Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 80, no. 2068 [i.e. 2069]: November 9, 1907

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November 9, 1907 KECORD AND GUIDE 739 ESTABUSHĨD'^ áffíQHSW.^ 1868. DréTtí) fã RfV.EsTATE.SuiLDiifc AppínxeTUiĩE,Kousnlou>DEcanAnoif. Bi/snfessAitoTHEaEsoFGEĩto^lĩjfiĩRísi.; PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Communications should be addressed to C. W. SWEET Publis/ied EVery J'atarday By THE RECOKD AND GUIDE CO. Presidenl, CLINTON W. SWEET Treasurer, F, W. DODGE Vlce-Pres. & Genl. Mgr., H. W. DESMOND Secretary, F. T. MILLER KoB. 11 to 15 East 24tli Streef, New York Clíy {Teĩephoue, Madison Square, 4430 to 4433.) "Entered at tlte Post Off'icc at Neio York, N. Y., as scooml-clas.'i matter." Copyrigbted, 1907, by The Record & Guide Co. Vol. LXXX. NOVEMBER 9, 11)07. No. 2068. INDEX TO DEPARTMENTS. Rdvertising Section. Page. Page. Cemeot .....................xvi Lumber ....................xvii Clay Products ................xiii Machinery ..................xiv Consulting Bngineers .........xv Metal Work .................xii Contraclors and Builders.......ĩv Quiclĩ Job Directory.........ĸviii B'Iectrical Interests ...........xv Real Estate .................vii Fireproflog ....................ii Roofers & Roolĩng Materials.xviii Granite ...................xíx Stone ....................xviĩi Iron and Steel.................vi Wood Products ............xvii TEN MONTHS of this building year hav- ing passed, íts relative standing Lias been suljstantialĩy settled. Measured by pro- jeeted plans filed in tlie tíiree principal borouglis l'or both alterations and new buildiugs, the year 1907 is but fifteen per ceut. beliind last year's record. This is the niost cheer- ful way o£ stating it, and after all it is ouly fair to couut T.-hat has been pianned in Broo\^lyu,^;^^g^^f^^^f^^^^^^^^ and the Bronx. Brooklyn, --^^^i^g 1^^^ ^,^^,,,^ appropria- tion^by U'elvs.^-^^îit, briugs up the general average, biit M^fiÍtii.Lan has fallen thĩrty-two per cent. below last year's ^fecora of the estimated cost of new buildings planned. Ag- grcgaie figures, for both new buiidings and alterations In the three boroughs, are $167,000,000 for the ten months of 1907 to compare with $205,0000,000 for a liiîe portion of 190C. We did only one hundred aud twenty-five million in the same months of the year 1904, but in 1905 the marlt stootĩ at two hundred and twenty-six million by the first of Ncvember. But plans are not tiiTned into finished buildings wîthin the calender year in -wliich they are planned—not by a large percentage, Miich of the work planued in 1905 was not closed out until his spnng or summer, so it would be qtiite fair when running historical parallels to pitch upon . an average to represent the business of a period o£ aboiit two years. If, tíien, we compare 1906-7 wĩth 1904-5, the building trades of the three boroughs have nothiug to com- plain of under the head of averages—and some depend more on averages than on totals. Not until recentiy have me- chanics been inactive in any considerable number, in con- sequence of the tightness of mouey. The trades which have been checked down most are those which have to do with primaĩ coiistrijction, such as masonry in its several branches; while those connected with the finishing of a buildiag have noticed but little diminution of pressure until recently, as the operations which gave them employment were financed before the era of the money pinch. Notwithstanding the holdiiig back of new worlĩ, there is still a great deal in hand. Brick building is within fifty per cent. of normal, and this work represents for the most part eontracts newly begun and newly flnaueed. Of recorded conveyance o£ real estate in Manhattan for the first ten months of the year there were 1S,438, to compare with 28,632 in the correspondiug period of 1906. During the last week of this terni, which was a week of panic in banking circles, the number was one hun- dred less tiian in the corresponding week of 1906. In the Bronx £or the ten mouths thaf have passed there have been C75 conveyances reeorded to compare with 731, the record made last year. As pertains to money loaned on bond and mortgage, so far as mortgages fiĩed represent the total busi- ness under this head, there is a nearer approach to agree- mení. in the figures repreFeuting the two years. The differ- snce îs onĩy about ten per cent. in Manhattan and the Bronx together, whereas the loss in plans filed is 31 per cent. and the falling off in the number of conveyances