Evening star., 1905-10-21
REAL ESTATE GOSSIP
Some of the Conditions Effect
ing Rental Values.
BUYING OF HOUSES
LARGE FURNISHED HOUSES AND
THE NEEDS THEY SUPPLY.
Children Are Not Wanted in Apart
ment Houses This Year Any More
Than in the Past.
BUYING OF HOUSES

large building site has been purchased
by Mr.. ]. F. Mccormick at the southeast
corner of Park and School streets, Mount
Pleasant, and it is his intention to improve
the property by the erection of houses. A
row of nine three-story houses Will be built
and also a three-story apartment building.
Something About Rents.
One of the conditions of the market
which seems rather unusual, especially to
one who has been at all familiar with it.
is the renting value of houses. 1t is not
at all uncommon for houses which are
offered for sale at $4,000, and even for a
few hundred dollars less. to be rented at
500 per month. The explanation is that
the houses were put up to be sold and
that is the aim of the owner but while
waiting for purchaser he finds that he
can get tenant, and so he makes a lease
1t is evident from such a situation of a f.
fairs that rents are higher than was the
case year or two ago, and it is also
evident from the kind of house which is
onered for sale at 5000 that house values
nave not advanced. In fact 1t Is the con-
Elctlon that better house can be bought
Tor less money in this city at the present
u eime [re anan even ever before. At any rate,
great many houses are being built each
year and are sold so it is apparent that the
buying puolfc is aware of the fact
Increase in Home Buyers.
The increase in the number of home b,v-
eis mas been one Of the notable features of
the real estate market In this city during
'he past rev years Row after row has been
put up, and there are but few instances
where even one is still In the hands of
the builder. They have been taken hy
people who want them for homes and are
gradually paying for them The additions
" the population of persons of this ola &C
are numerous, and this affords gratifying
evidence of the substantial proeress tha3
thls city is making 'A"'
surprise is continually being exnressed
n,atns,ai lacis come up In regard to the
30 ts la oeVeiopment here at the chara cter
oi the progress that Is being made Whan
~ IS known, however that the prowth ne
me population Is largely from those who
pecohe Ie the owners Of their own homes
the n,oua emem i. can readily be understood that
Is az durable and substantial as 10 nass,t,a ~.
- place for the ghildre1.
ihere is the same complaint Heard tb,s
as mas peen the case every year from
peopie VINO hnd that the possession of chill
' % more or less bar to their finding
quarters IN apartment houses There ia M
uouDl .'. INA. owners of such properties find.
Su1. s',,. as 90 the proprietors of hotels at
summer resorts, that children generaIIv
speaking, are a nuisance AS thew houo ,
means or judging what parents look aftar
tnelr ~ oHspring and those who do not and
-, ttionsequehce what children would be OBJ
all children ' 'nu' oue
~ is provoking to persons who have in
mlnd certain locality or a certain hni1d-
iils ihs 10 ma that the personnel of their fam
lily is a consfdera ton instead of the ,,Sma1
one which relates solely to their ability or
Willingness to pay the rent 1t has heen
suggested that people with families might
Slup together and put up an apartment
mousse and call 1t the Roosevelt and have
1t for all who have children, Shutting ont
only those who have none
As a Home Owner.
THE advantages of investing a. norton
OF one income in the purchase of home
have been SO often described and advised nv
the shrewdest and most successful men of
our country that it seems to me IT shouId
be the first aim of every man to protect
himself and family with a home" said a
real estate dealer
Ihere is undoubtedly no investment for
a man who Is dependent upon his own ef
Iorts Tor the support of his family SO de-
sirable as one of this kind 1t NOT onIv
gives him an independence and satisfac.
ton which can not be realized through any
other outlay but gives him standing among
his neighbors and fellow-men, his children
are respected more, and it makes better
men and women of all At the same time
1t provides one of the most complete and
systematic methods of saving money in
this country.
The sharpest and most successful men
of today are investing money largely in in
come property, and, to show beyond ques-
ton the advantages, let US take for ex-
ample small investment of $500.
"A man has $500 to invest This is
worth per cent per annum, and if he
places it where 1t Is secured by mort
gage he can only realize s25 per annum
interest.
House-Buying Figures.
Now let him make an investment of
$500 for two-story house with bath and
all modern improvements. He pays $500 for
the first payment, which leaves balance of
$1,000. This he is to pay for in payments of
S25 per month, which will take Just ten
years. He pays during that period, interest.
$50; taxes, $3.50; water tax, $50; insurance.
$50, and for repairs, $3.50 making a to-
tai of $l340. This, added to the original
cost of the house, would make 81. $40 the
total amount invested in the propertv for
PERIOD or ten years. Now deduct the
rent or so per month for the period of
ten years, which amounts to a total of
$4,000. leaving balance of 81, $40 the total
cost to the investor.
This leaves a net profit of $1,91o in ten
years, which is equal to $lSI per annum
net profit for his investment and / ven
ture to say that In ninety-nine cases out of
hundred the increase in value of desir-
ably located property will be more than
enough to pay the interest and taxes
As an Investment.
'"This is a fair illustration of an invest
ment of this kind, and 1 claim that ii is
one of the best investments that man can
make. 1t makes no difference whether he
rents the property TO tenant for s25 per
month q will say that this is only a fair
rental value for the property which I have
in mind) or whether he pays s25 per month
and occupies the premises himself the re-
suits are the same.
"A great many people seem to think that
In buying place they are investing a
large amount of money, but they think
nothing of paying for rent the same amount
as their monthly payment. The purchaser
of a piece of property has the use of the
property the same as If he were paying
rent, and has the advantage Oh paying the
same money that he would pay for rent
toward the payment of his home"
Demand for Furnished Houses