The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-05
MONEY! LOWSHITHER
Outsiders Seek Investmentin
Washington Real Estate.
VALUES ENHANCE WITH TIME
LEGAL Broker Adds Department 10
His business to Float Loans on.
ReaIty-BeIieves the City viii Ex-
pand RapidIy-SOme Proofs Cited
20 Confirm His View on the Matter.


liar attraction for the investment of capt.
tai outside Of the city has been long
known in general way. But this inter-
est from the outside In the investment Of
money in such holdings has received sig
nifcant illustration recently in the or
ganization of a financial department in
the offices of Grant Parish, local opera
tor in property in the States of Mary
land Virginia. and other parts of the
country.
Until the beginning of the new year Mr..
Parish has confined his operations to
the selling of historic country seats and
large plantations, largely to men Of
wealth who are seeking homes in the
country, where they live part of the year.
Now he VIII deal in loans on Washington
real estate. using for the purpose the
money of his clients In the States
Want 40 Invest Money Here.
Speaking Of the matter yesterday, Mr..
Parish stated that In hts talk with men
in all parts of the country relative to
real estate he continually met the inquiry
about opportunities 20 invest IN Washing
ton realty. Some of these inquiries We're
for the purchase of property here. but
the majority of them were along the line
of investment in first mortgages upon
property for the erection Of houses.
Mr.. Parish stated that the idea was
very widespread through the country
that nowhere else could money be used
in this way TO so good purpose as in
Washington. Persons with money to
place on time loans on real estate have
come to believe that such property in
Washington affords the best kind of Sc
curity, and Mr.. Parish said that inquiry
had become so frequent and solicitation
so urgent that he had been forced prac-
tiCally into the business Of placing in
vestments of this character In Washing
ton real estate. lie has inaugurated a
special department 20 his business TO
cover this field. and hopes to find money
when it is needed fer Improvements Of
the better class.
Believes Washington VIII Grow.
Mr.. Parish said thar in his opinion
Washington would continue its develop
ment along the lines sJarred Tor many
years TO come. He thinks there will be
a constant and cumulative influx OF
wealthy people here. induced to live in
washington because Of its mild winter
climate, because it is the seat Of govern
ment. and because Of the general beauty
of the city which sets il apart from all
the large centers OF population in this
e.antry.
Mr.. Parish thinks the builders Of the
city, since the time Of Alexander Shep-
herd. have laid a foundation for the
greatest and most attractive city on the
American continent. He believes the
movement OF population hither has only
just begun, and that in the next fifty
years Washington will expand 20 dimen-
siOns OF which no man now can even
dream. He believes the Capital viii be
not only the home Of many hundreds Of
thousands OF people, but that il Will be
by way of eminence the abiding place OF
the wealthy and the leisure class who
will vie with one another IN the splend0r
Of their homes.
To this end he believes Washington in
the immediate future viii offer excep-
tionally fine opportunity for the invest
ment Of outside capital, as we'll as of the
savings Of the people who live here. In
the demand for property on which to
build a constantly increasing number of
houses, many of them of a palatial char
acter, Mr.. Parish sees not only a steady
price for real estate, but a great enhance
ment of values as times goes on. He
believes in the principal that money in
vested in desirable real estate now In a
good location Will command two and
three times its present price, ten or fir
teen years from now. 1t is this upon
which outside capital is banking. and
Mr.. Parish thinks with correct and far
seeing judgment.
Fine Residences Built.
AS proof Of this view it is necessary
only to recall to mind the many invest
ments OF this character within the past
year. There have been recently finished,
Or there are in process of construction,
no less ethan seventy houses in various
parts Of the resident section Of the nsrth-
west, whose cost ranges between $50, 600
and $4,000 A number of these houses
have been erected along sixteenth street
and in the adjacent territory. Some are
along the line Of Connecticut avenue.
many of them are out Massachusetts ave-
nue. and about Sheridan circle. Some are
In the older sections of the city, and a
few have been built upon the ground
occupied by what were con-
sidered fine residences in their day.
The movement OF such building has been
we'll marked to attract atten-
ton not only in Washington but in all
parts Of the country where architectural
and building papers circulate. and inquiry
,or sites for similar homes is more COM
non with local real estate firms than ever
before During the year closed twenty
i've or more sites for these large resi-
1ences have been purchased, and the
owners are only waiting for the clearing
IF the financial skies to begin operations
10 build.
Office Buildings Popular.
The investment of outside capital in
real estate is also seeking an
)utlet through the erection Of Office build
ngs. apartment houses, the rebuilding of
sites and the expansion of facili-
les for trade or manufacture.
The recent erection Of the office building
It the corner Of Fourteenth and F streets
s a typical illustration of this class of
Investment 1t is understood that sew
sral more of these large investments
n business properties are being talked Of.
IN some instances sites have been prae-
ically settled upon, and the expectation
among real estate men is that during the
present year several large buildings, to
)e erected principally by outside capital
SITS, will be begun in Washington. The
act is known that plans have been de-
,ided upon for some Of these buildings,
md that if financial conditions are at all
favorable, steps will be taken to begin two
IT more of these big structures this year.
VIII Build Warehouses.