Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-03
TWO COLONIAL, DWELLINGS
PLANNED FOR BUILDING
Observations Regarding the Delay In Activity in the Vicinity
Of the Union on-Speculation in
Business Property.

a dwelling is TO be built at c1oS Ban
croft place for j. ]. Hemphill. Accord
ing to the plans prepared by L. Norris.
architect, the design will be colonial and
the exterior walls will be built of rough
brick with white mortar joints. The ma
terial used in the trimming will be white
marble At the main entrance there Will
he a porch. and there will be bay pro-
lection the height Of the house. On the
main floor. which will be finished in white
with mahogany doors, there will be one
large room or parlor and then the dining
room. with space for commodiOus en-
trance and stair halls
Plans have been prepared for a dwell
ing for the use of Edward w. Dom, jr..
which he intends to build on the north
side of s street just west Of Florida ave-
nue. or e1st street. 1t will be colonial in
design, and the plans are being prepared
in the office of Wood. Dom & Deming.
architects. Of which firm Mr.. Dom is a
member
influence Of the Union Station.
Much has been said about the influence
of such a center as the Union station.
especially upon the value and the uses
OF property in the immediate vicinity as
well as throughout quite a wide sphere.
The full effect of the change in bringing
10 one locality all the activity of such an
important center is not known as yet
and can only be conjectured. 1t is for
that reason there is not more building
going on in the vicinity of the new
station. The question Is whether or not
il will pay to erect structures in that 10
cality and what kind the business will
justify.
There is. perhaps. a little more definite
idea as TO what is going to happen In the
/. localities where the old railway stations
were located. or rather the Pennsylva MIA
depot. for the location OF the Baltimore
and Ohio depot was practically the same
as that OF the new station. The 6th
street station has been out of commits
sion for more than a year now. and the
building itself has been taken down. But
almost as soon as It's doors were closed
the effect i'll the vicinity could be traced
in the closing of the small lunchrooms
that clustered about this center.
Effect on Hotels.
There were other classes of business
that were dependent almost exclusively
upon the trade from the depot tllrongs,
and naturally they have disappeared from
that locality Their places have been
taken by other kinds Of business, and
So there is not a suggestion in the neigh
borhood that would indicate that 1t is
in any sense an abandoned locality.
IL was also supposed thdt the notes
there would feel the change in the loss
Of what is known as the custom Of
transients or those coming in only for
night II is said that such has not
been the effect and that there has been
falling off in business of this class.
In fact. as one of the hotel men in that
locality suggested. he did not know but
they had been benefited because they
were not near the depots On the other
hand il Is claimed that the hotel business
has been greatly injured by the change.
Investment in Business Property.
Some transactions in business prop
ertv have been reported of late, AMI
there are said to be others of the same
nature that arc pending. The interest
in this class OF property is largely
that of tho investor, although ct
times the needs of some one in busi-
ness furnish another element in the
market. II is believed there is a good
deal of money seeking investment.
As is generally the case, il Is found
that dealers when talking on the sub
ject have much TO say OF the ohdura,y
of owners and especially the sub
iect of prices. According to this view
Of the market there would be greater
activity IL there was more reasonab bic
ness as to prices. as they express IL
At the same time this variance in
opinion as to the value OF property
shows there must be a speculative eie-
ment which enters into estimates of
this sort, for If that was not the case
the value would be determined by the
net return which is shown the prop
erty yields.
Also a Speculative Element.
That there is a speculative value IT
business property in this city is quite
evident from the entire disregard for
the net return shown in many instances.
This arises from the character of the
improvements. which are often old
and out of date. and not suited for the
needs Of modern commercial demands
1t Is also due to the growth OF the
business of the city, which constantly
shows an enlarged volume and in con-
sequence an increase in returns In
every way.
The tenants of such property are
able with an improving current Of
trade to paw their rent with greater
ease, and also are able to meet their
share OF the cost of any enlargement
by facing an increased rental without
embarrassment. 1t is recognized that
the prosperity of the tenant is an es-
sential factor in reaching estimate
Of tho value of property. Ii the rem.
is collected with difficulty or slowly