Evening star., 1908-01-25
REAL ESTATE GOSSIP
Some Current Transactions in
the Business Section.
THE MARKET OUTLOOK
Building to Begin When Conditions
Are More Favorable.
THE PRICES FOR MATERIALS
Unimproved Property Exchanged
for an Apartment Building. and
Other Matters Of Interest.
THE PRICES FOR MATERIALS

Some of the current transactions in
property are of interest. owing TO posi-
bic future developments contemplated by
the new owners. ard also because OF the
indication which is afforded of values. The
building owned by the Merchants and
Mechanics Saving Bank. and formerly
occupied by that institution as banking
honse. was purchased by F. Keller
Houser. The price paid was $1,000
The building. which IS a three-story
structure. is located at 1o7 G street north
west, and has a frontage of twenty feet
with depth of lot of 100 feet 1t is intended
To continue its use a business struc-
ture. 1t IS stated that in the sale the
bank received more for the property than
it paid fer it four years ago, and that, too.
including in the original cost what was
spent in order to make the place suitable
for the business of the bank.
The rising scale of values for property
in that locality as might be indicated by
the facts of this transaction is explained
as being due To the expected changes
arising from the location of the Union sta
ton which makes G street principal
thorougnfare from that center 10 the
western portion OF the city.
To Locate Bank.
Another transaction in business prop
erty occurred in about the general sec
ton when the Dime Savings Bank bought
what is known as the May building, at
the northeast corner of 7th and E streets
northwest. This property has frontage
OF seventy-five feet on 7th street, with a
depth Of fifty-two feet. and Is improved
with Il four-story building used Tor store
and office purposes.
The price understood to have been
agreed upon is about SlooOoo. 1t Is the
purpose to make such changes in the
building as to have the corner available
for the use of the bank.
Another transaction of interest that
took place during the week was the ex-
change of a tract of sixty acres known
as the FoxhaIl property west of George
town for the Naples apartment house,
113 10Th street northwest. The new
owner OF the FoXall property. Thomas II.
Pickford. intends to make subdivision
into building lots
State of the Market.
The dull condition of the real estate
market which is the experience of bro
kers just about this time is not causing
any special anxiety. for the reason il is
recognized that it is due TO general and
not TO local causes. All classes OF busi-
ness are effected more or less. and an
aftermath of the recent financial strin-
fairs is looked upon as logical if not well
come. This sequel, as it might be termed.
of the late disturbance in the money mar
kets of the country is neither as wide
spread nor as disturbing i'll its influence
in other cities. for the reason that
here owing to the uninterrupted pay
ment of government salaries. current dis
bursements are not largely diminished.
A Condition Only Temporary.
OF course il is probable people are
spending less than they are accustomed
10 do in times when there s more activ-
ity. and owing to that cause. as well also
as TO the falling off III the payments on ac-
count OF wages. it may he said that the
volume of business in the community has
decreased bat while that may be the con
dition just now stu every one feels AS
sured il is only temporary. and that. as 1t
Is due TO circumstances OUTSIDE or the
city. as soon as a Change in that particu-
lar comes there will be at once return
10 normal activities.
III other words, 1t is realized here that
there is business ~ De done and enough
confidence TO do il soon as such a
course becomes possible. II is said of The
late financial panic III the money market
mat IL was due largely TO excess OF busi-
ness rather than its lack usually is
the case. This exactly describes the state
Of the real estate market when the strin-
gency Sc in. and that still remains true
mere are houses TO De punt Tor tie Fea-
son there is good market awaiting them
The Demand Still Exists.
The population OF the city may be said
to be In excess. II anything. OF the hous-
.ng accommodations of the city. Last year
building activities fell off, but only be
cause men could not command the money
TO go on with them. 1t was not because
there was no demand. The market con
q
or less extent. for. of course. the contrac
ton of the loan market was felt.
Ii is realized there is such market to
dsy and this belief would find expression
in the eerction of buildings of all sort.
throughout the District If money wa!
easier The marked Improvement in th'
latter respect which has taken place dur