Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-01
REAL ESTATE GOSSIP
Significance of Some Current
Transactions.
DEAL FOR TRACT OF LAND
Phases in the Development of the
Business Area.
BUILDING SEASON PROSPECTS
Market for Houses and What Is
Being Done to Provide
Supply.
DEAL FOR TRACT OF LAND
BUILDING SEASON PROSPECTS

During this week announcement was
made of extensive land purchases To the
east and north of Brightwood. and in
Guiding part of Takoma. Between four
and FIVE hundred acres have been secured
by interests which represent mainly men
OF means residing in Pennsylvania and
Maryland.
The property acquired comprises strip
from Brightwood In a northeasteriy di-
rection and extending into Maryland.
What is known as Shepherd road is the
southern boundary. According 10 Mr.
Mellon, who represents the interests own
Ing the property. it is the purpose to de-
velop 1t for residences. and to that end
1t is the plan to open streets and pro-
vide sewers and water and pavements.
part of the. scheme is to build a rail-
road running through the property and
having its southern terminus at the end
OF the 18th street line of the Capital T-ac-
ton Company, with transfer arrange
ments with that company. The proper
lions of the enterprise indicate TO some
extent the growth of the city and the
expectations that are entertained of it's
future development. There Is no ques-
tion in the minds of those who are at all
ulation of the city in increasing steadily,
and such enterprises indicate the efforts
being made TO meet the demand for
homes.
As a Business Street.
Another transaction recorded during the
week was the purchase of one of the
residences in 18th street between | and
K streets. DEPOSITS Franklin park. by Mr..
Gatchell. whe-e-he intends. when changes
are made in the building; 10 locate his
business. At the same time the owner of
the adjoining residence states ii Is his
purpose to remodel it for business uses
so that in the near future there will be
that block two more buildings in ad-
dition to those already occupied for bust
ness purposes.
These transactions are OF more than
usual consequence, as they mark the
progress of business along that street.
and especially its tendency apparently to
stretch toward the north.
Exchange of Property.
The main activity of the market. or at
leas. that which stands out quite conspic-
uously. consists Of transactions which in
volye exchanges of property. This is al
ways a characteristic when money is not
TO be had freely, as such transfers can be
made without much ready cash and in
most cases none at all and at the same
time they serve to place in the control of
men who are able to make improvements
property that stands in need OF such
changes.
Such transactions in many respects may
be regarded as forerunners of a revival Of
activity in the realty market. When the
opportunity comes to secure money to
carry on building and other details of i'm
provement then properties which have
come into hands accustomed to such en-
terprises will be made more available for
existing uses and will be eventually
brought on the market. In the meantime
the other party to the trade of the charac-
ter referred to has a holding which re-
turns a good income on the money invest
ed.
Demand for Houses.
1t is the experience of realty dealers who
are brought into contact with current de-
mands that there are a good many people
who want residences in this city of a large
type and who have not as yet supplied
this particular want. 1t is said that peo-
pie of this sort will buy a house if it suits
them. or. failing to find anything they
desire. will buy ground where they can
build
A great deal was done in that direc-
ton last year. especially during the late
winter months and the early spring, and
il Is thought that sort of buying will again
be the feature Of the market if the money
conditions are at all favora Bile. In other
"OiUS. the upUdHO 1Of all grades or
houses continues good and great deal
more would be done If business was en-
tirely normal.
A Favorable Prospect.
1t is natural TO expect large increase
along that particular line. and as a conse-
quence it is also logical 10 look for a re-
vival of activity in building for if there is
a market for houses the supply is now ad-
nittedly inadequate and it will be neces-
sary to erect more. The outlook is SO
promising that builders will undoubtedly
ne encouraged TO begin enterprises OF this
sort as soon as they can be financed.
1t Is also promising outlook for the
owners OF unimproved ground and that
phase OF the situation is the more well
come for the reason that the market for
that class of property has been in recent
years somewhat restricted, owing TO the
lack OF any speculative element in it
merely a. land. In other words. people
have not been buying ground, except in
large tracts. to hold for a rise. Formerly
that was the chief feature OF the re atty
market in this city, but of late houses
are bought rather than built by the peo-
pie who wish 10 occupy them and also
owing 10 the rapid transit railways land
values have suffered from the enlarged
area OF available building space.
Area for Large Houses.
The modern movement. which finds an
illustration in the buying of large pieces
of ground and the erection of commodi-
Gus private residences. has also checked
TO some extent the leveling process in
land values that has been going on In
The residence section of the city. at least
III some sections devoted TO homes. Tn
fort unately the demand from those who
want TO build homes for themselves
and of the larger type lies within
fairly we'll defined geographical lines 50
THAI unless the property meets the current
notions on the latter point. whatever may
he is advantages otherwise. IL will not
command the market and of course. the
price, that probably less eligib property
II another section readily brings.
IL may be said that this area of fashion,
as IL might be termed. Is not bounded by
continuous lines. but is in one locality
and another. so that there are what might
be called centers. The large residences
Of the city. where for that reason the
class OF people live who constitute what
is generally regarded as the fashiona BILE
society element of the population are
located in the northwestern, section. which
Is the largest OF the geographical divisions
Of the city. But this great and impo--
iant part Il not given up TO the residences
only Of the wealthy The requirements
of that class do not regulate all land
values are determined largely by the i'm
mediate surroundings
Peculiar to This City.
The contrasts To be found in the char
acter of dwellings in the residence Sec
tons OF the city have long been remarked
upop fypica1 Of This city There are