The Washington times., 1909-04-17
.CROSS-T CARS
CAUSE NEAR-BOON
Important Factor in Real
Estate Activity in
Northeast.
FIRST START GIVEN
BY UNION STATION
Demand for Property Shown by
Sale of Many Houses Be-
fore Completion.

The completion of Union Station and
the building Of the cross-town car line,
which. when II is put into operation
next month. will extend as far south as
the Navy Yard, are two factors which
are largely back of the unusual activity
that is being recorded in northeast
Washington real estate.
In reality, the first stimulus given to
the value of property in this section
within recent years was brought about
through the initial discussion of the
proposition to build a union station.
With the final launching of the project.
this stimulus began TO assume the di-
mensions of a boom in certain portions
Of the section.
This boom, however. has never ad-
vanced beyond an active demand for
northeast property The growth of the
section has been natural. and property
| located in it has neither been held nor
| disposed of at prices rejecting other
than the real &C ciditions underlying tie
market.
New Car Service.
This situation gives rise to the belief
that the installation of the cross-town
service. which will benefit practically
every portion of the northeast, will
have the effect of harmonizing the
varied activities in real estate in that
section of the city and of bringing
about a cooperative desire. IL not an
actual plan. for the future development
of that portion OF the National Capital.
The history of the northeast section
warrants the belief that the speculative
feature will enter more into its real
estate transactions in the future Prior
IL F~.aw-
cagO, when there was cOnsiderab BILE talk
of II being held in washington, t$e
northeast was looked upon as being tie
best suited place in the District for
such gigantic enterprise.
The result was that a great deal of
land was bought I'D, and prices
showed rapid increase. It is prois-
able that they would not have receded
been for the panic of 1893. This flnan-
cial disturbance sent them back TO the
old basis of values, md in some m
stances much lower.
Steady Increase Shown.
Following the panic OF 1899, and UP
until the time when the subject OF
building a union station was broached,
northeast realty values increased stead
ily, being unattended in the majority OF
cases by speculation. It has only been
! in the last few months that the specuIa.
/ tive idea on the part Of purchasers has
begun TO make its appearance even to a
/ limited degree
The northeast offers inducements to
the investor with limited capital. This
| is proven by the fact that in the past
| two years several hundred moderate
priced houses have been erected and,
! in the majority of cases, sold before
| completion. One firm, in that time. has
| erected seventy-nine houses on the block
| bounded by A, Ames, and b streets,
| North Carolina avenue and Fourteenth
/ and Fifteenth streets. The larger mum
] her of these buildings are just now
nearing completion and only fifteen of
/ them remain unsOld.
The houses for the most part come
/ within the s. 800 to So, 600 class Fully 81
per cent Of the number of residences
| erected during the past two years have
/ been sold at an average cost Of $4,000
and il is practically certain the same
| type OF houses viii largely be erected in
/ the future
Generally speaking the scale OF values
/ on unimprOved property in the northeast
| ranges from so TO - cents a square foot
/ ABOUT % per cent Of the area is vacant
! ground. and the section itself comprises
/ approximately 331H per cent Of all the
/ land contained in the District