The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-05-05
AGITATION STAYS
REALITY ACTIVITY
Atmosphere of Uncertainty
Prevails In Real Estate
Circles
DIRECTION OF NEW
CAR LINES UNKNOWN
Property on Broad .otreet
Sells for 81, 700 a Foot
Which is Highest
Price Yet Paid

The agitation In regard 10 the ex-
tension OF Monument avenue. and the
lack Of definite information rs to the
streets Oh which new car lines are TO
be buiit are causing to prevail in real
estate circles an air of uncertainty and
hesitancs which has been trsry dctri-
mental to business during the past few
weeks. The rea' estate men realize
that II Monument avenue * extended
u large part of the residential eNpan-
zion II Richmond will nni ah outlet
in this section. This - ,' and TO
cause a rapid rise in values throughout
the entire lection with correspond
inE depreciation, or certainly lack OF
ru;7tt turreIse IN vaiues, in some OF
the ether sections. on the other hand,
If the oDposltion 10 the extension
should succeed in blocking the move
ulent there Will be an opposite ten
dentv.
The Virginia Railway and Power
COMPANY and the Richmond and Hen
rico Company have both asked for
franchises to build new lines On mum
her OF new streets which now have no
lines Noae- at these franchises frsse,-
been granted, and IL is entirely uneer-
tain as to the location of the new lines
All Of this uncertainty Is causing the
investors to hesitate, and the tilis OF
dealers are rot filling with commits
sions as RAPIDLY as the dealers would
like to have them NIL. All OF this I'M
certainty VIII be changed irto certainty
ia esft fs4- ard witt RI a cor
responding brisk reaction in the pusi-
ness
We cannot expect to do n rushing
business all OF the time. said prom
fnent real estate man. who Keeps tab
on the situation, Yesterday. I'VE have
been doing a rushing business for many
months. and there Is bound to come
some dull seasons as reaction from
this busy activity"
Broad street values.
The immense increase Ia Saities en-
Broad street was clearly demonstrated
by a sale which was made by Pollard
& Bsgby last week. The property
had q frontage OF fifty feet on Broad
street, between Third and Fourth. and
II brought $4,000. This is exactly
that has ever been paid for property
on Broad street. There are no build
fngs on the property. The sale was
made by s Wallerstein to Wilhelm
Schmidt. Three handsome stores
--sT4l. @.-- -r----te.i- on .srr~tct- n rr1rcr
The exodus Of retail establishments
from Main street To Broad street in
recent years has been largely respon-
sible for the phenomenal increase in
values. The demand for retail stands
on Broad street has grown almost into
a clamor and every piece of property
that is placed on the market is eager
y purchased for immediate use.
Pollard a. Baghy also sold the 1916
East Main street lot. The transfer
was made by A. l.. Hessberg to A. l..
Straus. The price paid was 5000.
Bianton e. Company sold about
see, 900 worth of lots in the Monument
avenue section Golsan a. Nash sold
FIVE lots In Westhampton: about ninety
feet In the Mayo addition, several
lots in Bon Air. and other property.
Green & Redd sold 400 feet on
stuart avenue for $4,000. The prop
erty vas bought for residential ,pur-
bosses. Three or four blocks of very
desirable residential property has
been purchased in the Stuart avenue
section in the vicinity of Battle Abbey
during the past few weeks. All OF
II will be developed at an early date
by the erection OF first class resi-
dences. Green Il Redd also disposed
of lots on Hanover street and one on
Church Hill at auction. A farm was
sold in Hanover county for $4,000;
another farm in the northern section
Of the State was sold for SEQ. 900. and
n tract of timbsred land in North
Carolina was sold for $4,000.