Baltimore’s Suburban Development.
The annual report of the Roland Park Co., of Baltimore, makes a
showing that, considering the extreme business depression of the last
year and a half, is quite remarkable. The Roland Park Co. is engaged
in developing a fine suburban residence park north of Baltimore,
three or four miles from the centre of the city. The first building
operations were begun in October, 1892. The first house was completed
early in the spring of 1893. On the 30th of December, 1893, the date
to which the annual report is brought down, the residences built and
under construction represented a total cost of more than $300,000. In
the space of a year a locality that was in effect nothing more than
farm property has been transformed during a period of unprecedented
financial and business stagnation into a beautiful and rapidly
growing residence suburb, with all the comforts and conveniences and
appurtenances of life in the thickly built up part of the city. Between
thirty and forty families have moved out to the park for permanent
residence, and are living in houses that cost from $4000 to $15,000
each. At the initiation of this enterprise there was not a man in
Baltimore who would have looked for such development as this, even with
favorable business conditions.
Baltimore is an anomaly in this matter of suburban residence. Up to
two or three years ago the city had no rapid transit, and consequently
no suburban development. Its half million people lived in compactly
built rows of brick houses, having neither front nor side yards. The
enterprise of the Roland Park Co. was the first suburban development
undertaking of a high class and on a large scale. Messrs. Jarvis and
Conklin, of Kansas City and New York, who have invested in this country
something over $30,000,000 of English money, bought 500 or 600 acres of
land immediately north of Baltimore, and proceeded to develop it as a
first-class residence suburb. An avenue 120 feet wide was constructed
through the property, and a double track electric road was built
through the property to a resort at Lake Roland, and coming down to
the centre of the city at the City Hall and postoffice. A system of
water works, a complete scientific sewerage system, paved roadways,
asphalt sidewalks, along which shade trees were set out, and electric
lights and other conveniences and accessories to comfort were provided.
Under the management of Mr. Edward H. Bouton, the vice-president and
general manager of the company, the progress that has been made in
the actual building up of the locality has been much beyond what was
expected, and there are many reasons for the assurance that this will
seem small in comparison with the progress that will be made during the
coming spring and summer.
The present high rate of taxation in the city proper, and the recent
large expenditures for public improvements that will necessitate an
early increase in the tax rate are tending to send people into the
suburbs. This and many other potent causes point to a rapid building up
of Baltimore’s suburban territory.
Substantial Improvement at Atlanta.
Real estate is getting active at Atlanta. One firm alone, since January
1st, has sold $128,000 worth of property in the city and vicinity.
Samuel Goode, a realty expert, gives the following opinion of the
outlook in Atlanta:
“The practical certainty that the United States prison will be located
in Atlanta, the direct probability that the Grand Army of the Republic
will hold its next convention here, and the settled fact that the
greatest exposition ever seen in the South will be opened here in
1895--these things combined have given our people hope and confidence
in the continued rapid growth of Atlanta, and the timid have begun to
find courage enough to turn their money loose for loans and direct
investments in real estate. Indeed, the change for the better has
been very perceptible to dealers in the last sixty days. It is not
any particular advance in prices which is so marked, because, in this
respect there has never been any falling off, but it is the fact that
people are beginning to buy at the normal prices. The best prices
realized for property at all have been obtained within the past six
months.
“Another evidence of returning confidence and activity is found in the
desire and willingness of owners to sell their property at auction. We
already have a variety of property to be thus sold early this spring.
There has been a spirit of fairness and liberality manifested by
our citizens, one towards another, in the past year, which is truly
commendable; and the result is that creditors basing their security
upon real estate have not forced property for sale and broken prices
and distressed if not ruined their debtors; but they have exercised a
wise forbearance, and will soon be rewarded by full payment of all that
is due them, and values have been sustained in Atlanta as in no other
city within my knowledge. All signs point to an active spring market,
and to the investing here of much outside capital.”
Suburban Development at New Orleans.
A syndicate of St. Louis people is constructing a suburban residence
park at New Orleans. A body of land recently bought for that purpose
measures about 700 feet frontage on St. Charles street by 8000 feet
deep. The plans call for an ornamental entrance in the middle of the
front, and a graveled driveway through the middle of the plat. As
projected the entrance will be defended by handsome gates, the carriage
opening being about 100 feet wide, and two gates for foot passengers
on either side. Electric lights, prettily arranged, will stud the edge
of the arch leading to the apex, where an ornamental structure of iron
work will support additional bulbs. About 1500 feet of roadway have
been built, leading from the gateway back into the grounds, while equal
distances of Schillinger pavement have been laid on either side. A plat
has been reserved in the middle for shade trees and shrubbery.
* * * * *
The Capital City Real Estate and Investment Company, with a capital
stock of $30,000, has been organized at Austin, Texas. H. P. N. Gammel
is president.
* * * * *
Daytona, Fla., is rejoicing in much real estate activity.
