Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-25
TALK ABOUT VALUES.
Past, Present and Prospective Fig
ures on Local Real Estate.
BIG JUMPS AND THEIR CAUSES,
A Decided Improvement in Stocks, but Pc
troleum Still In the Dumps.
TIE NEWS AND GOSSIP OF THE CITY

Property values. present and prospective,
in Pittsburg and its suburbs were the sub
ject of an animated discussion in a corner of
Fourth avenue brokers' office yesterday.
II grew out of the statement by Mr.. How
ley, few days ago. that land on Schenley
Park will sell at S4O0 foot within five
years. He stood by his prediction, and
maintained that it was below rather than
above the mark.
A prominent merchant who was present,
while agreeing that values in the locality
named would advance as the city grew in
population and wealth, and spread out over
the East End, contended that S400 foot in
five years for land that is now selling
around Sl00, would be too much in the nature
of boom to be permanent and beneficial to
the city As there is no boom nor any proba-
bility of one, he characterized the statement as
flight of the imagination.
Another gentleman who had been listening
to the discussion raised his voice at this
iuncture- He has been resident of this city
for so years or more, and knows it like book.
He said: "Mr. Howley's statement concerning
the prospective value of Schenley Park prop
erty is, in my judgment. entirely within
bounds. 1t is surprising to no one who under
stands the situation. The growth of the city is
so great and the demands of business so press
ing that people are being driven to the suburbs
in droves-not alone to the East End, but in all
other directions This enlarges demand and
strengthens values. Park property is SO well
adapted to residence purposes that it will
always bring top prices. A year or so ago it
went a-begging for purchasers; now it is going
off like hot cakes. AS improvements are
made and facilities for travel increase it will
gain in value. l think that will, in the course
of a few years, become one of the finest resi-
dence districts in the city-com bining country
comforts and city advantages. In these re-
spects it will be far more desirable than park
property in Allegheny, which is rated at about
$500 foot. Before the parks were laid out 20
years ago it could have been bought for $50 to
$50. The advance is due to the parks and
nothing else"
Mr.. Howley then produced figures showing
that bigger jumps than he had claimed for
Schenley Park had been made in other parts of
the city. He said: "The proposition to widen
Diamond street has caused an advance in
abutting and adjoining property from about
$500 to 1880 foot. Four or five years ago
SS 900 foot was considered pretty steep price
on Fifth avenue, between Smithfield and Mar
ket. Owners are now holding it at $780,
Within very short time values on Fourth
avenue. between Wood and Smithfield streets,
have moved up from $1,000 to $4,000, or there
abouths. Acreage on the Southside Is bring
ing 81, 200 and s., 500 an acre, against $500 and
$500 a year or two ago. Down the Fort Wayne
road the enhancement is equally marked.
There is always market for choice residence
sites, and it is upon this fact that l based my
prediction of s4OO foot for Schenley Park
property within five years. Enhancement in
the same time will affect all the districts
around the city. but to what extent am not
prepared to say"