Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-30

Some of the current talk heard in real
estate circles would indicate that atten-
ton is being directed just now by in
vestors and others to business property.
At any rate. there is more or less gossip
going around relative to what is thought
some dealer is doing or hopes to do, and
there are also positive statements OF deais
actually concluded.
Thus far all this floating and nehulous
, product of the small talk of the market
has not materialized into very much
that found it's way to the office of the re-
corder Of deeds for the purpose or peihs
made part of the land records OF the
District Even some Of the TRANSACTIONS
OF this kind that are admitted to nave
been closed have not as yet reacheo Iilal
stage, so 1t may not be matter or sur
prise that some deals which are not ac-
knowledged by the parties Interested are
not any more developed.
Large Trade Center.
THE transaction by which the title to
fine ST. Matthews Church property Is 10
he transferred has not as yet been 1uiiy
completed. and It is not expected that II
will he done very soon, as the commercial
organizations of the south that engaged
10 become the owners have to raise the
money by voluntary subscriptions anu
necessarily that is not rapid work. How
ever il is expected soon that through INC
efforts of this organization stdleiS ii IIu
ern business structure will rise on 'hl"
site which will be at the capital a hlonu-
,pent to the enterprise of the business
men Of the south and of the vitality OF
the manufacturing and trade interests Vi
that section of the country.
NJ TOT
raya its sanction to the sale of the large
Cr,1it holdings at the southwest corner
of l4th and G streets. Mr.. Stlson Hutch-
ms being named as the purchaser.
Another rather conspicuous corner prop
erty in the business section, namely, az
the southwest corner of 14th ana "
streets, has been gossiped ABOUT as nav
ing been sold and while sucn taiK mas
not been confirmed, yet 1t Is thousht
not improbable that something OF the
sort will be definitely announced DeioIs
long Another corner properly on "
street is also spoken OF as laple 10
change hands and il is believed the buy-
ing comes from the same source mat Is
credited with acquiring the hrst named
property 1t is located at the southwest
corner of 18th and streets ana COM
prises not alone the corner holding, but
also the buildings adjoining, poth oi'
18th street and CT street.
Market Has Improved.
\ further indication OF the tendency In
the market is the experience of some
owners of business property who mo
there are people who are Wiling TO
give them more for their property than
they paid for il. unless they have peen
50 unfortunate as TO have acqu-.ed u
ut the figures of boom period AS
"A rule a transfer in property on u
street or on most of the side streets
means the new owner will either tear
down she buildings already there ana
replace them with new structures or else
will remodel SO as to make adequate
provision for the uses or modern pusl-
ness.
1t is only by making improvements, SO
II is said that it is possible to get the
scale of rentals that current property
values require In many instances the
purchaser calculates what he can AFFORD
10 paw for a piece of property not on the
basis of the then net yield OF the prop
erty but what it will bring when suita-
bic building is provided.
Misleading asto Values.
There is also the consideration of fu-
ture enhancement and in the meantime
some buyers are content to get 4 per
cent and sometimes less on their invest
ment For such and other reasons which
will readily occur To any one at all ia
miliar with the conditions of the realty
market here, IT is not always a safe ana
sure guide to depend what Is paid or
said to have been paid for property TO
determine actual values. To accept such
figures as current values and then COM
pare them with the assessed values Tor
example is apt 10 be misleading In some
cases while no doubt of use in others.
As a general thing the assessment fig
IIres as applied to current values OF prop
erty in this city. come nearer together IN
the case OF. dwelling property than OF
business property. In some instances, II
is alleged the assessed value OF houses
go beyond what could be obtained for
them, while in the great bulk OF instances
IL is thought the two-thrds basis is
either closely approached or exceeded.
Taxation of Property.
The statement was recently made in the
House of Representatives by Mr.. Gardi-
ner. chairman of the District subcommit-
zee in charge of the appropriation bill,
that the per capita amount of money
raised by taxation in this District is less
sh>R that of other cities OF its size. or