Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-09-12
REAL ESTATE GOSSIP
Attractive Investments in
City Property.
HOW PRICES ADVANCE
NEED FOR UNIFORM HEIGHT OF
TERRACES.
Problems That Confront Architects
and Builders-Beautifyin
Thoroughfares.

The opportunities for investment in desir-
able property within the old city limits are
being realized by many Shrewd men. The
arguments favoring the ownership of land
in the suburbs, in the line of the city s
growth SO well known that nearly ev-
cry one can recte them as well as the en-
terprising agent who has such holdings for
sale. But the events transpiring in this
city within the last few years point unms-
takably to the advantages of property with
in a radius of mile or so from the business
center.
The apartment house here is the growth
of sentiment tavonng dOmiciles OF that
class that has grown within the last lew
years. The apartment house has mace the
land on which II is buiIt three or four times
more valuable as All Income producer than
was the Case When tie land Was occupied
by small houses The lot that formerly was
improved to secure an income OF $&U or 10
month Is now utilized Tor apartment
house purposes TO ploviue homes ior from
Jour 10 eiShl l.ilLlA.GS, Insie..u Gt one, with
the consequent increase OF income from it.
Ii any one will look over tie map OF this
city as originally la.u out ana VIII then re-
call the location OF large apartment. houses
1t will be seen that ali through that sec
ton there has been a steady uevclopment
of that class of improvements The tend
ency to build such large structures within
the old city limits has teen very pronounce
ed during the past year or two, and con-
Stantly plans for additional buildings of
from four to eight stories are announced
Such locations supply the demand for
nome at a comparatively small rental with
II walking distance of government depart
ments, where thousands are employed and
OF the business center of the city.
Opportunities for Investors.
While this development within the old CITY
limits has been going on there has been an
other movement among home owners which
has tended to give abundant opportunities
for investors to secure property at very
reasonable ates. This movement Is on the
part of people who wish to go into the
newer sections. where they can get new
houses with all the latest improvements
Every real estate agent here has constant
ly had clients coming into his office with
propositions to buy such new houses pro-
vided their old ones can be taken in ex-
change The builder does not wish to take
houses in exchange unless he can imme-
diately dispose of them. The result is the
agent makes a double transa elton. He Sc
cures purchaser for the old houses and
applies the purchase price as a payment on
the new homes.
This method of making sales has become
so general that every year hundreds of
houses located we'll toward the business
center pass into the hands of investors
Such investments have an advantage over
an investment in vacant land. While the
land Is being held for advance In it's
price the owner receives a good rate of in
terest on his money. The fact is a great
deal of such property is sold without regard
for the value of the improvements, the pur-
chaser basing his offering on the price of
the land alone.
Sites for Apartment Houses.
During the past few years there have
been very numerous transactions of that
kind in which land favorably located for
apartment houses has been sold for less
than 81 foot while at the same time the
improvements that might be serviceable
fifty years hence bring a good percentage
on the entire investment. There are many
men who have not failed to make the most
of such opportunities They have secured
income paying property which they con-
fidently believe within the next twenty
years will be worth several times as much
as they gave for 1t.
The building of homes in sections of the
city in which the grading of streets has
made it desirable to establish terraces is
fraught with difficulties that have troubled
many an architect. This difficulty relates
to the height of terrace which 1t is desirable
to provide. Differences of opinion on this
subject have caused many unsightly views
among the handsomest thoroughfares of
the city. and especially in the suburbs. The
first builder on square may elect to place
his house the top of the terrace as es-
tablshed by the grading of the street The
second builder fancies cutting 1t down in
order to avoid a long, and in some cases
rather dangerous, flight of stairs in order
to reach his front door. Quite generally a
terrace requiring three or four steps is con-
sdered especially desirable, though there
is great variety of taste in that respect.
Uniform Height of Terrace.
The result of this lack of uniformity is
the building of houses the fact that there
should have beea some understanding as to
the height of terrace for all the houses be-
comes painfully evident In many cases in
which the parking belongs to the govern
ment 1t seems reasonable that the height
of terrace should be regulated by the mu-
nicipalty. In some parts of the suburbs
the terrace is the property of the owners of
the adjacent lots, In which cases the au-
thority of the municipality to regulate that
matter is not SO plain. But the desirability
for some regulation or understanding as to
the height of terraces is very evident.
Builders of rows of houses for sale fire.
quently have an advantage over the indi-
vidual building a single structure in their
ability to have exact uniformity in this
matter which greatly adds to the beautiful
effect of a street
One phase of the city terrace which has
been placed on sound basis relates to sec
tons of the city largely built up and in
which there has been no terrace. Builders
in order TO lessen the expense involved in
digging for a cellar, have sought to avoid
excavation altogether. or to limit 1t to a
foot or two, by building a terrace which
provides the cellar floor. This plan of con-
struction places the house In a prominent
position and If permitted it would be re-
sorted to frequently for reasons of econ
omy. Incidentally such a proceeding would
enormously injure all other property on the
same square, and in some cases this injury
would exceed the value of the new house
To prevent such injury to a whole square,
and especially to the houses adjoining the
so-called Improvement, the engineer depart
ment refuses to grant a permit in cases in
which such changes of the grade of the
parking is contemplated
While there have been no large transac-
tons in real estate during the past week,
the sales have been very fair in number
for this season of the year. The large
purchases of property being made for the
purpose of the railroad improvements have
made 1t necessary for many of the owners
to reinvest their money, and they have gem
orally preferred to put 1t into small houses
of about the same class as these they sold.
Real Estate Market Healthy.
I'VE consider the real estate market