Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-20
REAL ESTATE GOSSIP
Dull Summer Season Is Not
Here Yet.
THINGS ARE STILL LIVELY
Buying for Investment a Feature of
Market.
SUPPLY AND DEMAND UNEQUAL
Would-Be Investors Cannot Find Suit
able Properties in Which to
Put Their Money.
SUPPLY AND DEMAND UNEQUAL

The past week IN the local real estate
market has been lively one. despite the
depressing heat. There continue to be nu-
merous transfers of both residential and
business properties in the city and of resi-
dences and lots in the outlying districts.
No particular part of the District has been
favored. but all have shared alike. Values
are said to be increasing right along. not
outstanding the influence OF labor condi-
lions. Several brokers report sales that
indicate a marked increase in value within
several months. especially in the suburbs.
There seems to be a special demand for
suburban places within easy walking or
riding distance of a car line. but sufficient
ly removed from the lines of traffic to In
sure rest and quiet. Choice sites of this
kind are being gobbled up very fast and
prices are consequently going up.
The dull summer season has not struck
US yet" said Mr. Pillsbury OF David
Moore's Office to Star reporter today.
"Our men have had a splendid season and
we are still busy showing property even in
the face of the exhausting heat.
The old story OF plenty of buyers and
little to sell has certainly been thoroughly
demonstrated this year. The meager num-
Der of new houses which were really SAL
able quickly disposed of. leaving only
thosn which were either too high in price
or having radical defects. The market to-
day offers a very poor assortment of new
houses at prices which make a purchase
attractive, Out OF the very small number
of new houses built the present season
only a small portion were in keeping with
the requirements of the demand. The buy
ers want one thing. the builders are put
ting up another-the demand is for detach-
ed houses and only about per cent of the
houses built of this class. Some build
er, some day soon. will finally perceive the
trend OF opinion and the desire of the buy
Ing public and proceed to build such houses
and they Will sell fast as they are
completed.
For Investment.
Buying for investment is now the feature
of the market. This is evidenced by the
large number of small houses. bringing
attractive rentals, now being sold. The
demand for this class of property has
caused a marked advance in small income
houses.
Business property has. of course. con-
tinued to be In big demand. and this rise
in prices has been in keeping with
the predictions made by this office early
In the present year. Today have clients
who will pay 10 to 20 per cent more for
business property than the same property
sold for less than six months ago. This
rise Is not phenomenal in any way-it is
simply meeting new conditions and the de-
o. comnodations for the business houses to
meet the increasing business.
'' The present business section will surely
be seriously Curtailed and the spirit of get
ting location that will be permanent has
taken possession of a good many of the
merchants the south side of Pennsyl-
vanIa avenue. This is one of the reasons
for the moving up of the old business
section which has taken place. and natural
ly prices have moved up as we'll
Time for Bargains.
This is the season when bargains are
picked up in the real estate market" said
Mr. Charles Stone of the real estate firm
of Stone & Fairfax. when approached yes
terday by Star reporter and asked for
an expression as to the conditions of the
local real estate market.
The time has now arrived" continued
Mr.. Stone. when the man or woman who
has held his property for sale for some
their real estate representative Is ordered
TO sell. Thus 1t is at this time that the
buyers who lay low land wait for bargains
In the local real estate field are often re-
warded for their patience"
Very often. according to Mr.. Stone. the
party who has property upon the market
goes TO the seashore. and after short
stay there becomes imbued with the idea
that 1t is best to let the property go at
81 somewhat reduced price than to carry it
longer
The demand for business property, Ii was
stated. continues brisk. and well located
property Of this class at a reasonable price
will not be upon the market d great length
of time before il is taken up by one of
number of persons who are engaged in
realty operations of such character.
We have fairly good number of people
looking over property. though said Mr..
Stone: but, of course. 1t is to be ex-
pected that sales will be trife slow at
this season of the year. There are a great
many prospective real estate buyers who
dislike going to look over houses on warm
days. They wish to wait for cool DAYS
which at this season few and far be-
tween.
Houses for Legislators
The firm has been favored with a number
OF letters from representatives in Congress
who desire furnished residences AS the
coming session of Congress is to be lengthy
many OF the members of both houses want
To bring their families and In order to
reap all of the possible benefits of home
life and comforts do not care to spend
the time In the hotels In many of these
nqul-les the desire is expressed that large
and hnely furnished residences are desired
whale others are more modest in their
desires as l" their temporary homes.