Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-15
REAL ESTATE GOSSIP
Values Of Property in a Bust
ness Section.
PRICES FOR CHOICE LOTS
MARKET CONDITION AS SHOWN
BY CURRENT TRANSACTIONS.
Demand for Houses of Moderate Price
Still a Feature-Matters
of Interest.

The recent changes in bank control
have some interest in the real estate
| market for the reason that the process
| of doubling up which is about to take
pace in the case of two of them leaves val
| liable property to be used for other pur-
poses. The announcement has been made
| that the Metropolitan Bank which has alb
sorbed the Citizens, will hereafter be locat-
! ed in the adjoining building on 10Th street
between i and G streets, which has been
| the home of the latter institution now about
| to go into liquidation for the purpose of
combining forces with its neighbor, the
Metropolitan Bank.
1t is understood that in the valuation Of
| the assets of the Metropolitan Bank, which
has been made in order to bring about a
| union of the two institutions on an equita
BILE basis the banking property has been
valued at the rate of forty dollars per
square foot. AS the basis indicates the
building itself is not regarded in making up
this valuation and therefore it is for the
ground alone that this figure is looked upon
| as fairly representing the present market
value of the property.
Fifty Dollars Per Foot.
It has a frontage of something over sixty
five feet and a depth of one hundred feet to
cinity so seldom changes hands that it is
difficult TO get current figures by which to
| make comparison. Two years ago was pur-
chased the northwest corner of Pennsylvania
avenue and 10th street, the site of the old
Riggs Bank building The area comprises
nearly 1000 square feet and it is stated that
the price agreed upon for the purchase of
the property was $35O,OOO, which is at the
rate of $50 per square foot. The adjoining
lot to the west, where the Riggs bank
building stands. was bought some five years
ago and 80 per square foot was paid. The
dimensions of the ground are about the
same as the adjoining corner lot
These prices will be recognized as record
values in real estate here, for while greater
per foot prices have been paid notably for
the property at the northwest corner of
1lth and F streets, still there are no in
stances where a lot of standard dimensions
| has brought more than $50 per square foot.
Higher figures have been asked and are
still asked for business property.
The Latest Transaction.
During the past week there has been
good deal of talk about the change in the
ownership of the property at the northwest
corner of 14th and G streets, containing
5,5OG square feet. 1t is understood the price
agreed upon was about $1S5 900, which is
at the rate of over $50 per square foot, with
out taking into consideration the value of
the building, which, of course, cannot be
Cisregardcd as it is new and suitable for va
rious uses. AS the lot has less than a hun.
dred feet in depth it is not a standard size
and on this account the per foot value can
not stand in comparison with the prices
| paid for lots which are more nearly uni
form. However on the basis Of the total
aggregate paid. If the depth of the lot was
one hundred feet the price per foot would
| be about SAL, which is one of the best
TrIces ever paid for lot of that descrip-
ton.
1T is interesting to note in connection with
| these facts about the apprecia ton of bust
! Less properties in this city that it was es-
timated shortly after the big fire in Balti-
| more that in the burnt district, which in
| cluded the best business section of the
| city, the highest valuation was not over $40
per square foot
Making Fine Driveways.
| The improvements that have been made
| and are in progress in making the entrance
| to the Zoo on this side of Rock creek bet
| ter adapted to accommodate the large num-
| Der of persons who go to that resort are
| not only practical in character, but form
| a fitting approach to one of the most beauti-
| full localities near the city, What is called
| the Adams Mill road, just to the west of
| the intersection of the two car lines at Co.
| lumbia road and eighteenth street is now
the principal entrance to the park on this
| side of the creek. The old quarry road
| which Is farther to the north. will be prac-
| tically abandoned account of the heavy
| grade. The new road as it approaches to
! the main entrance to the park is adorned
| with green spaces which divided the road
| way and gives park like effect.
| 1t is the purpose to make this roadway
the beginning of drive which will extend
| along the entire east side of Rock creek. A
| good portion of this driveway is now in use
| and all that remains is to make the con-
| Meeting links on this side of the stream
| near the borders of the city. The problem
of an approach to the park has been diff
| fcult one, for the reason the ground is so
| broken. To secure roads that would have
the grades required for easy driving it has
been necessary to do a good deal of grading
and required the careful selection of routes
| Some Market Conditions.
Mr.. William A. Hill of Moore & Hill. real
estate brokers. In speaking Of the condition
| OF the real estate market, said today: Real
estate is on the move. The Inquiries are
unusually brisk, especially from moderate
| priced homeseekers and investors. Wash
| ington real estate is unquestionably appre-
| ciating in value. The only class of property
| that Is tagging is vacant ground, and this
| Is caused by the very high price Of build
ing material.
| at is not an uncommon experience for
| brokers to obtain deposit on the sale OF
| property listed on their books and when
/ they approach the owner for the ratification
| of the sale. to be informed that the price
| never expected to sell property for the ask
| ing price, but conditions are now surely
| very different. Our firm has consummated
| a large number of sales since September i,
| and the outlook is mostpromising."
The Demand for Houses.
The real estate corporation of Stone &
| Fairfax which was of the first in
| handling the sale of houses erected ON
Columbia Heights. report considerable ac-
| tivity in that direction. They state that
from general inquiry there are not five
new finished houses for sale In that entire
subdivision This Is certainly an excellent
| showing, for the reason that hundreds of
| houses have been erected on Columbia
Heights during the past few years. At
present there are about twenty-five or
| thirty houses being erected, and which will
not be ready for occupancy until next
spring. Therefore the many who wish now
| to purchase on Columbia Heights are re-
quired to defer buying until the houses are
completed"
This corporation has disposed of all of
the ten new houses erected by Mr.. John
| NJ. Henderson at the southeast corner of