Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-27

the closely built up center. The effect of
this process is already apparent in the
market for unimproved land, and while
there are ether causes which contribute to
the same result, namely, the increase in
the cost of building, so that the cost of
erection of one house as compared with
number going up at the same time is much
greater still the lack of demand for single
building lots in residence sections point
strongly to the trend of affairs.
There is another condition here which
tends to the same end, and that is the
effort that is made to supply the really
surprising market for the purchase of
houses. great part of the building is
done by those who are simply builders and
who want to get their money out of each
undertaking as rap dly as possible in order
to Re able to finance another similar one.
They build to sell, but there is another
class which no doubt will increase in the
near future who build for investment.
They don't want to sell, but do intend to
rent and when that form of investment
sets under good swing there Is no DOUBT
that the supply of moderate size and
moderate rental houses will be increased.
AS an Investment.
When investors of this class get into the
market it is reasonable to suppose that
not only will the uroccup:ed land within
and near the Old city limits be taken up,
but that the progress OF building will be
extended for long distances toward the Dis
trict line and beyond that boundary into
the neighbor'ng state of Maryland and also
crossing the Potomac building sites In
Virginia will be brought into use. Dwell
ing houses an Investment especially of
the class that is always in demand offer
opportunities or the Pacing of large sums
of money that will no doubt appeal more
and more to those Who have the task of
determining the kind of investment to
make.
70 n certain extent the apartment house
Was thought to be designed to meet the
want of moderate sized houses and to a
large extent they have served useful pur-
pose in this direction but after all is said
al grades provide homes for good many
people, still they have not taken the place
of the individual house, and it is believed
that they never will
Individual Houses.
The fact that is referred to in the fore
going, that a noticeable feature of the
market OF today is the demand for houses
is sufficient evidence. Certainly at this
time when the number of apartment build
irgs has increased at a rate that is simply
beyond understanding to be able to record
the existence of a market for individual
houses shows that it is a very strong ele-
ment at present. 1t is the recognition of
that fact by the investor that may be
looked for phase of the market for
the future
Sales of Business Property.
The property at the northwest corner of
18th and q streets has been sold through
thc F. II Smith Comany, real estate brok-
ers, 10 a Washington investor The own
er. MIR. W. W. Miller of New York, bought
the property last summer and has disposed
of it a a profit. it is thought, but exactly
what that is is not known, as the consider
alton in the transaction is not given.
1t is said that the price agreed upon is in
the neighborhood of $4,000 which would
he mere than So per square foot The
ground has a frontage of IS feet on 18th
tains 2,:i2J square feet. When it was
bought at auction last June by Mr.. Miller
the price paid by him aggregated $50 per
square foot. 1t is said that "A business i'm
proVcment is contemplated.
The property is at present occupied by
the coal office of Mr.. John Miller, who is
erecting building for his own use on 18th
street near street. where he intends
To remove his office in the near future.
\ deed was placed on record yesterday by
the +. II. Smith Company by which Henry
G. Potter transfers to Clarence c. Calhoun
the property 11O6 G. street northwest. 1t
has a frontage of TWEEN y-iiye feet and
depth of 100 feet, and the price, which is
said To have been paid. is in the neighbor-
hood Of S3J.000. On that basis the per
foot price was about S14. 1t is understood
that a building Will be erected on the lot
fer business purposes.
Homes in the Suburbs
Several houses are to be erected in the
subdivision adjoining Chevy Chase. which
has been made by Mr.. H. NJ. Martin
Charles y. Spence and John j. Essex will
build. and Mr. Arthur Townc VIII put up
two houses. which will be ready for occu-
panCy carly next spring All these build
ngs VIII be located i'll what is known as
Mr Martins fourth addition to Chevy
Chase. which is provided with electric
lights and sewers.
Among those who have bought lots there
are Rev. George Bailey, b l.. Scott Mrs
Francis y. Marin. Arthur Towne Mrs
Rcbccca Reichlrd. p. W. Mnick. Charles
y. Spencer. Mrs. Grace Spencer. Miss Mel
lie Spencer Mrs. Mary \. Train. Miss
Nellie Dom. John T. Edwards. Miss G. A.
Edwards and John j. Essex.
Ia tho other sections of the subdivision
tie following have recently erected houses
costing from $3.50 to 5000: Gideon T.
Marshall. Walter G.. Hurley. Harry F.
Carson. William l.. Webb, Ray +. Teele
Albert y. Preutiss, George Roadway and j.
ByncS.
The following propose to build in these
three sections i'll the near future: O. T.
Bowman Otis r. Goodall. +. F. Abel
James G. Towers and Charles S. Turner
Large Building Undertaking.