The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-23
REAL ESTATE AND
BUILDING news
Ideas of Value of Sellers
and Buyers Wide
Apart.
RENTS TOO HIGH;
HOUSES SCARCE
Building Operations Getting a
Setback Because of High Prices
for Material and for Labor.
People Are Being
Driven to the
Suburbs.


estate during the past week. or rather
the attempts at auction sales, demon
strated two facts. One is that in the
matter of the better class. or the high
er-priccd residence property, the
ideas, rs to value, OF the holders and
the woald-be buyers and investors are
very far apart. The holders of such
property have conceived the idea
that Richmond property is worth
great deal more than 1t is, and II they
really want to sell off parts of their
holdings they will have to get down
q peg or two.
During the week Just closed several
parcels OF very desirable RESIDENCE
property have been offered for sale at
public auction. and In every instance,
except one the highest bid CT the most
enthusiastic investor failed to meet
the expectations Of the seller, and as
a result the property was taken. in.
Investors know mighty well the
value OF property, and they know
pretty we'll also the value of money.
II Richmond realty affords good in
yestment they will buy 1t. If not
they Will put their money in some
thing else So much for the investors
Home Buyers Notions.
The home buyer also has q tolerably
correct idea OF whether 1t pays better
Y
to build a home. than II does to rent q
house or board out, and he will be
( apt to fix his bids on property Of
fered for sale either at auction or
( privately by real estate agent ac-
cordingly. The past weeks transac-
tons show very plainly that would
be buyers and sellers are far apart in
their estimates Of present values, The
result Is the past week has not been
very prolific in sales OF realty con-
summated.
The announced auction sales have
been we'll attended. showing that there
are plenty OF people who want TO buy,
but only in the cases OF small houses
on the cheaper order have the auc-
tioneers been able to get final bids
that were satisfactory to the owners
and sellers
Either the buyers think Richmond
1tai estate Is too high or the holders
of property have their ideas as to
value too much inflated. Most likely
the latter proposition is correct.
Something Doing, sNeycrtheIcss.
However. some business was done
during the week. and according to the
best information obtainable, the sales
for the week foot up about 100000.
Perhaps the largest sale OF the week
was that by II. Seldom Taylor & Co.
who disposed OF the property at the
corner OF Third and Main Streets,
known as the T. P. A. Building. Mr..
M. l. Hofheimer bought this property
Tor $&6.500 as an investment. He will
make no changes in 1t for the present.
except to repair the building to some
extent but 1t is whispered about that
in the course OF two or three years q
skyscraper may go up at the corner
OF Third and Main.
Messrs. Pollard 6 Bagby made a
good auction sale of nearby farm
property on Friday. They sold the
thirty-three acre farm on the Darby
town Road, near the National Ceme-
terry. to Mr.. Michael Kelly, for 1895.
All the real estate agents report
continued active inquiry for small city
residences, and the bulk of the sales.
amounting in the aggregate to ABOUT
$4,000, were of small homes ranging
In price from $1,000 to $4,000. No
particular part of the city has led
in this class OF business, the sales
being widely scattered throughout
Greater Richmond. and even out into
the nearby suburbs.
Building Operations Slnckcning.
that building operations have slack
ened Off considerably. Contractors
who are rapidly completing Jobs they
have had on hand for some time admit
that they are not making new con-
tracts to take the place of those COM
pleted. The explanation is that build
ing material and labor have become
TOO high. and would-be builders OF
Ihomes and business houses are hold
ing off, waiting for decline in the
prices of material and of labor, which
they think is bound to come at an ear
~ date. They say they cannot afford
I to build until there shall be change
along these lines.
Rcnts Too High.
One of the best known real estate
and rental agents In the city is au-
are fewer housds for rent in Richmond
to-day than ever before knownTin the
history of the city. This is true,
d notwithstanding rents have been adj
yanced In every part of the city
I'll tell you," said this well-infornled
agent, "the time has come, and now Is,
when the men who have Richmond's
best interest at heart must take up
/ this rent question. Scarcity of houses
to rent and the fancy figures charged
for those that are for rent8is giving
Richmond a black eye and turning
away from here a great many people
!, who want to come here to live. The
! factories of all kinds are clamoring
for moro men and more women to
work In their employ. The reason the
men and women do not come here to
i meet that demand Is because they
] cannot find houses to live in at rates
that they can pay. Something must
be done. More money must be in-
vested in houses built for rent"
looking to the Suburbs.
Scarcity Of houses, high rents and
some other things are driving many
I people ito the suburbs. and the real
i estate business in Barton Heights, on
| Chestnut Hill, in Highland Park In