Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-19
AREALESTATE SCARE
If all the Liquor Stores Should be
Closed up after June Is,
HOW ABOUT THE EMPTY sALOONSp ?
Depressing Effect on the Market Feared by
Landlords Agents,
But OTHERS SAY IT WILL NOT MATTER

'If the prohibitory amendment to the
Constitution should be adopted on June Is,
would the simultaneous vacation Of from
900 to !, 900 liquor storerooms in Pittsburg
and Allegheny affect the real estate mar
ket?''
This question was put to several we'll
known real estate agents by DISPATCH
reporter yesterday.
A member of the firm Of William A. Her
ron & Sons, replied: "I do not think that
the throwing of SO many vacant storerooms
upon the market will have any material
effect upon real estate. The business part
of this city has no room for saloons. Every
inch is needed for storerooms, and as soon
as a room is offered for rent it will be taken
up Immediately. The rent may be lower,
but the value of the property will be in
creased rather than decreased, as many peo-
pie will not buy property that is near sa-
loon. Some will not rent a room for that
purpose.
Saloon keepers pay the highest rent,
continued the gentleman, "and many times
20 per cent to 80 per cent is realized upon
the investment With storeroom devoted
to other business, only 3 per cent or per
but, when once a business is established, the
firm rarely vacates the room, and in time
the investment will pay as well as saloon.
THERE WILL BE DIFFICULTY.
'In the suburbs of the cities it may prove
q difficult matter to rent the room iInme-
diately, but the value of the surrounding
property will be increased. 1t made but
little change at the time the Brooks law
went into effect, when almost as many
saloons were closed by reason of q refusal Of
licenses
A member of another firm, who requested
that his name would not be used, said: 81
think that the value of real estate will be
decreased. A saloon building pays higher
rent than any other business. A Fifth ave-
nue. saloon pays S., 200 rent, while if any
other business was carried on in the room
only about s., 500 rent could be obtained.
Decreasing the returns of an investment de-
creases the value, and the throwing of ], 900
not but lower the rents, and by lowering
the rents lower the value of real estate.
"Many of the former saloons are now occu
pied as restaurants and candy stores. The
occupant is paying only nominal rent and
it is a part of the agreement that he will
have to move if better occupant can be
found. They are waiting to see if license
is granted them this year, and if not they
will likely have to move, and thus throw
more real estate upon the market. The
adoption of the amendment will, I think,
have depressing effect upon the market
and the value of property will be lowered.
TWO AUTHORITIES QUOTED.
Entirely opposite to this are the
views of Mr.. h. A, Weaver, of
H. A. Weaver & Co. He holds as his
opinion that the market will not be affected.
He says: ANY storeroom in the triangle
from Eleventh street down to the rivers
will be eagerly seized upon and rented as
soon as the room is vacated. The value of
real estate will not depreciate and house
will be as valuable, if not more so, than
when it was occupied as a saloon. As the
houses will be vacated in an unrentable sea-
son of the year it may prove difficult for
the time being to rent the house, but on the
whole it will not lower the value of real es-
tate
Jas. W. Drape says: 'sThrow 100 va
time with no demand for them and common
sense will show you that the market will be
affected. Then throw 1000 vacant store
rooms upon the market and it will have the
same result. In some sections of the cities
It will have no more effect than lowering
the rents of some of the houses, but in
others these storerooms may remain vacant
for long time. All this will be a loss.
The market will recover as the city increases
in size but for the time being there will be
a decided effect upon the market. This
change will only bring out more promin-
emily the change produced by the Brooks
law, and more vacant houses will be found
than is imagined just at present"