Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-08
REAL ESTATE GOSSIP
Influence on Values of Union
Station Location.
COVERS A VERY WIDE AREA
Shifting Of Business One of the Con-
sequences.
CURRENT PHASES OF MARKET
Tendency of Money to Seek Invest
ment in Real Estate at This
Time.
CURRENT PHASES OF MARKET

The influence OF the change in the loca-
ton Of the steam railway terminals In
this city has perhaps been as widespread
in its effect on the real estate market as
any one thing that has happened in the
history Of this city. Beginning five or
six years ago with extensive purchases of
property in the southern and northeastern
portions Of the city, and in the latter case
extending beyond the old municipal
bounds out to the limits of the District.
the changes brought about by the ex-
tensive and radical Improvement have
constituted a factor in the market ever
since.
1t was estimated at the time the large
purchases Of property were going on by
which the railroads acquired the holdings
which were needed in order to carry out
the plans Of terminal changes in this city,
that the money which was thus being ex-
pended was finding Its way back into
property. When q home was sold with
in the railroad zone the seller, as rule.
sought a houme somewhere else The
same thing was done in the case of the
transfer of business property. the occu-
pants thus dispossessed. so to speak, at
bnce seeking new locations
Large Expenditures.
This movement had hardly ceased, and,
In fact. was to some extent still going
on when the actual work Of improvement
on the part Of the railroads started, giving
employment to hundreds of men. 1t Is
estimated that something like SIS, 900, 900
represent the cost Of the terminals in and
about this city. The depot alone cost
S5.000.000. and while there may be some
tnaccuracy about the figures, still 1t is
evident from what has been done that
large sums Of money were spent here
for the purpose.
Then came another stimulus to the
market from the same source. when 1t
was found that the shifting Of such an
Important center as the railway depot of
D large city like Washington and the CEN
teriug Of the entire passenger traffic In
one section Of the city involved highly
date vicinity of the depot. but also in
the principal thoroughfares connecting
the new center with the business and
resident sections Of the city.
Wide Area Affected.
On account of this latter considera ton
the area affected has been a wide one
extending as far west from the depot as
18th street. The change from purely resi-
dence streets to business streets has be-
gun In earnest in the case Of syeral such
fhoroughfares. and 1t Is probable this
process will continue for several years to
come.
o..
calities. and those. too. that are not In
rho immediate vicinity Of the Union sta
ton. will be completely transformed In
the course OF few years. The exact
not clearly seen at this time. and there is
some question which one of several
streets will be most powerfully affected
Demand That Is New.
A good deal OF property has found a
N op bo R1,il Of
the Union station. This is more especially
true at this time OF the section which
borders the new tracks from II street
north to beyond the old bounds of the
city and continuing to the location of
the new freight yards Of the Baltimore
and Ohio railroad.
number of business concerns IN need
OF such facilities as are afforded by rail-
road tracks running into their property
have sought this section and a large
number OF plants have been located there.
This same process has gone on in the
southwestern portion of the city and in
the vicinity Of the old Long bridge.
Union Depot Locality.
Now that the new railroad depot il in
use more attention Is being paid to the
probable development of property in that
immediate locality. An instance Of this
was noted week before last in news
paragraph in The Star announcing the
sale of three two-story houses at the cor
ner Of LIST and F streets northwest. The
price paid for this property. averaging
about S. per square foot indicates that II
is no longer valued as residence property
About two years ago in the early stages
of the railroad changes a large site over
looking the station plaza was purchased
by persons who were said at that time
to be interested in a project for the cree
ton of a large and modern hotel buffd-
ing there. 1t Is understood there is some
doubt whether or not this scheme will be
carried out by the original parties, but at
any rate there Is no question that one or
more buildings designed for such uses will
/ bs built there. In fact. thS purchaser OF
the property first mentioned intends II as