New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-06
LIVELY PUBLIC SALES
OFFERINGS IN DEMAND
Volume of Pirate Trading, Ho5o-
q, ever, Continues Small. !,


Spectators and operators YET prominent
again in large numbers In the Manhattan real
estate market. Owing TO that fact. the volume %
business transacted IS small and there few
deals affecting property valued many hundred
thousand dollars Were II not for the unusual de-
uland for store and office space in the downtown
and midtown districts brokers who make spec
ciaIty Of real estate in those sections would have
little TO do.
The character OF the trading last week was
slightly better than that OF the previous week In
the Real Estate Exchange SalesroOn1s. in Nesey
street. many buyers were found for improved and
uaimproved parcels. the total sum Of the auction
sales on last Thursday being over Ssa0N On
that day Joseph P. Day held his first special sales
day Of long series scheduled for the present
season The results Of the sales would have been
considered satisfactory at a time when money con-
dtions most favorable for widespread realty
activity, but in the present state OF realty affairs
they were truly astonishing. There was tIrns
when a dull private sales market was generally
followed by a sluggish auction market and ofte5
there were a weak private sales market and
duh auction market at the same time such Things
happened not many years ago. but now the private
sales market may be entirely Uuiuvittng and tha
auction market lively. The ability Of the auctions
GERS 70 find a ready market for property throushs
out the year is one OF the brightest features %
trading in Manhattan and The Bronx Many peR
sons identified with realty operations cannot IN
derstand how auCtiOneerS sell under the har1H
mer property at good prices at time when ths
majority Of real estate brokers unable TO bring
about a change Of ownership. And this situatiod
IN realty affairs IS not only perplexins TO persona
OF few years experience in the realty field. brt
also 70 many well known investors and operators
In speaking about the matter yesterday a we'd
known operator said: For many years the nunhee
OF persons who prefer TO buy at auction than a
private sale has been growing at a surprisingly
rapid rate I believe that increase be due chis1y
TO the fact that few persons who have bought al
auction IN recent years have been unable dispose
OF the parcels properties they bought at good
profit to get a fair return from their property
We frequently heard OF persons buying parcels st
auction last year and selling them at a sum much
greater than they paid for them in few days aereS
the sale or before they got title to the property
From 1900 10 the present time such transactions
have been so numerous to attract little attention.
Moreover the prices obtained at auction are uns
QuestiOnably the market value OF the property az
that time and they values not created by sd
agreement between a few persons. but made In the
open.
In appraising property appraisers seldom over.
look the prices obtained for similar property ss
auction and II auction prices are a true guide 70
NaIueS II Is no wonder that auction sales ars'so
popular In times Ike these. when satisfactory
mortgage loans are hard to Get owners seeking q
quick market for their property turn 70 the auction
market The other day I met an owner Of a num-
Der OF large improved parcels. all on a good paying
brokers
properties for sale. Two brokers told him that IL
ne was willing to sell his property at much lower
inquire taan he was asking they We're certain they
Ou'u sen ms parcels You ought to offer extra
Inducements 20 people to buy real estate be-
cause or the money st-tngenCy' said one broker.
So you want to offer my narrsrs for sale
through You at less than what think their market
Nd'ue 70 De- replied the owner No 1 will put
.i 80. I'D IN the auction market in hope OF get
ing my price. Even if 7 do nor an, sura 7 VIII
a fOr hon
a chance to bid than ~ private sale at which
'e hesotiations for the property would be between
hueh less number Of people than in the auc-
ton rooms"
nc heal Estate Record and Guide says in its
laSt issue, in article about the real estate 1a.
uon in part follows:
Leasing was the feature of the week inst past.
81 ~, 9Is leases We're closed. both the business
ne. dwelling was rented for one wear for 90,
n ' ts LDSF'y Bniidlns In West st. leased foe
"a west Iit3 81 an uncOmpleted building brought
Der of smaller leases for dwelling purposes for
short terms-one to five years.
ne sieS niirket mas been dull ard unnteresting.
fIlvate, dwellings, OF the middle class have
the trend OF prices has taken place
, There Is war being Wased in the realty field
exists. on one side. the holder OF property who
the CONFLICT and that il anybody wants ' his properly
II an 1o me S SG ne has the pryege OF taxing
other side represents the investor who Is playing
6S He she that "a ~ ws s Sn
enough the owner will capitulate. The odd IN
this conflict is the mortsagee, who is quietly wait
Ing 70 see which way the cat jumps. and ready al
all times 10 step in and protect his interests. -
Similar battles are OF daily occurrence in Wal
Street but as applied 10 the real estate uaarkes
they happen only when turn in the tide Is near.
The holder of property in this city has had nearly
al the advantage for hundred years and more
Prices nave steadily advanced. with the exceptioS
or a few short periods, when a temporary reactio3
set IN, but IN nearly lowering OK
prices was entirely due some outside influenza
and they speedily recovered the ground lost .
While the volume of business transacted la5s
week was small. stir brokers' feel little encour..
aged on account OF the number of answers receveo
from their advertisements. II shows disposltlon
on the part of prospective purchasers at least 20
make inquiries about realty, which is the nrst sep
toward an active market The money marked -
still the predomnating feature and there IS really
no change in its condition, though there is ncfS
cheerful feeling. and il is thought by men VIZ
make this feature of the realty market study tass
before very long there Will be change LOT ua'