The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-21
Available Records
Indicate Drop of
Cent
in Most Parts of
City---Eq uities
Lost to Many.

Real estate men IRE under the neces-
sity OF learning anew the values uf
property throughout the greater city
Ivy reason of the extensive changes
that have come over great sections
during the last few years which have
left their marks of decreased values.
When II is found that property is
selling for 81 200 a front foot on a
street where So 900 a front foot was re-
fused only four years ago. and when
n property Is peddled about for $780,
900 that could not have been bought
for less than half a million three years
ago, the time has arrived when a
wide ~readjustment Of values must he
noted.
Depreciation in certain sections has
been going on for several years as the
realty experts and the public press
have taken ~occasion TO show. In some
quarters this change is attributed to
changing business centres. and that
those who hold this opinion are right Is
evidenced by the steady decline Of
values throughout the old Wholesale
district north OF Chambers street and
wfst II Broadway. There are many
WHO put the whole reason for the de-
~ ne In values 10 uverinflation dur
n the period of the recent boom. and
tAey point to many properties which
arr valued So highly that they cannot
he made To pay incomes in competition
with similar properties. Nobody will
deny that the movement II foreign and
negro population has done much to
affect former values, and the best H.
Illustration OF this phase is cited in the
negro invasion of Harlem. which 10
taking millions OF dollars every wear
from realty worth.
In many high class sections the
movement Of population away from
private houses into big apartments and
. resultant loss in demand for one
FAMILY homes has caused a deprecla-
Ion which has W ped out many euu!-
lies. Activity In city and State depart
ments in enforcing laws for the pro-
lection of health and life. coupled with
a high tax rate. has sounded the
doom of many good sized amounts in
vested in real estate. and to all these
losses can be added those Of the prop
erty owner whose interests In other
helds were so great that he let his
property run itself until the value had
all run out.
Any n examining the foreclosure
lists Of the last tive or three years
Will find thousands of fine properties
which have been taken away from
their owners and the owners equities
'ntirely wiped out. In practically
every instance one ~ the above causes
applies. De,ving further into the
facts one will fiud that, based on fhl.
vreaf nnmhpr nf faraaI,=,Yr,- r...f.
every part OF Manhattan island has
suffered a decline. and that the re-
cession can he measured by anywhere
nom 30 To 60 per cent, depending on
The locality. OF course there are dis
tricts where old time values have been
. maintained IA every broker knows.
They include those places whore the
extremes in demand have been met
that is, where the demand was and
q sim is great for property OF where
therc has been no demand at all for
4 number If years.
In real estate circles well Informed
persons hold divergent views on the
efeCt Of his depreciation. Investors
who bought wisely are entirely sat
SHED despite changed conditions. for
they sti.l are drawing their q. : or
10 per cen annually. Operators
stocked with properties purchased At
high prices at the top OF the wave
either are making big sacrifices 10
hold what they can If their bank rolls
are small. or, If their means permit,
are sitting tight, certain that a wave
II prosperity will bring back high val
ues and permit them to get out at
least with an even break. Brokers
look upon the adjustment Of values
with something akin to pleasure. for
they see in the final placing of values