Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-18
REAL ESTATE GOSSIP
Development Of a Promising
Business Section.
THE WINTER BUSINESS
MARKET CONTINUES ACTIVE IN
SPITE OF APPROACHING WINTER
House Buying is Still the Notable
Feature Of the Present Activity
in Realty.
THE WINTER BUSINESS

In connection with the recent purchase
by Mr.. Stilson Hutchins- of the Colonial
Hotel building, at the southwest corner of
18th and II streets, the statement is made
OF the purpose of the new owner to remodel
the building to some extent, so that the
frontage on 18th street can be used for
business purposes.
AT the same time notice has been given
by Messrs. j. V. N. Huyck and Thomas
Bryan Huyck, the agents OF the property
on the opposite side of the street formerly
known as the Barton Hotel. that changes
are to be made in that building also, so as
to provide business places
The completion of the new building of the
American Security and Trust Company, at
the southern corner of the block, has fur
nished the basis for the prediction that
this section Is likely to become the future
Wall street of Washington, whatever that
phrase means At any rate, 1t is the one
ehat Is used by the enterprising real estate
broker In talking about property In the To-
caiity, and 1t Is evident there Is a be-
lief that 1t is to become of more importance
IN enc business world than is the case at
present. Certainly recenS changes and
those that are in contemplation serve to
confirm that impression
Houses Are Being Sold.
Houses are still selling in this city, al
though. according to the weather bureau,
snow Is hovering on the outskirts and Is
likely to come in at any time and cover up
the surrounding real estate. What is more.
there Is quite active market for houses
One broker said not long ago that his COM
pany had sold in one week sixteen houses
and he did not mean the several weeks
previously or anything of the sort, but the
one at hand-fn other words, that they are
selling houses at this time
His Is not the only experience of that
sort, and on that account the adjective
active can legitimately be applied to the
market as 1t exists at present. There Is
something contradictory in the statement of
an active real estate market and at the
same time predictions OF a fall of snow.
At least 1t used to be the case In this lati-
tude that when the snow came and the
ground froze, then the minds of the buying
public turned to other subjects than that
of real estate.
No Let-Up in the Market.
Just now 1t is different, because there are
people who want houses and have the
money to put in them. and there are
houses to buy. Such a condition Is not af-
fected by the season. A house can be
bought Just as well in the winter time as
III the spring or IN the summer. That is
what Is being done at this time, and there
Is no reason to suppose there will be any
let-up. Brokers who keep In touch with
the market conditions do not anticipate
any great amount of SLACK time" In their
business during the coming winter
There is not much being done in the way
Of selling unimproved ground, and the mar
ket In this respect does not show very much
Improvement This lack of interest on the
part of the buying public in lots is attributed
in part to the increased cost of building.
It is found that when men buy a large piece
of Land and build number of houses at
one time the cost of each house is much
less than If they were put up singly.
Good Deal for the Money.
There is decline in Individual and an
increase of what is known speculative
building, or the putting up of houses in
quantities. 1t Is remarkable what values
are being offered in the way of houses and
how much it is possible to get for COM
paratively small sum of money. 1t Is safe
to say that never before has it been posi-
Bile in this city to get as much for ones
money in the way of a house as is the case
at the present time.
At the same time, there are those who
prefer to buy lot and see to the building
of their own house. and that class is by
no means a small one. From this class are
drawn those who become the owners of
ground which is from time to time being
opened up and offered for sale.
Land Value in London.
London papers contain some interesting
statements concerning real estate values in
the English capital. Competent authorities
are of the opinion that London's land values
nave reached their limit. Every year sees
more and more Of the large manufactures
which have been occupying valuable land
actually in London removed to the prov
inces or to convenient points on the fringe
of the metropolis. 1t is, indeed, predicted
that at a time in the near future London
proper will be entirely a city of offices. As
to the present value of land in London, It
is and always has been, at its maximum
around the Bank of England, where a free
hold site has sold at the rate of G3, go, 900
per acre, or ELS per square foot. Yet there
are no exceptionally big buildings anywhere
in that vicinity
High land values are not confined to the
center of the city, says the London Express.
In Bond street land has sold at the rate of
f35 per square foot, or more than f1. 500, 600
per acre, and at Charing Cross plots 'front.'
ing on.Trafalgar square have capital value
of sStS0O0 to g1.O00.O0O per acre. In the
Strand plots of land have sold at prices
ranging from 912 to EGO per square foot.
or from 100000 to ss70.0O0 per acre.
Big Figures for Property.
Rentals are a sure index to the value of
land and In the Strand a firm of outfitters
pays rent of ESQ pounds a year, while a
Cheapside bootmaker pays sf.2O0 year for
the ground floor shop and basement. The
enormous increase In the value of Lon
don's land during the last thirty years pro-
vides some almost startling figures. During
that period the rental value of land has in
creased by 10000. 600 and the capital value
by EGO 100000. The present value of the
whole of the land in London is about f418,-
100000. Thirty years ago 1t was about f16S,-
0OO,0O0. The increase In value Is therefore
| at the rate Of 100 per cent.
In the same period the rates have In
creased In the same proportion-that is,
from e4,000. 900 to f1O, GOO, 900 per annum A
striking. feature of this great increase in the
value of land is that 1t is common to the
whole metropolitan area. Districts where
one might look last for greatly increased
values have seen tremendous advances In
the suburbs of London land values have
shown similar remarkable increases during
recent years.
A Millionaire's Advice.
In a current magazine the words Of
New York millionaire are quoted, who was