, 1881-06-26
"reminiscences Of Important Auc-
:. ti0n Sales in Previous
Years.
Sales Last Week Of Inside and Sub
!: urban Property-A Good
Demand.
Hiehest Price Yet Paid for
Michigan Avenue
Lots.
ia Sale Street and the New Board
Of Trade Building.


NO1AANN Ao~-A A~-S-
SALES.
Real-estate-circles are very mnch interested
in the coming auction-sales Of June % and
July Z, which have been announced to the
public. The first one will be under the au-
spices of the Chicago Real-Estate Exchange,
and the latter under those of the President Of
the Board Of Commissioners of Cook County.
Both sales Will be OF trs1-class South Side
residence propcrty,-that Of June 20 at
Tllirty-second street, or South Park and
Vernon avenues; ana that OF July { a portion
OF the well-known Reform School grounds at
Forty-third street, including lots OIL Drexel
boulevard, Egandale avenue, and Cottage
Grove avenue. Both tracts are accessible By
tie suburban trains of the Illinois Central
Railroad and BY the Cottage Grove avenue
.street-cars. The first sale is Of city property
the other of hyde l'ark lots, 4 mile and a
nalf further south. The city lots are
to be sold absolutely without re-
serve; the Reform School grounds
are to have an upset or limit
price below which they shall not be sold.
The prices are an advance OF 20 to - per
cent upon the appraisal made last August
by committee Of experts. ami it remains to
be seen whether such ill advance can be
sustained. If these upset prices should not
be reached the sale Of July { wolld be all
aboriye one, and the te5tas TO value Ut Hyde
Park lots would be q negative one only.
What people would actually give fur them
would not be known. It is to be regretted
that the Board of Cook County Commission
ers did not take the advice of Till; T1:IErNE
and put lower upset price on this property,
so that competition might have had a fair
opportunity to display itself. Low limit
prices, if any, are conducive ia the best re-
suits for the owners Of property, and it is
well that the sale Of June ~ is not handi-
capped by even the question Of what should
be the limit. but the property is put up for
what it will bring absolutely and without
reserve. Some criterion may be had Of what
the Reform School grounds are actually
worth by a record of a sale of a portion Of
the Rayard tract, just north and adjoining
the county property, ulaue in the early Spring
OF this year for SlCO,001 OH long tine ami low
rate OF interest. An analysis. was made at
the time, a~t published III this laper, shaw
inc the following prices obtained per 'front.'
foot on the different streets: Egasluale ave
ME. west front, $40; Hyde Park avenue,
east front, $::ss;: Drcxl boulevard, west front,
$50. But it must be reco1iected that the lots
on the Bayard tract are 70 to 50 per cent
deeper than those of the county lots,
and that the triangular ami irregular pieces |
and those near the railroad are figured much |
lower III getting the above average Mr.. I
Purington, President uf the Bnard, will Off |
ciate as auctioneer at the county call Ut real |
estate OH July On the premises, the Conl- |
1nissloners failing to agree upon any profess !
sional to do that service. There will be no
free ride HOT free lunch at either Of these |
prominent sales. They are run strictly on |
the merits Of the property, without enticing I
accessories
: OF all the auction sales so far announced |
BY far the most important Is that of the old |
Reform School lands. Purchases are linn
1ttd to 100 feet The sale will be !
held OH the ground, and will cover the =
acres i'll Blocks ) and OF the resubuivislon |
OF the Reform-Schoo! property, being tie
soutl, = acres Of the MN. fractional J.: Of |
Sec =, r. IS. Y. r. II. T. of I'd T. II. The
terms of sale are 4 deposit of 10 per cent ut
once, payment of one-uuarter of the pnr-
chase money at the time Of the perfection Of |
the deed, and the relnaIder III three equal all
nual payments, with per cent interest, BAY
able selni-annualfy, to be secured by llotes
and first mort gage or trust-deed OH the prop
erty sold The following table gives list If
tine property with the minimum price fixed
by the Board. !