The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-19
THE REAL ESTATE MARKET.
TRADING ACTIVE IN IMPROVED
AND UNINPROVED LAND.

Growing interest shown in the Downtown
and Midtown Districts, While the
Uptown Lot Boom II Also spreading
Movement Like That OF 1900 In sight
A very important change seems 70 be
taking place in the character Of the trading
In realty For years past the market
activity has consisted Of a succession OF
special movements. Some Of these have
involved great sums Of money and have
affected extensive territories. Together
they have indeed, materially altered not
only the appearance Of the city, but the
housing conditions Of the larger part Of
it's population. To certain extent, also,
they have overlapped one another. Never
thcless, no two or more Of them reached
their fullest expansion az the same time.
A period marked by special activity in
tenement house construction was followed
by one Of special enterprise in the building
OF apartment houses. For q time specu-
lative capital neglected the residence dis
tricts while exploiting the financial and
mercantile sections. A huge speculation
In tenement houses developed next, only TO
give way 10 boom in vacant lots. The
lot boom itself was mi gratory, shifting from
one locality 70 another.
Now. however, trading is taking on the
character OF n general movement hHttNlll6
simultaneously many kinds Of property and
a great variety Of neighborhoOds. IL IA I'M
possible to say whether vacant or improved
realty is absorbing the greater amount OF
capital. There II a substantial volume OF
dealing i'm business premises in the once
building and in the loft building districts
Apartment houses and dwellings as we'll as
flats and tenements, are in demand.
Meanwhile, the speculation In lots IA
ceasing 10 he centred In any one locality
l. ltva ~ viva IF
lative interest was apparent in the Dyck-
man tract, in the Jerome avenue district,
In that section traversed by the easteriy
branch Of the rapid transit road In The Bronx,
in the Hunts Point neighborhood and in
the UPPER Lenox avenue territory. lmpor-
tant "a 'es were also made on Washington
Heights the seat Of the most recent special
movement
The current market is in all probability.
merely a promise Of what may be expected
when the building season opens In the
sprirg Nevertheless, 1t has had no cOun-
terpait in the last fifteen years. 1t Ia
exceptional both in volume and In scope.
New flats and tenements are selling from
the plans before being completed, and
builders are preparing for the greatest
construction campaign in the history OF
the city Investors and professional oPer-
ators are competing with each other for
property on the outskirts Of the shopping.
wholesale and financial districts. Pr ces
are everywhere rising, old standards OF
appraising are being abandoned, and
buyers are more numerous than sellers.
The temper Of the market Is more gener-
ally optimistic than il has been at any time
before since the great years 1889 and 1890.
Several important influences are at work
which tend 10 broaden and stimulate the
market for real property. During the
past couple Of years building activity has
been below the normal annual average,
Meanwhile the growth OF the population
through foreign immigration has been
tremendous. The building Of the subway
and the construction Of other almost equally
important transpor alton lines are bringing
about a great redistribution and extension
of the centres Of population and industries.
While opportunities for the profitable
Use Of both investment and speculative
capital have thus multiplied, huge sup
PLY Of idle money has accumulated in the
New York banking centre. Current inter-
est rates in Wall Street are unattraCtive TO
lenders, and great financial institutions,
like trust companies, Insurance companies
and title guarantee companies. are dtvertinR
their funds into realty mort cages. Since
Jan ] more than twice as much money
has been loaned on real estate as in the
corresponding period OF last year.
FINAL ?, an important change has taken
place in the real estate business itself
during the last five years. Several hun
dred operating companies have been in
corporated, innumerable speculative syndi-
Gates Rave been organized and the ranks
Of individual operators has been heavily
recruited This change has incr ased the
amount OF capital available for real estate
speculation. People who would hesitate
80 risk their savings in independent specu-
lation are frequently willing to associate
thems'lvS with some operator Of eX-
perience IN a corporation which gives them
the benefit Of his Judgment while pro-
tecting their contribution Of carital.
Evidently, then, bot the opportunities
for operating in real estate and the volume
Of capital available for prohting by these
opportunities are just now exceptional.
There Ia consequently. every reason to
believe that the broadening tendency
manifest in he tradn OF las week will
continue until ira ii ally every part OF
the city and all OF the principal Glasses
Of property are included. Al any rate,
brokers and operators expect this spring
a widespread, general movement, similar
20 that which prevailed in 1889 and 800.