St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-26

SSSa=D NJ W% No.
The real estate market of st. Paul is
broadening out. prices are hardening.
and in every way il IS looked at shows
an increasing appearance of healthful-
ness. There are many that months ago,
when the banks shut down III such
vigorous manner and refused TO loan
money Tor real estate purchases, con-
demned in the most vigorous manner
the action of these moueyed institutions,
who NOW have good reason to be thank
full that such action was taken. The
banks did not step in a minute too soon
and the good they accomplished could
not then be seen. but the results that
followed have been very great and
could not have been produced in any
other way than by putting firm and
decided check upOn the disposition that
began to be manifested OF plunging into
wild speculation. This was all stopped,
and most decidedly too, and then every
one began to square their accounts
and put themselves in Il position 10
weather whatever financial storm might
come. The consequence has been that
all judiciOuS people have been Settlin.
up their indebtedness. and many have
gone So far as To take up their mort
cages before they became due. Ii is be-
ieved, therefore, that the financial sit
uatiOn of people generally throughout
the city is much better than it has ever
been before, and IL is this consideration,
in a considerable degree, that causes so
much confidence. 1t is we'll understood
that spectators that came from the East
can command money enough for their
purpose. The one great point desired
i that our home people should have
money enough and LIE 81 far out of debt
that they can do 4 little trading them
selves.
As the season gradually opens the
real estate market begins to broaden
ont and take 4 somewhat different form.
Nearly all winter buyers have been in
our market quietly looking for desirable
lots in the business parts of the city.
Many such have been picked up, and
will be built on this spring. In this
connection there is 1 fact that should be
noted. as 1t Enthusiastically fixes the
status OF the real estate market. and it
is this: These very lots that were sold
in the dead of winter, when no real eS-
tate business was being transacted and
when the market WAS regarded as dull
in the extreme. sold for the highest
ever sold in IT. Paul. The market is
10 longer restricted mainly to timid ne
g0tatiOns Tor the best inside property,
hut inquiries are becoming more
extended and diversified. The
choicest corner lots. holdings
of moderate value. and broad
acres are all receiving more OF less at
tentiOn. Plans for large and costly
buildings in the heart of the city. for
nnapiD,r III, NEW subdivisions and mo-
ing acre tracts into the market, and for
filling up settlements in the outskirts of
the city, are maturing. and it seems to
he the general impression among bust
ness men that this is to be the most ac-
tive year the city has ever seen.
During the whole of the past winter
Eastern money was coming in for the
purpose Of buying up mortgages. and
considerable OF it was invested in that
way. Very little of this paper was sold,
except for its face value and the inter
est il would earn. Even AT the present
time this same paper is eagerly sought
after.
There IS no question but that the con-
ditiOn of the real estate market in ST.
Paul has changed Il good deal during
the past week. Ii is quite evident that
the fact OF real estate in the business
center of the town selling at such solid
figures, at a time. too, when the market
was in such dUll condition, has served
to open peoples eyes as to the true stu
alton. It has also given them enlarged
ideas as to the Importance OF the lCcd-
ton of this city in business point of
view, and its possibilities. They argue
that if business property in the center
of the city sells for such figures. it will
bring these figures. simply because it is
worth the price paid to some, and means
an enlarged scope of trade. more peo-
pie, more money, more business. This,
they say. must necessarily result in an
increase in the value of all realty out
side of the business center in proportion
to the distance therefrom.
They assert that the center of the city
cannot be prosperous with real estate
bringing high price unless the same
condition prevails all through the city
in 4 greater OF less degree. The effect
of these sales in the center OF the city
and the preparations for the erection of
the many large buildings in The business
part Of town is having marked effect
upon all real property in every section
of town. Everywhere prices are hard
ening and strengthening, and every
where inquiry is increasing. For the
last few days there has been very act
i've inquiry for lots on st. Anthony hill.
and especially Oh the south of Summit
avenue.
The extension of the street cars out
to Maryland avenue, on Rice street, has
been great accommodation to good
many people, and has served TO attract
the attentions Of buyers, as all the
property out in that section of the city
has long been neglected and is now held
quite low. With many it is argued that
it is at present. all things considered,
the most desirable property i'll town. 1t
is comparatively cheap. 1t now has
good street railway accommodations for
miles out through one of the principal
thOr0ughfareS of the city, and is Supe-
riOr also on account of being near to the
business part of the city. These con-
siderations are very weighty, because
they are true.
The location Of the new Peoples
church on the corner of Pleasant avenue
and Chestnut street, and the erection of
TWO or three large business houses on
Third street near Pleasant avenue, are
causing some increase in values in that
section of the city. The location of the
church there will naturally help to
cause that part of town to be built up
and to draw people in that direction.
-
Every one acquainted in st. Paul
knows the block of tenement houses on
the southwest corner of Third street and
Pleasant avenue. belonging to George
A. Nash. An offer of Sl25.000 was made
for il last week and refused. Since it
has become certain where the new
church is to he located the inquiry for
property in that locality has very con-
siderabIy Increased and prices have be