The Washington herald., 1908-03-15

Real estate is Washington's chief asset.
buying and selling ground, with the erec-
uon Of fine residences, immense public
buildings. and business structures which
We with them in beauty and complete
ness has for many years constituted the
principal business or Washington, outside
Of retail trade in merchandise and bank
ing
Development Of vacant lots began with
the history of the Capital. one OF its
chief movements being The exploitation
Of the subdivisions Immediately surround
ing the Capitol and the White House, and
later the building up of Pennsylvania
avenue, street, and other thorough
fares to the northward.
Growth in building enterprises. having
thus run along slowly for many years. re-
ceived an immense Impetus with the de-
velopment Of the city under the initiative
Of the late Gov. Shepherd. beginning in
1861 The laying out Of the city streets
according TO the original plan Of the CITY
ana the care OF the government reserva-
tons by the present government of the
country after the civil war served 10
give Washington start which has never
been stopped or hindered since that time
Northwest Section starts.
The great northwest section Of the CITY
was opened UP. the streets and avenues
reached out. first TO the boundary and
then beyond, until now the city is many
times the size il was IN Gov Shepherds :
day. The value OF land has Increased
many fold. and the population of the city
mas grown from something Ove- 30COn 10
$4,000. In this period il has been ueces-
sary TO provide homes for this vastly in
creasing population. brought hither by
the government service. by the advan-
tages which Washington offers for resi-
dence 10 wealthy persons who are no
Longer engaged actively IN business. and
by the coming 20 the city Of those who
engage in business connected with the
constantly expanding retail trade and. of
late years, the wholesale trade Of the
city.
The business Of the sale Of real estate
the rental Of houses after they are built
the development Of the business district
and the remodeling and rebuilding of the
older part Of the city within recent years
mas been constantly and grOwingly profit
able. number OF men have made COM
Portable fortunes out OF this business. and
J0o or more companies. firms. and indi-
viduals engaged in the occupation now
are making good profits and aiding as
the active forces in the general expansion
of the city.
Expansion Of the Suburbs.
While much money has been made in
the older part of the city by the general
rise in values, and the cali for bigger
and more modern buildings, while the ex-
panslon of the business and trading dis
trict has led to the sale and improvement
OF hundreds Of former dwellings. much
more has been realized in the subdivision,
sale, and development of suburban prop
erty. Large impulse was given to this
movement by the introduction Of me-
chanically propelled street ears about
twenty years ago. the extension OF the
lines, and the ease with which persons
may live in the suburbs and still be in
touch with everything connected with
city life. The drift 20 the outlying por-
tions of the District has been going on by
leaps and bounds in the past few years,
and Is the essentially hopeful element in
the real estate business for the future.
Along all the principal trolley lines the
expansion of the District is going on
very rapidly. The drift 10 the country
long since passed over the lines of the
District and is reaching out into the un-
occupied territory Of Maryland. while
across the river. in Virginia, the fOunda-
tons Of a great city are being laid, which
IN the next quarter of century viii
grow with possibly greater rapidity than
the Capital itself.
Values IncrcHsc Rapidly
Based upon prices paid for real estate
-.
a hopeful sign for the future. The high
est price paid for business property was
the lot at the corner of and Fourteenth
streets northwest. which brought upward
Of so a square foot Property along Fif-
teenth street is worth to-day not less
than $50 a square foot Along street, |
below Fourteenth street some holdings
have been bought for about 500 a square |
foot As much as SIS square foot has
been paid for residence sites in particu- |
larly choice locations. but the majority
Of the property for sale is held at lower
figures
Deals for parcels here and there have |
failed from time to time because too |
high a price was asked for the property /
but the tendency all along the line is a
slow advance in values. and in some To- |
calities the asking prices mount very
high in a few months
One Of the chief agencies in the devel- |
cpment of Washington real estate is the /
demand for property by outside investors |
The idea has gone abroad in the land /
that Washington is a good place in which /
10 invest money in ground and houses or !
business property. Employees Of the gov |
ernment in good positions and others in |
business are buying homes. The tendency |
to do SO has increased in recent years as |
the suburbs have been opened, and IL has /
been possible 10 acquire a good lot with /
a comfortable house at a price ranging
from 81 GOO to $4,000
what Deeds OF Trust Prove.
II has been said that six or seven deals
out Of ten made FOR property Of this kind
in Washington is subject to deed Of
trust. which proves the fact that hun
dreds of the government employees and
others have taken their homes having
down a part Of the purchase price and
meeting the balance on the installment
plan-a perfectly safe way 10 invest earn
ings and acquire a home at little moro
outlay than the ordinary rental. the
pursuit Of this policy is fast making
Confirmed nm Pare ? CoIuu,