Leonard, J. W. The Industries of Saint Louis. Her Relations as a Center of Trade. Manufacturing Establishments and Business Houses . St. Louis: J. M. Elstner and Co., 1887. [format: book], [genre: narrative]. Permission: St. Louis Mercantile Library
Persistent link to this document: http://lincoln.lib.niu.edu/file.php?file=leonard.html

The business in real estate transactions has taken on a steadily increasing activity during the past few months, and is now more lively than for several years previously. Last year was not a good one, either for the real estate dealers or the builders. The strikes in the early part of the year caused a temporary depression in all business, and as real estate is the last interest to react from troubles of that character, the general revival which other industries experienced was not felt by the real estate market until some months later. Many causes may be assigned for this, the uncertainty of the labor situation in the Spring, when building operations are usually most active, being one of the principal ones. By the time confidence had; been restored the season for building was nearing its close, and as a consequence the market was flat until about the beginning of the present year.

While the market in 1886 was dull in the aggregate, there were individual transactions which were among the largest ever closed in the city. One sale of property on Washington avenue was made for $475,000, and other very valuable properties changed hands.

Early in the present year the inquiries in regard to real estate began to be more active, and these inquiries were followed by a steady increase of sales, and a noticeable rise in prices. This has been particularly the case with West End residence property, in which the transactions have been more numerous and at better prices than at any previous time in the history of that locality.

In 1886 building permits were issued for 1,825 buildings; and 1,732 new brick, and stone structures, valued at $5,916,958; and 491 new frame buildings, valued at $405,892, were erected. Additions and alterations to the value of $707,949 were made to existing buildings. These figures indicate a falling off from those of the previous year which may be ascribed to causes already enumerated. In the present year, however, there has been a revival in this as in other lines, and the architects and builders of the city are busy, while the character of the buildings now in course of erection or under contract is greatly improved.

The signs of the times indicate an increased confidence on the part of capital, and a disposition to place it upon permanent investment. The money put into the improvements now going on is, for the most part, that of St. Louis investors, but there is, nevertheless, a good demand for properties from Eastern capitalists, to whom investments here offer inducements greatly superior to anything to be found in the seaboard cities.

A number of handsome business and other structures will soon be added to the architectural attractions of the city. Conspicuous among these is the Odd Fellows' Building now being erected at the corner of Olive and Ninth streets, shown in the accompanying illustration, and which is particularly notable as being built of Missouri red granite, showing the beauty and fine surface of this superior stone and the fine polish of which it is susceptible. Among other buildings which will

form notable additions to the list of the more imposing business structures of the city are the Mercantile Library, at the corner of Broadway and Locust streets; the new office building, at the corner of Fourth and Olive streets; the Commercial Block, at the corner of Sixth and Olive streets, and a new nine-story railroad office building, at the corner of Seventh and Chestnut streets. In addition to these are many others for business purposes, while in fine residences this promises to be one of the busiest years in the history of the city.

The activity now manifest in the real estate and building circles of the city does not indicate what is generally called a "boom," which too often means a season of feverish excitement, unduly inflated prices, and reckless speculation. In St. Louis the advance has been from prices below up to the actual, reasonable value of the property. The active demand for property is mostly for building purposes and indicates the confidence of the people in the belief that St. Louis is now entering upon a period of greatly enhanced prosperity.

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