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Real estate record and builders' guide: v. 29, no. 721: January 7, 1882

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E.A.L Estate Record AND BUILDERS' GUIDE. Vol. XXIX. NEW YOEK, SATUEDAY, JANUAET 7. 1882. No. 721 Published Weekly by The Real Estate Record Association TERMS: ONE YEAR, in advance.....$6.00 Communications should be addressed to C. W. SWEET, ISl Broadway. J. T. LITSTDSEY'Business Manager. One of the evidences of the growing interest in real estate, is the very large addition that has been made during the past year to the subscription list of The Re-vl Estate Record. No other paper can boast the patronage of so many v,realthy and influential corpor- atious, business Arms and individuals. AH the de¬ partments of this paper deal with vital financial inter¬ ests, and hence its rich clientele and steadily enlarg¬ ing subscription list. The additions during the past year trebled those of any previous year. To-day we send out a very large number of specimen copies, and the paper itself tells the story of its increased interest and growing importance. During the rest of this year, we propose to keep up The Record in all its depart¬ ments, and to add to its value for the business public. No large concern in New York, v^hether interested in real estate, finances, mining, insurance or genera trade, can afford to be without The Real Estate Record. Its files are simply invaluable for those who are specially interested in its specialties, -----------« .■»■-.------------ PROSPECT FOR REAL ESTATE IN 1882. We can only judge of the future by the past. Since 1877, as will be seen by the tables we give below, there has been a steady increase in the number of transactions in real estate, as well as in the sums of money employed in making the transfers. In other words, the number of sales are steadily in¬ creasing, and the sums paid are larger year by year. It follows from this that we may naturally expect a better market during 1882 than there was during 1881. To begin with, there is a steady addition to the popula¬ tion of New York and Brooklyn, Apart from the natural increase due to the growth of business, New York is attracting rich people from all parts of the country. It is a pleas¬ ant city to live in; it is the great money centre, and those who wish to pursue art studies or attend the finest places of amuse¬ ment on the continent, naturally prefer New York for a home. Then, the immigration statistics show that a surprisingly large num¬ ber of Irish and Ge^alis stay right here in New York. This is a great Irish as weU as a German city, and the people hailing from these two countries attract their friends from over the water. It follows that there is a con¬ stant and increasing demand for new houses, new tenements, new apartments, as well as new warehouse, store and ofS.ce room. The total immigration to the United States in 1881 was nearly 700,000. During the present year it may be still larger. Hence, irrespec¬ tive of any other factor in the case, the dealings in real estate in this city will show a larger aggregate in the tables we shall pub¬ lish early in January, 1883, than do the tables which we publish to-day. Judging from the experience of builders during the past year, there may not be as many structures erected in 1883 as there were in 1881. New York was not overbuilt last year, for every new house w-as promptly occupied. The speculative builders did not miscalculate the demand for houses, but they did over-estimate the consumptive demand of would-be investors. In other words, there were plenty of persons to occupy houses, but other investments were more tempting to people who had ready cash to buy houses. There is, therefore, an apparent falling off in the plans for erecting new edifices compar¬ ed with last year, nor will speculative build¬ ing be resumed on the same scale until more houses have been sold to investors. Should there be an advance in rents the coming spring, as now seems very likely, house prop¬ erty will be more remunerative and more tempting to capitalists than it has been, and should any number of the now unsold houses be absorbed, there may be greater activity in building during the summer and fall months. The dulness in Wall street, compared with the activity of a year ago, is turning the attention of investors in other directions for employing their money. There have been heavy losses to those who have been dabbling in stocks during the past eight months. The new money that is made in trade and general business will not be taken into Wall street, and some of it will un¬ doubtedly be invested in real estate in this city. According