The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-02-10
cal Estate Brokers Expect
Lively Spring Trade.
Hat GIVES LAND VALUE
Dealers Discuss Question Which
Agitates COngress-Fine Residences
and Large Structures VIII Be
Started ShOrtIy-Same Architect to
Supervise Belmont and Hun Homes.

luELtEe property anu III B&fAfhie%N't-- 80 D
the opening of the spring period always
a busy time with Washington real es~
tate dealers. The condition of the mar
ket is best designated by the word dull 1
in that large pieces Of property are not
changing hands. or those which specially 4
attract public attention. Yet If the court 4
records are scrutinized it will be seen that /
much property in all parts Of the city 1
is being quietly conveyed from one own /
er 70 another, and by these transactions, /
representing. as they do, sales by real /
estate dealers, it is seen that the brokers I
are doing fairly well even If they are /
not giving publicity To their business.
The largest recorded transaction Of the /
week was the sale Of the Tyndall proper /
" 10 A NJ Lothlop, of the firm Of Wood |
ward & Lothrop. at the intersection OF /
Connecticut avenue and Columbia road /
the price paid being $3.50 a square foot /
The site looks down Connecticut avenue |
at that point and is one Of the most de- |
sirable in the city for a fine residence. It |
is on this lot. near the Highlands apart !
ment, where Mr.. Lothrop Will soon erect /
q residence for his home
Dawson Apartment sold.
Clarence B. Hight. through WiIlige, /
Gibbs & Daniel, sold during the week to
r. H Munson the Dawson apartment
house, on S street, between Seventeenth
and Eighteenth streets, for $3.50
The Walter B. Jennings house, at 1917
Sixteenth street occupied by Comptrouev
TraceweH and his family, was sold to
Mrs. Fannie Hickey for about $4,000.
4 10 NJ f, ,I,r.. 6
brokers report deals under way. some of
them very promising, and few Of them
in the business district. When completed. /
if they do not fail, they will attract con-
siderable attention, both from the magni-
tude Of the property involved and the
prices to be paid in the purchase. II
would appear from the facts made known
that dealers are hard at work upon al
most every piece of business property
now for sale at any price. It is said that
the brokers have purchasers who are
considering these properties seriously
and that the spring months are likely 10
sec a number of large deals recorded. Il
is these facts. more or less we'll known.
that gives an optimistic tone 10 the real
estate business. The brokers are hopeful
of closing some of these large trades in
the near future. and It is thought that
when one of the purchasers closes. who
is known to be seeking investment
here many more viii accept the offerings
made, and there will be grand round
ing up OF available property now for sale
in the business section Of the city Some
thing like this Is expected by the best in
formed brokers
Value of Property Discussed.
During the week there was an interest
ing discussion in a real estate brokers /
Office. where several experienced sales /
men were congregatcd The discussion
turned upon what decides the value of
property, being suggested by a speech
the day before on the subject in Con
gress. As 10 the value Of a piece Of
property in any given square, the opin-
ion was that a variety of things entered
into the question, such as its accessibility
by the street car lines. its relation to
other property, and its availability for
improvement. One broker thought the
known value Of other property near it had
the most weight IN determining the ques-
ton. Another said 1t was necessary TO
define what one meant by value He
said the selling value was what a dealer
could induce buyer TO give for the prop
erty. In urging q given price upon a
purchaser, he said, a broker would almost
invariably try to find out what the par
chaser intended to do with the property
after it was bought, and from this as
foundation the question of value was ar
gued in various ways. always coming
back TO the main proposition that it
would be just suited 10 his purpose.
During the discussion a piece Of prop
erty on New York avenue, between Thir-
teenth and Fourteenth streets, for which
$4,000 was recently refused was taken
as an illustration. One broker said that
property in this square had become euor-
mously valuable within few years be-
cause it was near the center Of the up
town business section. 1t was easily ac-
cessible by the cars, It was available for
almost any use that high-priccd property /
could be put 10, and was situated so as
to command a high price now and in the /
future
How Price May Increase
This broker was interrupted at this /
point by another who said that the future 4
value of the property was an important /.
factor in determining the selling price Of 1
piece of property. Reyertlng to the F.
New York avenue lot, he said as other
holdings were selling now fl was prob /
ably not worth more than $4,000. but he /
thought it had an enormously Increasing /
value for the future, when values in all /
the territory between Ninth and Fifteenth
streets would be enhanced. II was for
this reason, he believed, the owners were
holding on 20 il, and expecting to realize /
much larger price for it ten years hence.
This discussion. while il presented many
sides of the question, really settled moth
ing, except that property was worth what
II would command from a person or per
sons seeking It for use in building OF in
vestment-in other words. its selling value
in the hands of competent broker.
New Building in Prospect.
Evidences are not wanting thar the
spring and summer season of 1907 viii be
active in the line OF new buildings. The
first stroke was taken during the past
week to tear down the old buildings on
the site for the Masonic Temple. on the
point at the intersection of II street and
New York avenue. 1t is expected that
this great building viii be well started
during the present year.
According TO advices received IN Wash
ngton Friday night. the new residence OF
Perry Belmont on the triangle bounded
by New Hampshire avenue. Eighteenth. /
and r streets. win be started in the near
future At an events. Mr. Belmont has
selected Horace TrumbaueT. Of PhiladeI-
phia. 10 superintend the construction Of
the house after the plans OF the French
architect who designed the palatial home
of Prince Castellane. It is understood
that bids for the construction viii be sub
mitted in Philadelphia tomorrow. and
that the award VIII he made as soon as