REAL ESTATE MAY JUMP IF ENGINEERS GET PROCEED SIGN
Promise of a new Republican majority in congress to slash the national budget is cause for concern to many people interested in the future development of Donelson and the surrounding area and is possibly preventing something in the nature of a mild real estate boom.
The manner in which the Republicans will go about cutting the budget is of particular local interest in that appropriations for the proposed Stewart's Ferry Dam will come up in this session. Congress will soon decide upon appropriations for the next fiscal year and many experienced observers believe it doubtful that an expansion of flood control projects will be made at this time.
"I seriously doubt any appropriation will be made, at least at this time," R. D. Stanford, Jr., prominent Donelson lumber dealer and property owner, said.
Much Interest Shown
Officials of the U. S. Army Engineers, organization in charge of the proposed dam, say there is considerable interest in the project, both from commercial and recreational viewpoints.
"We have had many people to buy maps and charts for the purpose of securing waterline locations on the lake which will be created if the dam appropriation is made," R. J. Ingersoll, Control Director for the Army Engineers, said. "It seems the interest hasn't been as great of late, however."
Realtors believe the land in the area of the proposed dam is generally somewhat higher at present than in other comparable sections and a few cases of sales at sky-high prices have been reported. The buyers have all intended using the land as lake frontage. The increase of prices has been without a decision as to the method the Engineers will use in condemning land....