The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-03-04
STARTLING FIGURES.

InOSe were Startling ngureS winch were
presented in THE SUNDAY HERALD. Read |
ing them one will be forced to the conclu- |
sion that the city is indulging in veritable |
real estate boom. The year 1887 was q
very active one il the matter of land sales |
That was the year when the first symp
toms of an approaching boom were seen.
Our own people bought and sold land
more freely, and strangers from the east
and west, reading the signs in the cir,
began to come in and pick up lots. Moth
ing like the transactions of that year had
heretofore taken place, and when the rec
ords were examined and computations
made, it was learned that the money in
volved in real estate deals for the year ag-
gregated So, 122, $40, an enormous sum, and
one which set people to thinking that Salt
Lake was doing good deal in the way of
trading in land. The next year. 1883, we
had become somewhat accustomed to real
estate activity, and did not think much
was being done, though the computation
showed that the business amounted to
S5,372, $40. No more land, in the matter of
area, was sold in 1888 than changed owners
in 1887, the difference in the amount OF
A4OAOy LANO4hOQ REPRESENTING GLt u1SaCI
prices in 1883. Last year. 1889, the boom
had fairly gotten under way; more land
went into the market, the transactions
doubled in number and prices increased
wonderfully. There had been such
activity that people were less surprised to
learn at the end of the year that the
amount Of money involved in the gales was
S14, 1000, 600, than they had been when they
We're told that in 1887 over three million
dollars had changed hands for land The
year just closed was certainly big one in
the matter of land sales, and in the light
of the past was wonderful.
But where will this year fix the aggre-
gate sum of money paid for Salt Lake
realty? The sales for the first two months
amount to s., 003, 1908, or equal to one-half
the total for the big year of 1889. The
sales for the first two months of 1889 ag-
gregated S79S,677, or a little more than
one-tenth the sum involved in
the first two months transactions
this year. In this connection it should be
borne in mind that for six weeks of these
two months there was going on the hottest
political campaign ever conducted in the
nNSO. o40 ody 4nCA hCIO NOIhluB
in politics, and il seemed as if nobody had
time to do anything in real estate. The
dealers and agents complained that the
campaign killed the business but the reck-
oning shows that the killing was oueerly
performed. Nor must it be forgotten that
January and February were deplorably
bad months for buying and selling real es-
tate The weather was the reverse of
agreeable, buyers could not get around
with anything like comfort, and land could
not be shown to advantage. Nevertheless,
the sales were enormous, and if those of
this year shall show corresponding in
crease over the transactions in 1889, be-
tween sl25, 900, 600 and $50, COO, 900 will rep
resent the sums paid for Salt Lake land
this year. With such figures staring them
in the face, we do not wonder at the aston
lshment expressed by some when they
compare the city of to day with the city of
half dozen years ago.
Just what proportion of these purchases
represent permanent investments in Salt
Lake cannot now be told. Later in the
season, when building operations are fairly
under way, we may be able to ascertain
buying and the buyers. If a considerable
percentage of the purchasers set out to i'm
prove the land by building on it, or by in
vesting capital in such enterprises as will
make their real estate valuable, Salt Lake
will be rich, prosperous and populous before
people realize that the transition has
taken place. If the lots for which such
high prices are being paid shall be covered
with stores, offices and dwelling houses,
and business and employment be created
and provided for those who come to occupy
them, in little while old residents will
feel like strangers in the city they have
built, so great will be the influx of people.
On the other hand, if all this buying is
purely speculative, if the purchases are
made with the view of selling again at a
higher price, what will the result be and
when will the end come?
Let US hope that the activity which we
seen on all sides means more than pas
sing boom, as such things are under
stood. Let US hope that the great majority
of those who are buying realty in
Salt Lake, expect to hold and that
they will show their faith in
the permanency of the city by piling up
the brick and stone. and giving to their
land something more than a sentimental or
speculative value. Let Us hope that those
who come will come to stay, and not
merely with the intention of remaining a
few weeks Or months, or SO long as there is
money to be made in speculation.