Evening star., 1934-12-29
PRIVATE BUILDING
IN CAPITAL GAINS
40 PCT. DURING "a
Al Forms of Real Estate
] Activity Experience Def.
mite Upturn.
REALTY INVESTMENTS
ATTRACT PUBLIC AGAIN
Increased Demand for Homes Is
Credited With Big Jump in
Construction Value.
BY JAMES Y. NEWTON.

Ou1llS Tie past year showed more
than a 40 per cent increase over 1888,
and a definite upturn was experienced
In all forms of real estate activity.
Brokers had less difhculty in dis
posing Of properties and the investing
public turned again to Capital real
estate for investment. The depths of
depression were struck in 1888, while
the past year showed increased &C
tivity along all fronts.
A review of new construction during
the year has proved a surprise even
to the most optimistic Of the real
estate fraternity It shows nearly
$3,000.00O more private construction
was undertaken than in the previous
l2-month period. The principal reason
for this jump was the greatly in
creased demand for homes.
Rental Situation Good.
The end Of 1884 finds the rental
situation. in so far as the apartment
owner and real estate man is con-
cerned, in the best condition since
the World War. The city's residen-
tial units are virtually 100 per cent
rented. From the standpoint Of the
person hunting an apartment the
situation is acute. Difficulty is being
encountered in locating quarters for
the new members OF Congress and
other persons who are brought to the
Capital with the convening of the
next session, merely matter OF days
away.
The valuation of private construc-
tion in Washington for 1884, with
the December total estimated, is
S9,581, $50, figures in the office Of
John w. Oehmann, District building
inspector. show. The total dollars
and cents valuation for 1888 was
s6,636,59O. The figure for the current
year is particularly impressive be-
cause of the fact the increase was
largely piled up during the last few
months when activities of the Fed
eral Housing Administration really
got under way.
Uncle Sans projects, principally
the buildings which complete the
gigantic Triangle group, progressed
steadily during the year. The new
Postoffice Department Building, the
structure which houses the Interstate
Commerce Commission, and the De-
partment OF Justice Building all were
completed and occupied during the
year. The Labor Department Build
ing is virtually finished and partially
occupied. Great progress was made
on the Archives structure. All con-
tributed greatly to relieve unemploy-
ment among building trades en-
ployes of the Capital.
Office Vacancies Reduced.
The largest increases in personnel
OF the various alphabetical agencies
OF the Federal Government did much
to lower the percentage Of vacancies
in Office space in the city. In almost
a majority of instances there was not
sufficient Government-owned space to
house the emergency governmental
agencies and private offices were
rented. This took care of large
portion of the surplus space acquired
during the years of depression. Occu-
pancy of Office space is in better
condition than it has been for years.
Private building construction during
the last five months of 1884 has
shown a tremendous increase over
the same months of last year. This
has been largely due to the fact that
the market for small homes has i'm
proved immeasureably. Real estate
experts have used this to forecast
that the Spring of 1885 will be one
of the brightest periods in the his
tory of Washington construction.
They believe home construction will
continue to increase and that the
larger building jobs will be sure to
follow. Credit is loosening up at
rapid rate, and 1885 will see the first
of F. H. AS new building Dement'S
put into practical use.
In assessed valuation, District real
estate today stands below the level
Of a year ago Assessments OF the
District tax assessor for the fiscal
year 1885, on land and improvements,
total 81. 1870, 900, 900. as compared with
Sl,16s .000, 900 for the fiscal year 1894,
or a decrease in assessed valuation Of
$3s, 100000.
The amount Of taxation derived
from real estate during the current
year is $16,950,0 900. which is con-
siderably lower than in most Of the
depression years, due both to the
20-cent reduction last year In the tax
rate and to more favorable ruling
given taxpayers this year.
Tax Collections Better.
One of the best indications that
Washington is in better economic
condition is furnished by Collector Of
Taxes Chatham M. Towers, who says
collections for the current fiscal year
have been better than for some time.
u is believed that less properties will
be offered in the January tax sale
than last year.
Building and loan institutions in
tha District increased their assets by
approximately s5,000,000 during 1884,
william S. Quinter, secretary of the
District Building and Loan League,
states. This compares favorably with
a slightly more than s3,000,000 in
crease last year. In addition the
number of depositors who opened ac-
counts in the building organizations
was 1928, an increase Of 1000 over
the new accounts Of 1888.
The building and loan associations
made 4,474 loans for home ownership
during 1884. The total amount loaned
was about $15,OOO,OOO, Quinter's fig
ures show. This figure is about
$4,000, 600 more than was invested for
home ownership in 1888. The total
assets Of the associations at the pres
ent time are estimated at $95, ,000, 900.
An analysis of monthly month
totals for building construction in the
Capital during 1894 reveal that Au-
gust was the peak month, with
total construction of $1,372,3l0. This
figure was arrived at from permits
issued by Col. Oehmanns office.