New-York tribune., 1870-10-01
HOME CORRESPONDENCE.
CALIFORNIA.
REAL ESTATE IN SAN FRANCISCO-RAILR0ADS
IN THE STATE.

REAL ESTATE IN SAN FRANCISCO-RAILR0ADS
IN THE STATE.
SAN Francisco, Sept. 1.-THE assessed
value OF tho real estate OF the City and County Of San
Francisco for the fiscal year 1862 TAI The
assessed value ia only about onethrd the market or
actual value. which s at least s75OooOOO in gold The
total tax paid by real estate last year was - O5 on
the hundred this year IL will be g. There $50
acres divided into I75Ooo building lots in the city and
county There are four blocks-and four only-in San
Francisco In which tho lots would sell for as
much ss t2.7eO to 5000 per front foot. with an
average depth OF 10 feet. These blocks are stu
Kearney st is the second best retail business
The corresponding blocks in this street, between Bush
To 81 500 per front foot Thirdst. from Market to How
ards the third retail business street Lots there are
sts, from Pine to Markets., are the best wholesale
business streets Land them is worth $3.50 to LOO per
front foot with average depth Of 90 feet The most
popular street for private residence located between
Bush Ellis Powell and Leayenworth-sts, on the sunny
slope gently rising hill. Lots with depth OF 1874
feet sell for 500 to 25 per front foot Nnetenths OF
the dwelling houses OF san Francisco frame Lots on
other wide streets. mile 10 mile and hall from te
city center sell for 81 $3.50 % feet lot with an
average depth OF 100 feet First ana teeond busl
property is expected to pay net annual Income OF
about ten per cent. while private residence property
pays about twelve per cent Land in prospective buSi
ness streets sells for 500 10 $500 per front foot.
The savings banks OF san Francisco are the chief sup
port OF the city real estate market There are 10 M ol
them having deposits amounting in all tO s29,S2ll2 In
gold coin. There 456Ol depostors; each one has,
therefore, average OF $500 30 TO his credit These
banks have fve-sixths Of their deposits on clty ana
country real estate especially 10 those owning lots who
wish build thereon. Those who thus borrow geltr-
ally repay their loans on the monthly nstalnent plan.
and cam II they wish. have AK years TO pay up IN Ihs
system enables them to pay for their houses at abou e
same rate that rent In hired house would amount TO-
The savings banks now charge 10 TO II per cent per
annum real estate loans loans OF 5000 and upward
be negotiated at 10 per cent per annln al present.
but only with one bank-the argest-kno"n as the
Hibernia Savings and Loan Society
Real estate in san Francisco has been very dul Tor
over "A year. and prices have tended downward, espe-
cay in the suburbs The sales for the first half OF 1869
amounted to $2 674 while those made IN the first hail
OF 1870 amounted to only 1919, 7S During the year
previous TO the completion OF the Pacific Railroad every
body speCated in real estate the calculation being mat
u OF prosperity would ne. sirly follow the lay,
ing Of the ast rail The effect OF the road was the very
opposite however; it brought In outside competition
from which San Francisco was previously completely
free The railroad has put an end to the era oil ehraHa
giant profits, habits, and prices ana an era o,
profits aud prices too OF progress in home manu-
In railroads the sfate il making great progress. In
1867 we had only four lines Of railroads In running ore
having total length Of lf miles; now we have l3 lines
in actual operation, having u total length OF
l,3is miles; live Of these roads are uninlsheu
organized for work which wlll soon a. I've @
commenced. California has the chief benefit of
the trans continental railroad me IeipoiMy , rs.
arising from own oyerspeculation ana oiy cad te
to think that the road not benefit Out
years will abundantly prove that It's mssloh 10
us TO raise us from the petty position oi
local traders to one Of metropolitan dignity.
Nothing has yet been said abroad about tine
fact that another great trunk railroad system 70 run
north and SOUTH parallel with the ocean IL now building
on the Pacific This road will eventually connect
Puget sound and Columbia River with the Colorado
and the Mexican boundary. II will have length OF
about 200 miles 1913 miles OF the road are already bult
The California and Oregon Road is the main and most
valuable branch Of this great railroad line Nearly co
miles of it have already been built, and 1t VIII run
through the greatest valley Of California Uhe vast valley
of the Sacramento from point on the Central Paclhc
to the Oregon state line where will connect with
another line III its northern course