recorded 39 per eent. Great as has been the amount o£ money loaned on reaj estate this year, so £ar as the records comprehend it—?467,- 000,000 in three of the five boroughs—the total has been in- siiíficient to keep the army of builders in full employment. New York ĩs a eity in which the building and real estate in- íerests are of the highest importauce among a great number cf diversified occiipations, and they ao dominate the business ĩife of the city that any injury to them is felt by the whole city, and seems also to be refiected oveT a IargeT)art of the coUntry. It was in New York real estate that the money stringency was first noticed, and if analogies are followed New York real estate will be the first to feel the revival. THOSE WHO-SCAN REAL, ESTATE AD- VERTISING must be impressed with the increasing number of out-of-town dwell- ing properties being offered to the public, which would indicate tbat the fancy for suburban homes amoug New York busí- ness men is growing more rapidly tban ever before. Here- tofore the Iiome-buying movement has kept within the boundaríes o£ the greater eity, but with the new and con- templated improvement in suburban railroad aeeommoda- tions a change has taken placé in this respect. In this connee- tion it may be interposed that with the continued iucrease in popuĩation within the eity limits the need for better transit facilities becomes greater month by month. The time has arrived when patrons of the street car lines are subjeeted al- most daily to vexatious delays in traveling between their homes and places of business, and students o£ conditions point out that unless relief is forthcomiug quickly the migra- tion from the eity, due mainly to this cause, will beeome very large. AII attempts to remedy this eongestioû have thus far failed to meet the exigencies o£ the situation, which are be- coraing worse instead of better. Realizing that there is little hope for any improvement in this direction, at least until some of the new subways authorized are completed, thou- i^iĩJl'^ĩw'ĩt.'i-^n^® buyers are turning Jerseyward with full ap- " -' - •— -"vr. M-'^A"/ír.í.'"y;s is no limit to the means oí preciation of the faet &'í:.:'^'■- -^ ^^,.^,^ ^nd that communieation between that state ánaT: "'t^;,;, , Ma tun- upon the completion of the McAdoo and PeunsyIvai_'l„"^"J nels, together with the improved serviee afforded by many new and fast ferry-boats, transportation facilities can easily be made to keep pace with the requirements of the growiug population. To such exteut has the demand for Jersey prop- erty grown, aud so profitable has become the handling of real estate in that zone, many corporations aud firms here- tofore eugaged in developing property on Long Island and in the Bronx have opened offices in the state in question with the view of catering especially to the requirements of the New York City business man. Several of the larger com- panies are marketing dwellings averaging ĩo.OOO iu price, for which the present demand is far greater thau the supply. Many houses recently eompleted are equal in eoiistruction and appointments to buildings o£ similar type fouad in Brooklyn, for which $8,000 to $9,500 is usually asked. From the standpoint of eost and maintenance alone it îa no doubt true that the average business man can obtain more for his money in the suburban belt than in the city. These reasons account in no small degree for the marked increase in su- burban realty transaetions since the first of the year, aside from sheer physical pressure exerted from the interior to the .clrcumference of the metropolitan district. OPPORTUNITIES FOR BROKERS AND OPBRATORS iu real estate stand out prominently under the present conditions of the money market. There ís one way in which real estate brokers aud opera- tors may be of eonsĩderable service to themselves under the prevailing conditions of the market, as to securiug loans on bonds and mortgages. Holders of bonds aud mortgages upon real estate, especially such as are guar- auteed by a mortgage guarantee eompany, possess a non- fluctuating security wholly removed frora the sphere of the yresent panic. The receat slaughtering of values has left this security absolutely unaffected. Mortgage guarantee compnnies have, as a rule, taken ouly such as are secured by a wide margin of the conservative valuation of improvod properties. For a long time prior to last week, these coui- paniea have had few purchaaers for mortgages. Meanwhile, they have invested a good part of tlieir capital in realty loans