St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-02-19
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The condition and outlook of the real
estate market during last week did not
change great deal from that which
has characterized the situation for many
weeks. The tide of business is gaining
strength and volume, while dealings are
settling down into a more permanent
and definite channel.
~
Investors still show a decided prefer
ence for inside property. The scheme
mentioned in these columns heretofore
on two different occasions, to buy up a
Large amount of the best property to be
found between Pine street and the
Seven Corners, and Third street and
Eighth, is still being carried out. There
seems to be a settled opinion that all
south of the bluffs, and between Day
tons bluff. the river and Seven Corners.
Is, sooner or later, to become business
property. Business is daily gradually
encroaching upon this territory, and
many of the best business heads in st.
Paul observe this and are taking advan-
tage of il.
One of the leading buyers of real
estate in ST. Paul remarked day or
two ago that mo one in st. Paul need
TO hesitate moment to buy any prop
erty in the district named, at present
prices. 1t will always be worth all that
Is paid for it, and as sure as the sun
rises in the east it will double in value
in very short time. Men ought to
learn something from the past. Those
h1NrsA Il inc- t,n oct IN,
years ought to know what the next few
years will bring by what the past has
already accomplished. Property in the
district referred to will sell to-day for
six or eight times as much as it would
have sold for ten years ago"
-
''This is fact" this gentleman said,
'that connOt he denied. 1t occurred
right before your face. You have seen
real property increase six and eight
times i'll value. You know where the
lots are, and you can put your hands
right upon them. Is ST. Paul to stop
growing? Do you see anything of that
kind? Not bit of it. It's Just begin
ming to grow; and the increase you wit
messed during the last ten years you
will see duplicated. No, sir; no one
need to hesitate TO buy at present val
ueS. You will see them doubled"
This sensible opinion is shared by a
good many people who have capital, and
though. of course. larger amount of
money is required to carry on opera
lions now than formerly, there are those
at work in st. Paul to-day, who from
time TO time are picking up a good deal
Of the best property in town. One of
The leading real estate dealers stated
his past week that he had had more in
luiry for choice lots in the business part
Of the city since the opening of the year
han for many years before. Many hold
ers decline to put price on their prop
srty. and leave the applicants to bid for
1t. This disposition, or independence of
holders, is such that i'll many Instances
investors are turning their attention to
other parts OF the city, and are hunting
for property that is not SO much sought
after; that can be obtained without be-
ing compelled to beg of the owner to
sell.
Several parties have been here for
more than a week looking for good
business property. with a view of
building at once. The real estate agents
through whom they have been nego-
tiating are very clOSe-mouthed in re-
gard to matters, SO that it has been i'm
possible TO find out precisely what
property has been under cOnsidera-
ton. Something was discovered. how
ever, and that was that Chicago party
purchased sixty feet on West Third
street, just beyond Vests publishing
house, upon which will be erected a
nine or ten-StOry building this season:
three stories above Third, and six be-
low to the leyee. For these sixty feet
the buyer paid $50, 900. Another party
from Chicago had almost closed up a
contract for several lots in the business
part of the city, but outside of the dis
trict bounded by jackson, Wabasha,
Third and Eighth streets. If the trade
goes through, as it probably will, very
extensive improvements will be made
in the locality of the purchase, and they
will be of such character as 10 wholly
change the appearance of that part of
town. In fact, the idea the parties have
in their minds is to attract to that point a
good amount of trade and enhance the
value Of property in that direction.
The erection this season of the insur-
ance building on the corner of Sixth
and Minnesota. the Germamia Insurance
company building Oh the corner of
Fourth and Minnesota, together with
templated in the same locality. will serve
TO attract still greater attention to the
property all around in that vicinity.
While parties from outside of st. Paul
are looking for good property it is al
ways noticed that they look with great
favor upon all that part of town living
below Sibley street. and everywhere the
idea seems to be increasing that some
OF the most desirable and valuable prop
erty i'll the city is located in that direc-
ton, and that sooner or later business
will extend all along up to Eighth street,
or even further. There are few men
in st. Paul who have always held prop
erty in that party of the city in the
highest esteem. Recent events and the
more modern necessities and require
mentS of the railroad interests are every
day demonstrating anew that these gen.
tlemen are correct in their views, and
that the railroads and heavy business
houses will ultimately swallow up the
greater part of the real estate referred to-
~
Very much is to be expected for both
Minneapolis and ST. Paul from the con-
StructiOn of the new road by the St
Paul ~ Duluth company from st. Pau
TO Council Bluffs and Omaha. This is
no paper road, but certainty. Tie
line of the road has been surveyed and
determined upon. The money is Sc,
cured, and work will he commenced as
early in the spring as the elements will
permit. This will practically give the
St. Paul & Duluth road an air line from
Duluth, OH Lake Superior, to Omaha
1t is notorious fact that through hel
railroad system Chicago has been levy
ing toll from the whole Northwest, anC
that up to quite recently the Northwes
did nothing but complain of the injus
tce and at last submit just as usual tt
the exaction. There is at last change
and great one it is, too. Twenty year.
ago, when William l.. Banning, of st