St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-04-14
DOUBTS ABOUT DIki.
Real Estate Dealers Discuss
the Relative Value Of
City Property.
TO Prevent False Estimates
They Will Formulate a
New Schedule.
A Number of Large Transfers
Effected During the Past
Week.
Plan for an Auction Sale Of a
Varied Selection Of
Lots.


mgs, of which this was the first, is
partly to increase the interest in real
estate, but especially to spread more i'll
formation among real estate men about
the relative value of property. They
propose to discuss values all over the
city and arrive OF definite conclusions,
SO that any real estate dealer will be
able to answer intelligently any inquiry
for any property without having to run
around to half dozen men to ask
their opinion, and then possibly find
he is off in his estimate. The
opinions of various real estate men as
to values in different localities differ
very materially. This is the natural
result OF the present state of affairs, in
which almost every man in the business
Is handling his own property almost eX-
clusively. The effect of this is that he
knows values in certain locations, but is
not particularly we'll posted on those in
others. When he is asked, as fire.
quently happens, ''What do you con-
slider the value Of lot !, block /, Smith
& Jones addition?" he has no definite
Idea, and has to ask at least three or
four others before arriving at any ap-
broXimate conclusion. At Yesterdays
meeting this condition of affairs made
Itself prominently manifest. The rem
edy was apparent to all present, and
they agreed to thoroughly canvass val
ueS and establish
UNITY AMONG THEMSELVES.
SO that any of them can tell at glance
what any particular lot is worth, to
dollar foot. At present, views as to
values are conflicting, and frequently
differ several hundred dollars foot. a
unification of values will be a great
benefit, not only to the real estate men
themselves, but to every owner and
every investor. This topic will be the
subject of the discussion at every meet
ing, until the whole city is thoroughly
gone over and a schedule of values pre-
pared which will have some
weight. Though the past week
presents no material change in
the realty situation, it has been
marked by number of large sales,
while the number and amounts of the
building permits have increased in a
most satisfactory manner. 1t is hard to
understand how so many new buildings
can be built in every quarter of the city
without raising the price of contiguous
property. There are, however, few
crOakerS who Will not see any POSSIBLE
ity for an advance; they are in the very
small minority, for the opinion is almost
universal, not only among real estate
men, but among the public generally.
that very decided advance is imminent
all along the line, caused by the great
building activity: The class of trans
ferS, too, is an indication of soldity.
They are for the most part small sales
of building lots to people who buy with
a definite intention of putting up
houses at once. This means that the
laboring men and mechanics are fairly
prosperous: for if they were not they
could scarcely afford to give from $500
upward for lots. But the sales are by
no means confined to this class of pur-
chasers. One large sale of property on
Dayton avenue was made at Sl95, 600.
This is the land on which the new Aber-
deem flats are located. and was bought
by the American Freehold company.
The inquiry still keeps up, and While,
of course, number of the
NIIIBLES DO NOT BECOME BITES.
q very fair percentage do. The very
fact Of the active inquiry which has
kept all the brokers busy is enough t6
demonstrate the interest in which st.
Paul is held by outsiders.
The Midway district is filling up well.
AN effort is being made to have all
avenues there bouleVarded. and ArbOr
planting of trees where they are needed
so as to add by art to the bounteous
beauties which beneficent nature has
bestowed. More than forty new houses
are being erected at Hamline. and in
every direction they are rising from the
earth like mushrooms. The grading OF
Minnehaha street as far out as
the Transfer will be a boon to
a large district, and as soon as
rapid transportation can be obtained
the whole of this hitherto neglected
section will be rapidly filled up with
houses. The laying of water mains at
Hamilne Will add to the many attrac-
tons of that already attractive spot.
The forming of a park at the university
campus is good idea, as it is well to
get these things done before the land so
fills up that it is impossible except at
enormous expense.
Como and its once rural neighborhood
IS rapidly assuming a business-like
aspect. The erstwhile haunt of the
chipmunk and the robin is becoming
SCENE OF BUSY TOLL.
The blue air of heaven is being defiled
with the inky vomit of the factory
chimney. The melOdiouS croak of the
bullfrog, and the nocturnal screech of
the night owl are giving place to the
deafening whistle of the factory as it
calls its men. to work, and the ceaseless
clang of machinery. Oppenheim &
Kalman, X. p. Lewis, the executors of
the McClung estate and many others are
plating new tracts in that neighbor-
hood, and five miles of Lexington av-
enue will be graded at once. The own
erS of property north of the lake are
contemplating the immediate erection
OF 100 houses. laying gas and water
mains, and getting either q street-car
line or some other means of rapid tran
sit.
Business property is eagerly sought
after by all classes of buyers. and any
thing fraction under ruling figures is
snapped up instantly. If the real es-
tate men succeed in doing nothing else
at their bi-mOnthly meetings but raise
the price Of downtown property, they
will accomplish great deal. ANY prop
erty between the Ryan hotel and Third
street, and between the postoffice and
Merchants hotel, should be worth at
least s, 800 foot. and some of it ought
easily to bring from $500 to $4,000.
These figures are given after careful
comparison Of values of similar prop
erty i'll Minneapolis, Kansas City, Du-
luth and other places, in all of which
the best located business property is
held at nearly
DOUBLE ST. PAUL PRICES.
and in many cases treble and quad
ripple. Here is suggestion which may
be taken for what it is worth. 1t is at
any rate worthy of consideration at the
next meeting Of the real estate board.
Why not get up an auction sale of
selection of property situated IN every
quarter of the city? Let the sale
be genuine, and let every real es-
tate man list few lots, here. there and
everywhere. A first-class auctioneer
should be procured, and the sale ex-
tensively advertised all over the East.
IL. L. IL Il