New-York tribune., 1909-06-20
REALTY MARKET VIGOROUS
SALES INVOLVING MANY HUNDRED THOUS4NL
DOLLARS REPORTED LAST WEEK.
Sites MidtOn Zone-ImUemen Buying the
Upper Sirtk lfrenue District

The vigor OF the zeal estate market last week
attracted widespread attention again TO the many
sIluring speculative snd investment zones on Man
haitian Island and Ia The Bronx Since the last
fall season there have been few dull weeks. The
general character of the operations perfected has
indicated no lack Of confidence TO the stability
Of realty values any doubt as TO the future
brightness OF the many enhancing realty fields
within the borders of the greater city fom the
point of view of prospective buyers.
Realty history worth remembering has been made
in the last six months. and judging from present
signs The volume Of business of this year VIII
nearly equal the record year for activity in large
investment properties. Millions have already been
invested this year in the erection of large apart
rnent houses on the West Side, in the enlargement
Of the choice residential sections in extending the
midtown loft zones. in laying the foundation Tor
the Transformation Of the central Fourth avenue
district and for changing the physical character
istics OF many sites in the Irving Place area ana
for increasing the of taxable properties in the
downtown business region.
MANY SPECULATIVE DEALS.
Investors and speculative builders have been more
prominent in the trading this year than in recent
years With such persons busy in large numbers
in the various districts Of the greater city there is
little likelihood Of the tone Of the market being
unsatisfactory. II real estate conditions were uH
favorable for the launching Of projects involving
many hundred thousand dollars (and such condl-
lions existed in the panicky times Of 1907 and for
some months IN 19oSl, brokers would have dlnl-
cult task in selling property But only pTopluous
conditions prevail In 1907 the market was pun
70 test which plainly revealed Its true worm as d
speculative and investment field, and it now ap-
D.srs q WIS Just the right sort OF test 10 AWAKEN
thousands OF persons well able 10 own or operate
IN real estate TO the many opportunities which
they had passed by not becoming identhed with
the realty trading.
Truly there was probably never so much money
available al most attractive rates Of interest Tor
real estate projects than now Liberal commissions
have been paid many persons this year for mo
sag borrowers for totalling up in the nlhons-
In 1897 most borrowers on real estate had TO pay
r,ot onlv the maximum rate of interest but large
bonuses 70 get a loan at so per cent OF even less
OF the appraised market value OF their propeFues-
Many persons who wanted 10 borrow theh on Iea-
estate reported that many channels which haa
,,sz,s,lv been open 10 them were closed tight as a
erynn. and that money lenders willing TO take real
estate as security for loans had suddenly shrunR
from many hundred TO a number that could oe
quickly counted
Some real estate experts who make careIuI
study OF conditions affecting all Of the principal dis
trsctS refer as they look back now at the panlcky
times OF 1907 to the days when the market
received 8 severe setback" How they arrive at
This conclusion IN the presence Of the great building
prosects that are being carried out the Vastness OF
the various purchasing movements which have been
feature of The market this year and the easy
money channels encircling and intersecting the
fields In which large numbers of big investors and
enacrla-ors are busiest is almost ineIplicable-
These experts are apparently gauging things which
hanpened in that year from obique line instead
Of looking directly at what transpired then.
EFFECT OF THE DULL PERIOD.
The dull times of 1907 cannot truthfully be de-
scrited as a setback, for when the market was
shaken by the financial depression It needed rest
ful period. and the restful period came at most