* * * * *
Two of the most noted stock farms in Kentucky, both near Lexington,
have recently been sold. Mr. Jno. T. Hughes, the well-known horseman,
has purchased the Prince George place for a reported sum of $60,000.
J. R. Keene, the Eastern horseman, has bought the Castleton farm, the
property of Colonel Ford, of Virginia. The price is given as $70,000.
* * * * *
The Southern Farm Agency, of Lynchburg, Va., has recently sold some
farms to Northern people, and advertises in this issue of the SOUTHERN
STATES a number of very fine properties that can be had at very low
prices. The Southern Farm Agency, by the way, is one of the most
enterprising and progressive real estate concerns in the South.
* * * * *
The president of the Commercial and Industrial Association of
Montgomery, Ala., in his last monthly report, says: “The real-estate
market of Montgomery shows some evidences of improvement. From returns
compiled of this city for the month of January it is shown that the
increase of sales is more than 20 per cent. over the corresponding
month of last year. The values of desirable business and residence
property and also of well situated and improved agricultural lands have
remained steady and are firmly held. It is also believed the spring
and summer will show still greater activity, with perhaps an increase
in values. There are comparatively few vacant houses for a city of
Montgomery’s size, but the prospects and building operations will show
some falling off the coming year.”
* * * * *
A tract of 1575 acres near Velasco, Texas, has been sold to J. B.
Wagoner and J. T. Gould, of Eureka, Ill., for $19,687.
* * * * *
The late S. S. Houghton, a millionaire, and head of the noted Boston
dry-goods house of Houghton & Dutton, built a few years ago a
magnificent winter residence at Homosassa on the gulf coast of Florida.
Mr. Houghton died last spring, and his widow has sold the Homosassa
estate to Mr. J. A. Rowell, vice-president of the Merchants’ National
Bank, Ocala. The building and grounds are said to have cost $100,000.
* * * * *
The building occupied for nearly thirty years by the People’s Bank in
Louisville, Ky., has been sold to the Bank of Commerce, and will in a
few weeks be occupied by the last-named institution. The price paid was
$27,000.
* * * * *
A delegation of Northern lumbermen, under the charge of E. C. Randall,
a real estate operator of Chicago, recently spent some time inspecting
timber lands in South Arkansas.
* * * * *
The Little Rock (Ark.) Gazette publishes lists of recent land transfers
in that city and in the county, from which it appears that the
real-estate business of that locality is not suffering much from the
hard times.
* * * * *
The governor of Arkansas and the State Commissioner of mines,
manufactures and agriculture have invited the real-estate dealers of
the State to file with them descriptions of properties for sale in
order that they may have definite information to furnish people who
are seeking homes in Arkansas and write to them for information about
prices and location of lands.
* * * * *
It is said at Fort Worth, Texas, that there has not been for years
such demand and inquiry for property as there is now. The influx of
immigration has been unprecedented, especially in North and West Texas,
many of the newcomers having located in Tarrant county, in which Fort
Worth is situated. Renting agents report that the demand for houses
largely exceeds the supply.
* * * * *
The Texas land office has leased 375,000 acres of land to J. S.
Daugherty, of Dallas, Texas, for a term of five years. This is said
to be the largest amount of land ever leased to any one person by the
State. The lease will bring a revenue to the public free school fund of
$15,000 annually.
* * * * *
The Southern Farm Agency, of Lynchburg, Va., has just sold to Mr. A.
E. Miltimore, of Catskill, N. Y., 2000 acres of land in Appomattox
county, on the Norfolk & Western Railroad. Mr. Miltimore has already
taken down several carloads of sheep and horses, and intends making it
a fine stock farm, for which, in many respects, it is said to be most
admirably adapted.
* * * * *
Mr. George H. Zerr, of Reading, Pa., has purchased a fine estate near
Morrisville, Fauquier county, Va., and will reside there.
* * * * *
Pittsburg capitalists have bought thirty-two acres of land near
Wheeling, W. Va.
* * * * *
Florence, S. C., is having considerable real estate activity.
* * * * *
Mr. W. P. Clyde, of the Clyde Steamship Co., has bought 2000 acres of
land on Hilton Head Island, near Beaufort, S. C., at $3.00 an acre. Mr.
Clyde was already the owner of a farm on the island.
* * * * *
The annual statement of the Roanoke Development Co. for 1893, recently
issued, shows a satisfactory state of affairs. Shareholders have
purchased nearly $282,000 worth of the company’s lots, paying for them
partly in stock. In addition to this the company sold $14,258 worth of
lots to outsiders. Thus far the sales have amounted to $340,428, which
is an average price of $2535 per acre. The company still has 1153 acres
unsold. The officers of the company are P. L. Terry, president; Malcolm
W. Bryan, vice-president; S. W. Jamison, treasurer; L. R. Sollenberger,
secretary.