to our figures fully $160,- 000,000 "was invested in real estate in New York in 1881. It is quite safe to estimate a large addition to this sum in 1882. It is not safe to calculate upon any active speculation during the first part of the year. Of course, what is vulgarily called a "boom," is certain to take place sometime in the not distant future, but conservative operators see no evidence of any excitement in the market at present. Of course certain localities wiU show higher figures ; business property down town must advance largely in value, as well as choice resident property in the central zone of the city. The demand for houses above One Hundred and Twenty- fifth street, and between Third and St. Nicholas avenues, is building up that part of the city with exceptional rapidity. All points reached by the elevated roads will be in demand, for population is certain to thicken on every locality accessible to the business part of the city by means of our elevated roads. The people connected with the elevated road properties undoubtedly have schemes on foot which will affect real estate in the upper part of the island. They may revive the World's Fair project for the purpose of giving value to the Manhattan stock. In¬ deed, it is understood that some such scheme is on the tapis. Should they do so, a very active speculation would set in for up-town real estate. The elevated road system is capable of immense extension. It can bfl used for merchandise, for parcel delivery, and for supplying food. Hence the proba- ^bilities of abbatoirs and great meat and vegetable markets in the neighborhood of the HarJem river, private houses to be sup¬ plied by the elevated road system. The completion of the Brooklyn bridge, which cannot be delayed beyond this year, will create new trade centres. Wherever vast tides of travel seek new channels, it adds to the values of property most affected, A hundred thousand passengers each day over the Brooklyn bridge would involve the opening of stores, restaurants and other business places both on the New York and Brooklyn sides to supply their wants. The completion of D, O. Mills' building, on Broad street, and the completion of the Produce Exchange, opposite Bowling Green, will add largely to the value of all adjoining prop¬ erty. The new ferries to be established will lead to new stores to accommodate passen¬ gers by the new means of communication. We look, therefore, for special activities in certain quarters of the city, even if there should not be any geiieral speculation in land and houses. The following table gives the number of transfers during the past as compared with former years, together with the consideration and the average price. It will be seen that the totals have increased steadily since 1878, No. of Cons. 7,17.5 6,191 6,347 Year. 1873... 1874... 1875... 18^6... 1877. . 1878... 1879... 6,384 6,179 6,029 8,969 Av'ge price .Amount paid. per Con. 514.5,285,753 $20,248 87 114,197,609, 18,445 75 99,025,562 15,601 95 86,733,805 71.469,285 64,119.187 85,563,913 111,666,6.36 i 148,219,490 1-3,601 85 11,566 49 10,6.35 12 9,539 97 11,646 45 12,692 18 1881......... 11,678 The action of Congress may affect certain localities in New York, for an attempt may be made to revive the commerce of this port, or, it would be more accurate to say to make use of American instead of foreign vessels to convey American products to foreign ports. This would reenforce tlte number of our merchants and give employ¬ ment to repairers of ships as well as to builders of wooden and iron vessels. The of&cial figures of the conveyances and mortgages recorded during the months of September, October, November and Decem¬ ber are as follows : • 23d & Cons, Am't. Nom, 24th W. Am't. nora Sept. 389 $4,937,744 103 59 ©218,061 13 Oct. 619 8,624,824 169 75 3.31,560 2-3 Nov. 876 13,464,964 225 103 35.3,565 19 Dec. 719 14,459,915 226 72 190,010 10 T. & Morts. Am't. 5 p c Am't, I, Co. Am't Sept, 497 .$4,329,012 96 $1,261,881 89 $1,848,250 Oct. 793 6,071,026 134 1,332,181 141 2,095125 Nov, 954 12,315,113 208 2,.556,695 166 5,.303 07.3 Dec, 856 10,177,583 153 1,931,891 183 3,112,304 To understand the above figures entirely, it would be weU to bear several facts in mind. In the first place, the recording of the con¬ veyances and mortgages averages nearly a month after the actual transactions. The September figures show the transactions which took place as a general thing in Au¬ gust, and hence the December figures are of sales which really represent November. Then, again, it should be remembered that there are a large number of transactions in which the real figures are not given. In the four months above given, there were 787