Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-25


were in the early spring, and rarely higher,
as nearly all the brokers are watching their
Ps and Qs and not naming figures that are
so high up the ladder that they are calcu-
lated to scare new investors off. One real
estate dealer had no less than fourteen let
tiers from would-be out-of-town purchasers
during the present week up till Thursday
noon. In nearly every communication ex-
plicit descriptions of the property desired
and the value of abutting and adjoining
realty were requested.
Investors and spectators of all classes
and descriptions in the real estate market
Just now are from Missouri and they have
to be shown.
The agitation of the Jobbers and Shippers
Association and the contemporaneous eff
forts to boom Washington have extended
as distant as New Orleans and San Fran
cisco have been received making anxious in
quiries about the opportunities here and
about the values of realty as compared with
New York and other cities.
New Enterprises.
The day does not seem to be far distant
when a number of new enterprises will be
created here and with their inception will
be a renewal beyond the peradventure of
doubt of the realty enhancement. For
that pertinent reason the dealers claim that
this is the most opportune time to buy. The
extraordinary thing about the existing mar
ket is the fact that despite all the agitation
In regard to a Greater Washington there
has been In no known instance an advance
in prices. This is probably due to variety
Of reasons and principally to the fact that
the wealthy people who have been making
the remarkable market are out OF town.
Another pertinent reason may be the fact
that the local banks are not overanxlous
to make loans for building purposes until
the crop movement has begun and also until
they can come to just determination as to
fall rates and terms for loans That would
Ynf ofp f,%@
ors and spectators who are buying prop
critics to hold, but it has much to do with
the agents and others who are building
There seems to be little doubt about the
fact that there will be tight money mar
ket in the fall and that the rate for money
will be higher than it has been for several
years past. This, in measure, will remove
the Spectator proper from the field and
opens up vista for the investor who has
money lying idle and who can afford to hold
the property purchased, affording an oppor-
tunity that may not be matched in years to
come perhaps.
roundings are In most instances held at
prices that are practically the same as they
were This time year ago. Out 18th street
way some small sales have been made re-
Gently at prices that were practically iden-
teal with those that ruled in July year
ago. That is also more or less astonishing
when the fact is taken into considera ton
that there Is an extension Of the Capital
Traction lines and many other things which
would seem to make the property more val
liable than 1t was at that time.
In the vicinity of the new depot and
around some of the new public buildings
realty values have naturally increased. The
same may be said of some downtown prop
critics, especially those in the neighborhood
of the new municipal building.
No Material Increase.
With these exceptions, however there
has been no material increase recently
anywhere in or near about the city, and
there could not be better market for the
large and small investors for residential
and business purposes. The vacation period
is still another added cause to the laxity
that prevails, but it seems to be hardly
possible that the early fall will be per-
mitted to come on without at least some
advance in value.
Several small deals and one large one
recently illustrate that there are some in
vestors wise enough to take advantage of
the present market. Notably is this true
of the tract of land which was purchased
by syndicate of Pennsylvania capitalists
through Attorney William Nick. Clayton
for $4,000 1t was bought for the sole pur-
pose of investment, on a condition that
enabled the purchasers to possess it at a
price far under it's valuation, for the Sec
ton seems to be one that must, because of
it's geographical and healthful location, be
soon built up.
This syndicate in question, however,
watched its opportunity until the market
was comparatively dull, and then bought.
A prominent real estate broker is author
ity for the statement that two months from
now the purchasers would probably have
to pay Is per cent to 20 per cent more on
the same purchase. From August Is to
September i has always been one Of the
best periods of the year to purchase prop
erty here. The principal factors in the
great majority that make the realty mart
what it is-brokers, traders. owners, buy
arc a,,6 pIynv xxvbN ,nlra It'll
lending money for realty :purposes-are all
out of town. This serves to create a low
market for all buyers and more especially
the small purchasers.
Preparing for Fall Business.
The majority Of agents are busily pre-
pairing for their fall business and laying
out plans for campaign. which is always,
of course regarded from an optimistic
viewpoint. Statesmen are now making but
few efforts to push sales, and wise agents
do not hustle their statesmen, knowing full
well what uphill work 1t Is and appreciating
and realizing that the momentary cessa-
ton Of business will have but one effect
to bring about more healthful and whole
some conditions when the wind and the
weather have veered around to another
point of the compass and the pilgrims
have returned from their vacations, and in
fact everything is propitious. AS one brok-
er said day or two ago, 1t is aston
ishing thing that people have neither the
hindsight nor the foresight to avail them
selves Of the opportunities that are pre-
sented every midsummer. The fact re-
MAINS however, that they do not, and there
are offerings in the market today at prices
that will not be tolerated sixty days from
now.
The market for a week past, as stated,
has been not only dull and inactive, but
there have been probably fewer efforts
made to make trade than at any time dur
ing this summer. Nevertheless the deal
ers have been far from idle. The phenom-
enon of the market has to do principally at
this stage with rental possibilities. From
seashore and mountain q perfect avalanche
Of communications have been received by
the rent clerks, and If the applications pan
out on a 20 per cent basis there will not
be a score of vacant houses in the fashion
able sections of the town at any time dur
ing the winter season. The desire for
swell properties Is without precedent,
and when the fact is taken into consider
alton that there have been almost innu-
merable houses built and sold at prices
ranging from $1,000 to 100000 during the
past few months, the demand is all the
more remarkable.
City Widely Advertised.
The dealers are not able to account for
the extensive correspondence on this score,
unless 1t be due to the present agitation
and the advertising that the capital is
having from many sources. A banker who