New-York tribune., 1908-04-08
BRONX DEVELOPMENT
OLD and NEW VALUES.
Manv Realty Opportunities There
.Saus j. Clarence Danes.

c,.-.,.e r,s,ie. one OF the leading real estate
brokers and auctoneers OF this city' sPohe
night on The Development OF The Bronx HI ~.
real estate school O. the Young Mems CnIlsua
Assocsstion al No. so West 57th street Ihls was
49, eecon6 address of a series showing the various
realty developments Of this city Many peFson7
r,rou.inert IN real estate trading on Manhattan H
and and The Bronx we're present MY Da''es So
that there were just many opportunities IN INC
Bronx to-day for profitable realty investments dc
there vre-e q decade or more ago He gave van
Gus Illustrations showing the increases IN 'at
tons in The Bronx in the last hfteen OF '"eN's
Years he said that IN 1858 a plot al the sou'i" %
corner Of I49th street and Third avenue was solu
nv the Morris estate for about $500 The plot hao
a frontage Of 100 feet on Third avenue. and about
15a feet lseth street. In 1855 the buyer soio i
lots for s. SOC and in about 1895 part OF the laHu
was taken hy the city for the purpose Of widening
The street and that plot the city PAID the owner
xsa 10 In 1901 the remaining unsold plot was pur-
chased BY relative the Norris family for S"oo
The total sun that the buyer Of the plot In 1898
obtained from his investment Of $50 was *Lls'"'
and in the meantime he had had the use OF the
premises and the rentals derived from leasing
various parts OF it
On June J. 1854, there was held at the Real ks-
tate salesroorns said Mr.. Davies, an auction sale
OF two hundred and sixty lots. fronting in l65th.
18th and 169th ST. Stebbins and Westchester aves
END the Southern Boulevard and other adjoining
streets. a lot Of this Kelly ST. and West
chester ave sold for 500 1t gore lot. with
rear line 50 feet, frontage Of 70 feet in West
chester ave, and extended along Kelly 81. Is feet
The terms Of the sale was 50 per cent cash the
remainder Of the purchase price 10 remain on mort
gage That corner is worth to-day. saii Mr.. Davies.
a. from SIS TO $500 Other lots fronting on
Webster ave and extending TO another street sold
for about s1I5 each. The average value OF those
lots to-day is from S7o5G 5000 The price paid
for lots fronting in Tiffany $50 each. and
on Southern Boulevard between 18th and Home
st. s275 paid for corner parcel On Simpson
81 z lot brought $40 That sale held just
twenty years ago. the average price paid lot
being 500 The value OF the lots now is from S.
Slo9a each These figures show that the persons
who invested from $50 $40 in that property at
the time OF the sale. after paying all taxes and
assessments have realized very large return from
their investments. Another Illustration Of the in
crease IN values in The Bronx in he last twenty
years is furnished by a sale held on November T.
1885. at the Real Estate Exchange Salesroom. The
property sold comprised The George Faile tract.
fronting 175th ST. and I'd ave. and extending to
the Southern Boulevard. The prices ranged from
$3.50 70 $500 highest prices paid being for
corner parcels, that was only eighteen years ago.
The value OF those lots about 81 each,
and il can BE truly said that the average investor
al that sale has made investment Of about 800
from $3.50 TO $500 in about eighteen years.
Continuing, Mr.. Davies said: The majority OF
reai estate seem hold 10 the opinion that
the value of land increases steadily That is an
erroneous idea The increase is by means
steady; il is truly spasmodic. There may be an
Interval OF several years when the value Of land
does not Increase. and the owner Of the property
az ahoGt that time begins think that he may
never realize 4 fair return from his investment
Soon afterward builders become unusually active
IN The section in which is his lot. and result
property is in greater demand, and the market
worth Of his lot IS considerably larger than il
before The builders invaded the section
"A good illustration Of the increase in value Of
land may he had by studying a lot Jerome
and Potter Place In 1892 il was valued at $50 In
1888 was 500 1894 $3.50 in 1896 81 600 in
1857 SLIGO 1ssS 1880. in $50 in s.
1902 5000 1903 $500. 81 500 1906
ss59o. The present asking price Of a lot there is
about 5000
The reason Bronx values high to-day and
VIII he higher in the future is that many sec
lions are densely populated. and the density is
growing There arc blocks in Brooklyn 600 feet
long and go feet wide having not than three
hundred persons 10 a block. There many blocks
IN The Bronx on which three thousand persons 1--we.
and such blocks create thriving business centres
with stores Of various kinds