Work
of the Exchange
SOME CURRENT PRICES
EFFECT ON PROPERTY VALUES OF
PROPOSED MUNICIPAL BUILDING.
Sales at Auction and by Private Hands
Give Some Indication OF
the Market.

The annual meeting of the washington
Real Estate Exchange will he held next
Wednesday evening. On this, occasion the
officers, headed by the president, Mr..
Jesse L. Heiskell, will give an &C
count of what has been done during
the first year of the existence Of the
orEanizatio AS a whole the reports prom
ise to be encouraging and showing that
the exchange has something to do that Is
of value to the members. While 1t will
not be claimed that all has been accom-
plished that might have been. or that was
thought possible when the association was
formed 1t Is believed the showing made OF
the first year will be such as to Justify the
maintenance of such an organization.
In addition to keeping open headquarters,
which. by the way, have not been employed
to the extent that was expected when the
rooms were engaged, bulletin of property
offered by the members has been furnished
for the information of all. The exchange
has also been able to bring about some
changes in methods which are OF beneht
to the entire fraternity.
Auction Sales Of Realty.
It was expected by the founders of the
exchange that II would gradually come
about that the auction sales of property,
that are now generally held in front OF the
premises and subject to all the uncertain
ties OF the weather, az we'll as the disad-
vantage in cases where the location is dis
tant from the central portion of the city,
would be held in the rooms OF the ex-
change. 1t is found. however, that custom
is strong. and so while few sales have
taken place within the rooms of the ex-
change. the great bulk, as heretofore, have
been held in front of the property adver-
tsed.
The officers are hopeful that this change
will be brought about. In various directions
II Is seen that the possibility of such an or
ganization to benefit the business is SUI
ficient to justify the exchange to continue.
and 1t is thought that the spirit of the
members who number about 100. Is such
that the organization will be perpetuated.
Effect on Avenue Property.
The jury OF award will open next week
the plans submitted in competition by
twelve architects for the proposed munich
pal building. An award will soon follow,
and then all that remains will be to begin
the work of construction with an interval
of time to permit the successful competitor
to prepare working drawings. At any rate.
within two or three years structure eSpe-
.cially planned for the needs Of the District
government will cover the entire square on
the south side of Pennsylvania avenue be-
tween 1870 and 18th streets.
While this event will be of great signif-
canoe to the officials of the District. as well
as gratifying to the citizens at large, there
will be another result which is anticipated
with some interest and that Is the effect
which such a structure will have on prop
erty in it's immediate vicinity, and especial
ly that on Pennsylvania avenue.
A Center Of Importance.
AS the District building has always been
the center daily of great crowds of people.
and s a large majority OF the residents of
the city are obliged, on account of business,
to go there. 1t is thought the property In
the vicinity will be benefited. To what ex-
tent that will be done. or in what special
way. is not specified by those who discuss
the probabilities. 1t Is, however, conjec-
tured that there will be a better demand
for business places.
Those who have given the subject atten-
ton are inclined to think that something
Of the same sort will occur in the locality
OF the new municipal building that Is OBJ
served about the general post office, and
especially on nth street between Pennsyl-
vania avenue and F street. There Is no
question that the number of business places
on that street have materially increased
during the past few years. In fact. the
changes are such to make almost
transformation. At the same time. Penn
sylvania avenue and other thoroughfares
life.
"a maIheU SuauRe.
While the location Of the new municipal
building had nothing to do with the pur-
pose of replacing the Lawrence Hotel build
ing with new structure, 1t is known that
the owner OF that property has that in
mind as soon as he ascertains from the
District authorities how high the law will
permit him to erect building on that site
1t Is probable that as the opportunity seems
to Justify other improvements will be
made. 1t would seem that in spite of the
changes OF recent years which have result
ed In taking away from Pennsylvania ave-
nue. its supremacy as the chief business
street in the city, 1t still retains many ad-
yantages Is business center In fact,
Pennsylvania avenue is looking up, and Its
future is regarded as more promising than
has been the case for some time.
Sales Of Realty.
Moore & Hill. real estate brokers, have
sold premises 1sO3 Belmont avenue, Wash
ington Heights, for ex-Gov. VIM P. KEEL
logg; for Herman Gasch and others, re-
ceivers premises 3021 Cambridge place
northwest: for Clarence l.. Harding prem
ises 17S5 Columbia road. Washington
Heights: eleven lots on Rhode Island ave
nue. between LIST and North Capitol streets
northwest, In the Moore and Barbour addi-
ton, on which will De erected modern
homes. and eighteen lots on T street be-
west. for building purposes: for Miss Nc
kelden. 1l05 18th street northwest.
A Residence Site.
During the past week a large building
site on Connecticut avenue was offered at
public sale by Thos. ]. owen & Son, auc-
tioneers, but was withdrawn. the highest
bid being S325 per square foot The ground
Is at the southwest corner of Connecticut
avenue. street and Florida avenue. 1t
has frontage OF fifty-flve feet on Con-
necticut avenue and extends back to 21st
street, where and on the latter street It has
"a frontage Of about eighty feet It con-
tains about 6,2s5 square feet.
In Business Locality.
The property known as 1907 Pennsylvania
avenue was recently sold by Geo. Y. Worth
ington. real estate broker. for $4,000. The
lot has a frontage of twenty-four feet one
and three-ouarters inches and an average
depth Of above sixty feet. and con-
tains 1.671 square feet The improvements
are used for business purposes. Consider
Ing only the land in this transaction. the
price per square foot was little over %, but
on the basis of q standard lot of a depth
Of 100 feet the price was about $3.50 per
foot