* * * * *
George Logan, of Salem, Va., has just bought a farm of 318 acres
adjacent to that town for $9000.
* * * * *
E. F. Porter, one of the leading lumbermen of Kansas City, has been
down to inspect with a view to purchasing a tract of 25,000 acres of
pine and oak timber land in South Arkansas owned by the land department
of the St. Louis, Iron Mountain & Southern Railway.
* * * * *
A large tract of land, known as Cliffbourne, at Rock Creek Park,
near Washington, D. C., was sold recently to Francis G. Newlands for
$185,000.
* * * * *
A farm of 265 acres near Staunton, Va., has been sold by J. B. Smith
and H. G. Eichelberger, of Staunton, to a gentleman from Maine, who
will move down with his family.
* * * * *
Mr. O. Van Buskirk, of Mt. Sterling, Ohio, has bought 330 acres of land
near Florence, Ala., and will move there. Several families besides his
own will accompany him.
* * * * *
Mr. R. S. Oglesby, of Lynchburg, Va., recently sold a farm in Bedford
county to James W. Dawson, of the John Shillito Co., Cincinnati, Ohio.
* * * * *
The real estate agents in the South who are known in the North and West
are receiving constant inquiries about farm lands. The majority of
inquiries seem to come from Dakota.
* * * * *
E. Mallen, of Ironwood, Mich., has purchased a farm near Cloverdale,
Ala., and is interesting some of his fellow countrymen in Lauderdale
county. Mr. Mallen is a Finlander, and has been farming a number of
years in the Northwest. A number of his friends expect to buy farms and
locate in the same county.
* * * * *
There has been lately a decided improvement in the demand for stores
and business places in Richmond, Va. Messrs. J. Thompson Brown & Co.
report a number of large leases.
* * * * *
The town of Springfield, Fla., is enjoying a building boom. About
thirty dwellings are being erected, and a number of residences and
stores are being planned. Real estate business is brisk.
* * * * *
A ranch, in Calhoun Co., Texas, two miles from Port Lavacca, containing
22,000 acres owned by Mr. W. H. Thomas, has been bought by a Northern
syndicate for $132,000. It will be cut up into small tracts and
colonized. The plans for its development also provide for the building
of factories, hotel, &c.
* * * * *
The Vicksburg, Shreveport & Pacific Railroad Co. has sold to Otto
Plock, of Paris, France, 7,554 acres of land situated in Ouachita
Parish, La. The consideration was $26,440.68 cash. It is said to be the
purpose of the purchaser to establish a large colony of Swedes on these
lands, selling the lands to them in small lots on easy payments.
* * * * *
Real estate continues active at Fort Worth, Texas. There is a great
demand for small houses. “If I had twenty-five such houses today I
could rent them all before night,” said Mr. W. R. Sanner, a real estate
agent. “I do not know a better investment,” he continued, “than to
build such residences, with modern improvements, to cost from $1,000
to $2,500.” Messrs. Huffman & Co. have in hand a trade in adjacent
counties, for Ohio parties, which represent the sum of $20,000.
California parties are negotiating for pasture land held at $16,000.
* * * * *
Messrs. J. Thompson Brown & Co., Richmond, Va., received recently a
letter from Callao, Peru, from a gentleman who wishes to purchase real
estate at Richmond. The same firm reports that every mail brings them
from two to five letters from parties in the West and Northwest, who
write they have decided to settle in Virginia, and want information as
to real estate, etc. In the past ten days they have been in negotiation
with one or more parties in Ohio, Michigan, New York, Minnesota,
Chicago, Pennsylvania, Colorado, St. Paul, Indiana, Illinois, Nebraska,
Kansas, Wisconsin, and other points who wish to purchase farms,
manufacturing or building sites. From one of the locations named they
are trying to locate a colony of fifty families on a tract of 5000
acres.
* * * * *
A dispatch from Rocky Mount, N. C., states that parties from the North
are negotiating to purchase 20,000 acres of land in Nash and Halifax
counties for development and investment.
* * * * *
The Island City Abstract Co. has been organized at Galveston, Texas,
with H. M. Truehart, president; I. A. Harrington, secretary, and Joseph
Lobit, treasurer, and $20,000 capital.
* * * * *
“The Real Estate, Title and Guarantee Co.,” has been organized at
Newport News, Va., with the following named officers: Carter M.
Braxton, president; L. P. Stearns, vice-president; Charles Sheppard,
secretary; Arthur Lee, treasurer. The capital is $100,000.
* * * * *
A New York capitalist has just invested $62,500 in real estate in New
Orleans. The transaction was made through Messrs. Robinson & Underwood,
real estate agents, New Orleans, who state that other purchases will
follow this.
* * * * *
Messrs. G. M. Reynolds & Co., of Norfolk, Va., sold recently a number
of lots adjacent to Portsmouth, improved and unimproved, for an
aggregate of $13,000.