The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-09-22
The REAL ESTATE MARKET
NORMAL SEPTEMBER DULNEsS
~ NOW ACCENTUArED.

Trsdias ReSeess sss nas0ssy 20 Borrower
"a sesure VWss - Bead an6 Mssr.
ssse-A ryvscsI 1nssaaee Found m
III kneesaad Pseeessswe sale.
The current demand for real estate In
extremely limited. svsn taking into account
the fact that September 10 normally one Of
the dullest months Of the year. The prao-
teal stsgnation Of the market has for some
time been reflected 10 . meagre volume OF
trading. This In Manhattan has been
confined mainly to tenement properties
Of cheaper grades and to dwellings. or
the latter a few Of those sold last week
were OF the higher types. In The Bronx a
similar reluctance on the part Of purchas-
ere 10 evident. Practically the same thing
applies TO the other borouGhs and to the
suburban area which comparatively re-
Gently gave evidence OF extreme activity
in real estate dealing.
The boom in real estate which eliminated
last year started approximately FIVE years
ago. when IL was comparatively easy IN
secure money on bond and mortgage. The
interval betw een tina time and q year ago
witnessed q practically continuous demand
for real property and a wide distribution
both OF investment properties and Of vacant
land. The records OF construction also
reached in 1905 and 1900 unusually high
totals.
While this was having its effect on the
supply OF funds available for rse in ex-
pensively constructed buildings and for
purchasing ~unproductive land, the drain
being made upon capital by railroad ex-
pansion and other forms Of industrial
activity was unprecedentedly largo.
AZ long a. funds were available the mora
optimistic speculators continued their bust
nees on borrowed capital, committing
themselves to the payment OF the heavier
rates on loans. Smaller purchasers, Of
course, have been least able 20 make ad-
v~antageous arrangements. More recently
1t has become practically impossible to Sc
cure loans at any price, and thisinab.ity
TO get the necessary accommodation is now
reflected in a reduction OF the volume OF
real estate dealing to almost tho vanishing
point.
II prevailing dulness is largely the re-
suit OF the prolonged speculative movement
IN cheaper holdings, both vacant and i'm
proved, and 81 Inc great investment activity
OF the last few years. However, the prime
cause OF the current stagnation in the
market Ia the dificulty experienced bv
borrowers in obtaining money on bond
and MORTGAGE. Sinoe the spring Of last
year 10 has been increasingly difficult for
purchasers with insufficient capital Of their
TO secure, oven at high rates, the funds
necessary TO carry on the normal volume
OF dealing. In real estate. Liquidation has
not 20 lar been extensive and has been CON
nned 10 overbuilt tenement districts. But
y 10 evident that a great deal depends on
the course OF the money market during the
next few months.
The result Of the sale Of a considerable
amount OF vacant land in Yonkers and in
mo bronx put under the hammer last week
70 typical OF the hesatant mood Of buyers.
n property Comprised about 327 acres OF
xpens acreage In the northerly part
OF fonkers, $50 fifty foot plots well located
IN that city. and seventy-odd lots in the
y,cin1sy OF Macomb's road and 10th street.
The suit in foreclosure was brought by
AIaoeslA ID. Huntington, as e~xecutrix of the
estate OF the late Coils p. Huntington.
ssainst Sylvester II. Kneeland. Mr.. Knee
.ano INC the late Mr.. Huntington had been
subsequently, Mr.. Huntington loaned largely
70 Mr.. kneeland to enable him TO carry on
inc work OF changing the gauge of the
Clover Lear railroad system, then known
g. Inc ioieGo. y. Louis and Kansas City
gagged to secure payment OF the loans. At
the ume Of foreclosure The amol mt due
was something more than $500. 900 exclusive
About . SCORE Of persons turned UP
at the first sale. held on "Wednesday,
anecting the cheaper holdings in Yonkers.
u the crowd included no bidders and
Inc SII acres went to the plaintiff in FIVE
parcels. on a single bid for each, for a total
oi SiT7.So0, or about $40 an acre. The
higher grade land in Yonkers sold on Thurs
Gay Drought 1881 .i65. or an average Of
x1.S2S for zach 50 foot lot. Few persons
attended the sale. and very few outsiders
bought lots. h attendance at the offering
OF the Bronx lots on FRIDAY was roor.
Oniy n bidder competed with the c~.-'-.
which took tho sevcr.y-seven lots at : -.
~. or an average OF a little more ma
5000 for each lot.
\ total received for IA, Kroo..ni
holdings was thus Se0s. <as. leaving n dc.
nodenoy ogsinse tho plaintiff OF n, ut siF.-
oocs olus tho intsees.. ~,,arger.
9 spathy, ef outside bidHk-, n W.
douoecdly explained partly bv tho eaos tho.
both the public and professional doa'ers