The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-03-10

DEhEEdl DfDktf5 inter NAtNN1 gtoNCA tttt y
stated that there are signs Of spring In
the market, as well as in the air Those
having charge of the suburban subdi-
visions are making preparations to push
the sale Of lots with the beginning OF
pleasant weather During the week there
has been much activity manifested in the
reported sales of property in the north
west residence section. and brokers say
there are many other deals on which will
be closed within a short time, if all goes
well. Indeed. most Of the dealers are
looking 10 a better movement of costly
residence sites this season than big
trades in the business section.
Just at present there seems to be a
halt ia efforts ito sell business sites.
though a few deals are on the boards.
II was said yesterday that several propo-
sitions for business properties, which
dealers have tried 10 work through. have
followed the fate of the alleged sale of
the Home Life Building at the beginning
of the year and have petered out. It
appears. that there are now fewer calls
for business sites or Office suites than at
any time for two years This is at
tributed to the fact that brokers are una
bic to bring seller and buyer together
on prices satisfactory to both.
Takes Pessimistic View.
Speaking of the general conditions OF
the real estate market yesterday, a prom
ineut broker took rather d pessimistic
view of the situation, especially in the
business section. For reasons which will
appear the broker did not wish that his
name be known publicly In connection
with the expression of his views.
The conversation started by the broker
asking why the newspapers were con-
stantly booming the prices of real es-
tate. He said it appeared to him that
the papers sought only after the big sales
of property and when they were publish
ed every effort seemed TO be made TO i'm
press upon the public that prices We're
on the increase and that the tendency
OF things was far in advance Of anything
that had gone before
Now the result of all this" said the
real estate man, sis that property hold
ers all over the business section espe-
ciaily have a most exalted idea of land
values. AT this moment &c Is not possible
to get price on any available piece Of
property between Tenth and Fifteenth
streets ana between E@tllllS4 IN anna anu
New York avenues, where new business
places could be built up without loading
down such enterprises with cost that
is absolutely prohibitive. All this has
been brought out l believe by the news
papers. OF course, I am friendly with
you gentlemen who come around here
and talk 10 me, get the news when I
have il and publish il i'm such an inter
cSting manner. I cannot expect to tell
you how you shall conduct your work. but
/ believe that you gentlemen. Uninten-
ti0Daly and with the best possible mo-
tives. are actually hindering the Greater
Washington by this policy.
+ Street Property High.
Let me explain what I mean" said the
real estate man. Here is a lot of old
property along T street. on Fourteenth,
Thirteenth, G, and Il streets. in what We
are calling the uptown business section
1t. is held some OF il by estates, some Of
it by investors, who look 10 the rentals for
an income Neither Of these classes will
improve the property with new buildings.
Much of Il is comparatively unprOductive,
not earning anything like What it ought
10 or what il would if il was improved by
the right kind of buildings. 1t Is exceed
ingly difficult for young business men and
many Of the older ones to find places in
which to carry on trade or other forms Of
business. Many of the younger firms,
within the past year OF two have at
tempted TO buy some old building, with
The idea Of tearing down the old structure
upon it and erecting new one; but in
every case, almost, they have found that
the cost of the land was a deterrent to
such enterprise. They could not buy the
ground and build anew without impOver-
fishing themselves. II is because OF this
embargo on + street and the immediate
vicinity that new concerns are springing
up in the side streets, in old houses fixed
over for the purpose.
NOW If the old .mossbacks.' I call
them, would only build on their property.
or, if they cannot do that, would sell il
at a fair valuation and allow others 20
build. We should have an awakening i'm
Washington that would startle the whole
country.
This policy Of repression by holding
their property at ruinously high prices
viii drive the business centre further up
town within few years. either out -Four
teenth street or up Counnecticut avenue
in fact, / see signs OF that movement al
ready begun. and in ten years if this
foolish booming of property goes on. Fif-
teenth street viii be as far down town"
as Ninth street and the Avenue now are.
Would DepresS Values.
Really / wish YOU gentlemen would do
something 90 depress values IN real estate
here in the business section. TO give the
present owners a good scare. 50 that
prices would come down about - per cent.
IN that case, the real estate man could
sell ali the available property I'm the BUSH
ness section within year or two. and we
would see + street, Fourteenth Thir-
teenth. even Twelfth. out 20 New York
avenue, covered with nice business blocks
IN place Of the old shaCks that now
cUmber the ground. which is held to be
more valuable than gold
''ro my mind IL would be a misfortune
ID scatter the business interests further /
up town; but there is where much of the /
trade and business of the future VIII go If /
this notion Of swollen values is not soon
nipped in the bud.
Il need only TO speak Of two or three
enterprises which have been practically /
driven out of town by this condition of /
affairs IN real estate. A company Of east /
ern capitalists have been seeking a site
for a department store in this city for the /
past two years. They have tried 10 buy
one site after another. and almost invari- /
ably when the bargain was about to be /
closed some sale would be made with fig /
ures up in Ct" and the owners would be 4
come enthused over the price of their /
property and back out of the deal I do 1
not know that the department store will 4
ever locate here as the men behind the 4
enterprise will not pay fabulous prices for 1
the site Of their store.
Much the same difficulty has been ex- |
perienced in the effort TO get a site for q /
new theater here. Every available site
for the structure Is almost prohibitive in
price. SO it has been with those seeking
sites for business in smaller way. and /
so It viii be, I fear. until business IS