Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-14
REAL ESTATE GOSSIP
Recent Transaction of an In
vestment Character.
GROWTH OF ONE SECTION
Direction of Business to the West of
18th Street.
NEED OF PUBLIC BUILDINGS
Some of the Current Phases Of the
Realty Market and Their
Significance.
NEED OF PUBLIC BUILDINGS


The purchase by Senator Proctor of a
large block of ground at the northwest
corner of 18th and l streets. accompanied
by the announcement that the transaction
was made for investment purposes, calls
attention to that general locality. While
the transaction Is spoken of as the pur-
chase OF ground. the fact is the entire
frontage on the two streets is built up
with the exception of a vacant portion on
street. The improvements. with the ex-
. ception of the corner building. are dwell
ings. while the former is occupied as
drug store.
1t is not supposed the present revenue
from the property yields a very large re-
turn upon the amount of the purchase
money. which was $4,000 or nearly 81 per
square foot. On this account 1t is con-
jectured that other conside rations than
the present income had weight in causing
such a careful buyer as Senator Proctor
to make the purchase. In fact, those
who have commented on the transaction
apparently lay more stress on the future
prospects OF the property than on the
present value. In other words. 1t is
thought this general locality has
Iulure OF niSner values.
Business Area Expansion.
This Judgment is based on the course of
the expansion of the business section area
of the city. Since 1t has come up 18th
street as far north as I street, and also
up 14th street to even a farther point
north. it is thought that progress may be
made toward the west Exactly what
effect Lafayette Park is going to have on
the movement is not clearly foreseen, but
at any rate 1t is believed that the influ-
ence of this northwest tendency will no:
be confined to one street. and on that ac-
count l street is looked upon as having
future.
This conception of the outlook for prop
erty in this section was apparent in the
comments heard several months ago when
the residence at the southwest corner o.
18th and / streets was sod and at price
that stands without an equal for dwell
ings in this city, namely, $2o0.Go0. o.
course, in this transaction the house it
self was valued at about $4,000. and al
lowance was made for the ground al
about $40 per square foot. Still. the Idea
seemed to be among those who are fanil-
lar with property values that such
price was not justified at that time purely
from n business standpoint. but the new
owner would not lose money in the long
run. The appreciation in values was
what Ias looked upon as justifying the
price.
On another corner of the same block
the northeast corner of nth and streets
is the Myer property, which has large
lot. containing about 14.000 square feet,
and a house which was built many years
ago. 1t is this property that the Univer-
sity Club is arranging to buy, and the
consideration is said to be placed at
SI5O.00O.
Uncle Sam Needs Buildings.
Mr. Straus. Secretary OF the Depart
mept OF Commerce and Labor, the young
est OF the executive departments of the
government. has made strong plea in
his annual report toy Congress for build
ing that will be large enough to accom-
modate all the bureaus of the department.
At present the department Is housed in
number OF rented buildings. and the
Secretary considers that it is not only
wasteful of money paid in rent. but also
Of time and economy in the transaction
of business.
About the same time the report was
-IsasAoSSe men engaged in carrying on the
warehdFsfog businest. assembled here in
nationdA convention. adopted a resolution
urging Os<governuyent to provide a cold
storage warehouse An this city. where ex-
periments\ Sould By conducted in order to
upon<perfs bable # pod articles.
a Few Rece mt Illustrations.
Y Tie importance of such an inquiry to
the health and Therefore the happiness of
the psopts-f this country needs no argu-
m eat. for. as most of US are eating fruit
andA other food articles that have been
keptNn cold storage it becomes quite an
impofgant matter TO know whether such
food deleterious TO health. At any rate
these TWO instances of recently expressed
needs for additional public buildings in
TINS city are mentioned because they IL
lustrate what is of annual occurrence.
They serve also to illustrate what is we'll
kadEn, and that Is the government serv-
ice nfre has far outgrown the buildings
proti4ed and additional structures are
needed But that is not a new condition
as perhapetN may be said with entire &C.
curacy that at no time has the govern
ment been able to get along in ,iis city
without renting buildings Nearly always
the great stumbling block in the way of
legislation for new public structures has
peen and is TO this day the disagreements
which seem TO be Inevitable whenever the
question comes up of selecting a site and
buylng the necessary ground,
The Better Way.
For this reason. among others, it is
thought that il Congress ACQUIRES such a
large block of available building sites as
that which lies on the south side of Penn
sylvania avenue from the Capitol to 18th
street the way would be cleared for pro-
viding for the executive departments in a
manner more in harmony with their
needs than seems to be possible under ex-
listing conditions.
Business Going North.
Another move to the northward on the
line OF one Of the principal thoroughfares
has been made by a real estate man and
as such occurrences seem to foreshadow
10 some extent the future development II
Is on that account of more than passing
interest During the past week Robert c.
Shinn moved his real estate Office from G
street. between 14th and 18th streets 10
112o 18th street. The new location Is Oh
the east side of the street. Just Il short
distance south of Thomas Circle and is
quite the farthest north up to date for a
business place of the kind
On the block to the south are the Offices
OF Boss & Phelps, real estate brokers. and
Ben b. Bradford proposes also to move ia
the same block. hut the former went 10
that locality only last fall, that 18th
street that portion of It at least is new
as place for the real estate business,