The sun., 1888-04-22
PROGRESS OF THE BOOM
All Hanas In the Real Estate Business As
Bayers or sellers, ana Prices GoinE UP.

PROGRESS OF THE ROOM
All Hanas In the Real Estate Business as
Buyers or SELLERS. ana Prices GoinE Up.
People poured in by thousands and prices
Of land began to climb. Everybody that could
find an office won't into the real estate business.
Doctors, lawyers and merchants shared the
excitement. and some OF them gave up their
regular pursuits and pitched into real estate.
Clergymen were not entirely unaffected, and
there is story of ono bright young man who
came over In answer to q call. but never got as
far as the church; he was caught In the rising
flood and swept into the real estate business.
Offices were opened everywhere. Desk room
was hired In stores, in Railways, wherever
room could be found: and nearly all hands went
into real estate in some way. either as agents, as
spectators. or as operators big and little: for
If man couldn't buy big tract he could buy
a building lot, and make the first payment on
1t and take the chances Of selling out at profit
before tho second payment became due. Thou
sands of people did that-car drivers. mer-
chants, clerks, newsdealers. and visitors and
tourists piled in with the rest. The city Of Los
afrords I room oonei Tor % GOOD many buiIing lots
In the city Of Los Angeles. Tracts of
land land were cut up up into lots the fur
dicted, auction sales were announced, band OF
music, free lunch lively auctioneer. magnificent
country, dsighttpi climate, b home Of the or M
the world. rattle off the lots, and have another
sale. In one sale Of lots that was made by se-
S o the sss e bsss1 to at
O'Clock in the morning.
New town sites were laid out and building
place was on the line OF a railroad there were
excursions to the auction sales. free lunch:
the glorious country and the finest property
yet offered on the market. Sure to double and
sb Seen d
hss hsssss e sss 9s sss hs s, Ti
men say that they expect to see a continuous
settlement. or settlements SO close together
geles to San Beraardino. which is region Just
II. tSXn.lot craze spread all M through South. h!
S,hass 1t" held M ior h still Rish:r psess some @
Some Of them reinvested profits and made
moro; others went on rsinvesting. and good
many now hold lots which contain all the pre-
vious profits put Into land at present prices.
OF the great. number Of lots bought In various
parts of southern California by tourists, resi-.
enormous proportionate profit many have re-:
turned large gains on some percentage of
sOa pa r and l. "A 5s GSd s to ho snS SF 1o1
to the Investors. moderator minded man.
iornia, and who has perfect faith in the country.
thinks half OF the lots sold will go back to acre
age sold out or taxed out
ment. or are getting along the best way they
can. waiting for real boom to strike them.
ing, and have all the elements Of success.
Some, towns. successful now. were planted
% demRnd OT ThsEs s there Tde SAs BY NO the atuF s
mate. the attractiveness OF the siua-
tion,, and the general boom, projectors have
main strength and capital until they % could get ret
In the props, hotel. street railroad. mean
while keeping the drums beating and the horns
people until the community was big enough to
60 Of its own momentum.
With amazing rspat In Los An
Eees q tb the have been stGnh
thsn about S;6o9 In is7o Il. same Isl would
bsns en as the ss M
a population Of about 1000 the same lot was
counted us worth 81 900 az foot. In 1888. with g
This sample lot Is In what q was until ! very few
tie cty It IS s moss ad
permanent banking and commercial. centre
but ss the city has grown the centre Of the re.
Spring and First streets. piece Of land ON
ON ps s ss Dsnf
street. was bought In 1854 for about $500 for the
piece; II is still hold in the iamily Of I, the
risen in 1880 to about $500 a front foot Ninety
feet on First street has since been covered
maining piece Of 100 feet on % Spring street @ and
78 feet on First street, an offer was made In
1887 3f t3 @ 00o front loot on Spring street for
$4,000 front foot for the other 60 feet, being
1880 go for The pI:cs aso Another oler 81
hi sas
70 all tho older residents Of Los Angeles
These offers were declined, the owner regard
Investment that could have been made with
the money, offered. The bare land has now
Ss Is 'G puns and
is likely to make good profit at that figure.
a gentleman who bought In 1873 ior $3.50
iass i ssssnMx u IA rPest @ si.:SS5 vi %hs%a - e. H. bsSn
viii sI:iS fursSsS ssost y e $4,000 &
Another man WHO bought h In 1854 AZ on al a street
centre, sE acres for sa,soO. on which he has put
improvements costing about $1,000, refuses
Ser aoa 81 @ ssdoS5o sSsr ioi the lot on the north
west corner of Spring and Second, 100 feet on
iS ann ssGoh sx mss nt
foot has been offered.
or property having frontage OF 100 feet
on the east side OF Main street, between First
and Rsquena streets. which was bought less
than eighteen months ago for $1,000 q foot,
for S3i. 900
The southwest corner OF Main and First
streets. being SO feet on Main street and and i85
$1,000. II could be sold now for Sl20000.
One OF the best informed real estate men said
geles for property transferred was q 700 foot
cash for piece OF 90 feet front on Main street
which was sold In Dscember by an estate to a
bank which desired 10 enlarge Its premises.
Both parties considered this a tair price, While
this property Is In one OF the best parts OF the
A resident Of the. city who sold, in 1881 .