Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-01
RY noN S. WARREN,

Property values in the District have
risen steadily over long period OF
time This gradual appreciation, tC
the benefit of real estate dealers ailu
owners alike, has been virtually oeVolo
Of boom" conditions, in the opinion
OF competent observers,
The rise in all classes Of property Is
indicated in assessments ana SAFE
prices. though it is more strkingly
shown in the latter.
Growth of population and expansion
of business area. however. has brought
about unusual and in some cases ire
mendous leaps in values Of property
adjacent to older business sections.
x street between Fourteenth and
Sixteenth is an example. The change
in values there in the past 10 years
has been q revelation to the more skep-
teal While the rise could not DC
placed in the category Of boom,
the appreciation Is amazing, as SHOWN
from study OF sale prices and assess
n1ent schedules.
New Business Center.
This is not regarded as indicating a
ahifting of the business center. but as
DEVELOPMENT of a new business section.
The supremacy of downtown F ana Z
streets as the shopping district, ooSerV-
ers believe. is not challenged. but there
is trend in development of K street
as a section of ONCE buildings, hotels
and special business houses F1fteentl
and other downtown streets also nave
made great strides.
A study of sales and assessments along
K. however. shows the increase on some
properties during the past 10 years has
been as much as 800 to 800 per cent.
Evidences of this appreciation are noted
In three major building operations nov
in process on X between Fourteenth ana
Sixteenth streets.
During the Spring Mai. w. l.. Brown
Ing and Bates Warren announced plans
for 12-Story Office building having an
estimated cost of $1,000, 600, now being
erected on the northwest corner OF
Fourteenth and x, the site of the old
Franklin Square Hotel. On the SOUTH
west corner Morris Cafritz has started
the raging of buildings TO make way Tor
h l2-Story club hotel. the actual build
Ing cost of which was estimated at So
900 900 and having an estimated value,
Including land and equipment, OF about
$4,000 600 A block west, on the south
vest corner of Fifteenth and e. q site
containing about 10000 square feet. IS
being prepared for the mammoth new
Washington headquarters building OF
for which have not vet been made pub
lc
Gradual Growth Seen.
These three major developments alone
have attracted wholesale attention TO
the future Of K street. but a study II
sale prices and assessments IN this Sec
tion reveals additional evidence OF the
efse IN values
Speculation may explain some of this
appreciation. but it is believed by mary
that the gradual growth of Greater
Washington and the proximity OF this
section to the older downtown area has
been more important reason for Us
rise. The rise in values there has been
extended throughout the decade.
According to reliable information the
Southern Railway site brought a total
If about 1880 600. or about $50
square foot This was in the neighbor-
hood of 20 per cent above the assessed
value of last year. The railway, forced
out of its location at Pennsylvania ave-
nue. and Thirteenth street, was unoer
the necessity Of buying IL 1t vas TO
maintain a headquarters here.
Instances OF sales. however. reject the
tremendous rise of these values. A
piece Of property IN the vicinity OF FIJI
teenth and K streets was purchased IN
1919 fOT $bU.UUU. L6JET dUVht @OVsobD
kas spent on improvements. This year
this property was sold for the stagger-
ing figure Of s250.00o.
On another nearby location on K IS
land which. according TO reliable report.
vas bought III 1921 fos Sli2.5o0 and
told in 1924 for 100000. Two corner
lots Fl another location on K were pur-
chased in 1919 and 1920 for total OF
1230. 900 and sold this year for approx
fnateIv $500 .001. or about $50 a square
foot. it Is reliably stated.
Change in Assessment.
A study OF assessment schedule books,
based on the District tax assessors rec
cords, tells a similar story. During the
sa-year period change vas made from
the two-th!rds assessment plan to fun
saIue assessments for taxation purposes.
This change must, Of course. be con-
ssdered in comparing assessments Of the
pesrs leI2-IS and 1928.
Land on the corner of Fifteenth and
K streets was assessed al approximate
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