Year: 1869

The real estate market IN Chicago has evidently
felt the influence OF the reaction experienced here.
The following article from the Republican OF Sun.
day, reviewing is past, present and prospective
condition, Will be found especially interesting In
view Of our recent experience


70 give true idea Of the condition of the real
estate market Of Chicago and Its farspreading
suburbs Is q very difficult task. Its present
condition Is very peculiar one. In the
but the landing place on the otner side OF this
transition Is one that promises well for the
city and those who nave invested their fortunes IL.
In short 1t Is q transition fro a state uncertainty
to state Of certalnty-irom time or Wild specua-
ton In land TO time OF urmness. The money mar
ket has had It's periods OF eXtiavagance IN Chicago
and Is now aproxiuatng to the drmness OF older
Cities SO 1t Is with the real estate market here
seasons during the last ten years. risen to prices
double wnat the circumstances OF the times nave
sas wien Ss the and wca has nes at
enormous and sudden upward movements has
been for 1t To remain financially IN sttu quo. Now
this condition or things as lar as regards real estate
Is passing away. The steady growth OF the city
during the past two or three years; the solid Inn
pr0vements that are now being made, not ior the
Chicago Of to-day only, but ior the Chicago OF he
coming century; the caange IN the character of ITS
inhaDitants from tempo AIRY residents TO permanent
residents; the settlement here Of substantial mon.
eyed men In place OF tnat class Of spectators on
small foundations, who have proved a curse to the
city IN the carry years OF is growth: the acknOW-
ejged position which IL has taken as one OF the
great nnaaciai, commercial and railroad tres OF





observant Chcagodn may ooserve for himself, ought
to give our citlzeas assurance o com ng aid imme-
dale change, and welcome one, IN tie character OF
Chicago.


In real estate, perhaps, in more marked degree
than in any otner tiing, This TRANSITION viii De
specially evident. Tue palatial cn lracter OF the
business edlilces that are gong up IN the central
portions OF the city, the large substantially erected
and beautiful iamiy residences tnat our prominent
citizens are erecting IN the suOurDs of the city and
the generally SUBSTANTIAL character OF archltec


ure now. both business and domestic are the prac-
ftRpl lAt "A mon pnf
suburbs rs an actual tact mere s full Of significance
and an evidence OF the permanent and healthy
growth OF the city; for up 10 within year
two the word has been without meaning as
far as Chicago IL concerned. IL is not until the
past three years AT any rate that real suburbs such
as form such peasant approaches To tue great cities
OF the OLD World and TO New York, Boston, quebec,
Montreal aud the other cties OF tins New World,
have begun TO surround ChicaQo Hitherto cheap
frame residences, painted garng white, and occu-
pying, perhaps, nfty feet frontage OF land, have
formed the extent OF the ambition and the taste OF
our citizens who have INDUCED IN what they have
called suburban home Exceptions TO these,
honorable exceptions, there have been; but tney
have been so few IN number as simply to serve as
oases, to make more evident the desert around them.
But now, happily, ths Is changing. The architect,
have, and. indeed already have, q Wide field on
which to exercise then ability and taste.


There IL necessity oil telling those who at all
familiar with the fea estate market IN CHICAGO that
for the past three or four weeks II has been dall tnat
transfers have been very limited In lumber, and that
the excitement which marked the market lust before
the park election has ceased. Yet that the excite
ment had q sound foundation the nrmncss In the
prices OF land and In many cases the great rise I'm
those prices since the time OF that election demon
strafes. Though the dulness exists there IL dis
postiou shown among holders oi property to make
sacrinces, Notwithstanding the extreme tlghtness
which has distinguished the money market during
the last two weeks. The lols In fact. winch have
been sold during that time nave sold at a hand
some percentage on the prices brought by the
same lots at the time OF the election while during
the last week the number of sales has largely In
creased over the previous week, as also have the
prices. showing disposition In the market To
throw OFF the apathy thdt mas characterized ~ dur
ing the past few weeks. 10 may be safely stated
that there ~ no one holding ms property a. less
than fifteen or twenty per cent higher than he did
during the week OF the PARK election wnie very
much OF u has gone up from forty to nfty per cent
higher than 1t was held ut that time. The above
more particularly reiors TO the south and west
divisions. In the north division the prices remain
steady and very hlph aud there ia good demand for
property In the vicinity Of Lincoln Park, or near the
proposed extension OF IL on the nortn. A large
number OF lots bordering on Green Bay road, near
Diversey avenue, that were sold less than n year
ago for $40 per front foot have lately been sold at
$50 per foot. Other lots on Fullerton avenue which
sol1 year ago ut $50 per foot, sold over n month
ago for $50 per foot Yet the demand for lots in the
north division u not 81 great a. IN the other two
divisions. one very 81 i9actory feature IN the mar
kct II the large call that exists for single lots,
compared with the maud tor acre property An
other satisfactory feature In the market during the