St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-04-07
Conservative Owners May
Doubt, But 1t Is an I'm
disputed Fact.
ComparisonsWith Other Cities
Less Favorably Located
Prove the Assertion.
Dealers Who Know What Is
in the Wind Predict
a Rise.
Inquiry From the East Is
Brisk and Capitalists
Are Coming.

There have been few new develop
ments during the week, so far as rea
estate is concerned. What has beer
said for the last two or three week:
holds good of the present situation, i'll
which there is no material change
The most noticeable feature in the mar
ket can only be properly appreciated
when comparison is made between the
ruling prices in st. Paul and those il
other cities. When it is said that price:
are low in st. Paul, some of the more
conservative owners of property smil,
incredulously. These are for the m os
part men who have lived in st. Pau
all their lives, and have priced property
in Chicago, Minneapolis or Duluth
These are the men who tell of catching
minkS on the site of the Ryan hotel
who remember old Cap Jones trading
off that corner lot for an old coffee mill
and the drinks. Some of these men
scarcely realize the size to which ST.
Paul has grown, and. strange to say,
blind themselves to the fact that prop
erty is now worth all that is asked for
it, An instance occurred short time
ago in which man wanted to borrow
$4,000 on a fifty-foot lot Oh Seventh
street to put up a building with. The
Eastern parties with whom he was
negotiating the loan wrote to one of the
old residents, asking the value of the
property. They received the reply that
$500 foot was AZ outside valuation. Ii
this gentleman priced similar property
in Duluth. with its 10000 inhabitants. he
would find it held at at least twice that
price. The fact is there is not single
lot between Seventh street and the
river, and between Broadway and Wa
basha street which should be sold at
less than $1,000 foot. Much of this
land is worth at least double that. The
lot at the corner of Dearborn and Madi-
sold for $500 foot. If st. Paul prop
erty equally well situated is worth as
much in proportion to the population as
that in Chicago, it would give at least
$4,000 to $4,000 foot for the best bust
ness property here. 1t is surprise to
the more far-sighted dealers that such
figures
HAVE NOT YET BEEN REACHED.
Minneapolis property is sold freely
at from 80 to 60 per cent higher prices
than st. Paul property. Business
property in Duluth is held at just about
the same figures as similar property
here. 1t is not only held at those
figures but is being sold. One thousand
dollars foot is the lowest price that
the best Superior street lots can be
bought at, and who shall say that these
lots are as valuable as lots anywhere in
the business part of st. Paul? The
fact is prices are too low here, and a
decided rise is imminent. 1t is to be
hoped that this rise will not be too sud-
den, or that ii will not go too far. as the
ultimate effect of this, while it could
not permanently injure st. Paul's pros
perity, would assuredly react to the
disadvantage Of the city for longer or
shorter period of time.
The principal fact of interest in the
past week was the resolution of the
real estate board to hold regular meet
ings the second and fourth Saturdays in
each mouth. with view to re-estab-
fishing their weekly meetings as soon
as possible. The position of the real
estate brokers has materially changed
since the last boom, aud has at last got
down to what may be termed legiti-
mate basis. As at present constituted,
the association OF real estate men is
almost entirely composed of men who
are handling their own property. Some
of them handle exclusively the land
they own, Others unite this with COM
mission brokerage business, but few of
them are working on commission
solely. They propose at their bi-monthly
meetings TO endeavor to arouse a greater
interest, i'll not only st. Paul, but the
entire state, realizing what was pointed
out in last Sundays GLOBE, that what
ever benefits any part of the state
BENEFITS THE METROPOLIS, ST. PAUL.
The stigma cannot attach to them
that they are trying to get up a false
excitement, to raise prices and bring
commissions into their pockets. This
might have been said few years ago,
when the majority of them owned no
property and were simply living on their
commissions. But to-day, they are
handling their own property, and in
consequence try to benefit the whole
city. knowing that what accrueS to the
good of the city at large, will directly
benefit them. In their efforts to get
public improvements through, the same
holds good, as they are the men who
will have to foot the bills, and are not
merely outsiders trying to work up i'm
provementS at some one elSe'S expense.
while they reap the benefit in increased
commissions. While the improvements
will benefit their own property, they
will also benefit other peoples, and have
a tendency to strengthen the tone of
prices all over the city.
Inquiry from the East continues brisk.
and several wealthy capitalists are on
their way from New York to look at
lands they have telegraphed to have re-
served: The tendency seems to be in
the right direction, filling up the dis
trict between st. Paul and Minneapolis.
Property is selling we'll all through the
midway districts, and some that is held
by conservative Eastern men will be
plated at an early date. Residence
property of every grade, from beautiful
lots on Summit avenue to small suburb
an lots, are eagerly sought, and nothing
that is offered at fraction off ruling
prices will remain OH the market TWEEN
ty-four hours. Those who own any
property in this city or in the immediate
neighborhood need feel no alarm, 1t will
always be a good Investment, and this
is more and more impreSsing the wealthy
BoNDHoLDERS OF THE EAST.
The latter are fast realizing that prop
erty in st. Paul is great deal better
Investment than uncertain and fiuctua-
ting railroad bonds and similar so called
securities. Some of the improvements
now in progress are good evidence of
this. Many of the StupendouS blocks
which are rising higher day by day are
being built by men who have the repu-
tatiOn of heing the most conservative
investors in the country, and the very
fact of their choice of st. Paul as a loca-
fion for buildings costing hundreds of
thousands must establish a firm con-
fidence in the value of any property
here.