The morning call., 1890-11-30
MAGEE'S
CIRCULAR.
Condition of the Real Estate
Market During November.
Large Business sales-Prices Advanciug5No
Hope Of Reduction Of Interest-A Plan
to Relieve Tax-Paying.

From advance proof sheets of the Real
Estate Circular, published now for twenty
six years by Thomas Magee, we extract rs
follows:
In the month of November. 1889, 553 real
estate sales were made, amounting to
total of S2,71S,677, while the number of sales
made in November of this year Chat is, last
month"; amounted to 500, of the total value
of 50, 317, $50. In commenting on the sales
of November, 1889, we then said =" 1t may
now be truthfully said that all kinds of city
real estate are in good demand. All prop
erty, too, is bringing good prices. while in
few places high rates prevail" We cannot
now give as good report The present de-
mand is not as strong as it was then. and
prices in but few localities are advancing.
In other words there is lull. This lull is
not likely to last long, although its
doing so would be no permanent injury
to the city, which is growing fast, and has
| for FIVE years been enjoying an unusual de-
gree of prosperity. Nearly everybody in all
departments of manufacturing aud COM
merce has been doing well. There has yet
been no noticeable decrease in prices. Buy
ers have not been granted many concessions.
although they have held out long and SIREN
uously for them. The worst specimens of
low prices was the sale of the Varney estate
property two months ago, on Valencia, FIT
teenth and Sixteenth. All the lots were
sold below their real value. AT the confir-
nation, the advance of 10 per cent was only
made Gu the lot 70x100 feet in size, north
east corner Valencia and Sixteenth,
and on one or two other lots.
The buyer of that corner had
l., Ii, L; :; G a So
it. 1t was first knocked down at the auction
for S36, 500: 10 per cent advance was $40, 4S0,
which was $500 less than the price which
the second buyer was willing to pay for the
property. Four or five sales of large bust
ness properties were effected last month.
The chief demand now is fer income prop
critics. Pacific Heights lots, with fine views
of the bay, are still advancing in value.
During the past two weeks about S4,000,-
600 in gold have been paid into the United
States Sub-Treasury here, and paid out again
by telegraphic order from the Treasury in
New York, to relieve the monetary famine
there. This money is still in San Francisco,
but it might as well be in New York or
London, for it is as effectualy locked up as
if it had actually been transported across
the continent or ocean. This withdrawal OF
such large sum of money from city of
100000 people has created no famine. 1t has
frightened the market only, and no more. 1t
has especially done so in view of the fact
that the melancholy month of December is
upon us, in which taxes have to be paid or
delinquency and per cent penalty incurred.
These events have blown to the winds the
hope of reduction Of the rate of interest at
two of our largest savings banks, which
was impending one month age. Tney had
granted some choice loans at 61s per cent,
and it was likely that enc of them would go
back to per cent again, but they are now
all firm as a rock at the per cent rate. The
total number of mortgages recorded last
month was 294, of the total value of S1,161,-
S21 The releases of mortgages amounted to
IFS, of the total value of $500, 800. The net
increase of real estate debt in November
was but $780, only.
DRAINING THE CITY OF MONEY FOR TANEs.
Taxes for city and State purposes will
have drawn from this city, between the
third Monday of October and the third
Monday of December, S4,6l6262, if there
are no deinQuentS, which, of course, there
will be. But allowing for them it is safe 10
say that still nearly $4,000 COO will be gath
cred in from city real estate owners by the
third Monday of December. OF the total
amount due of S4,616, 262, the city is entitled
to S3106,o62 and the State TO S1,510, 200.
This is fearful sum of money to be taken
from the city, this year above all others,
for some four millions have already been,
taken out of circulation within a month.
paid into the Sub-Treasury here and paid
though this money is still here. it might
almost as well be in Africa, for it
is locked up and cannot be touched.
There is always some lively work
in San Francisco to meet the insatiate Tax
Collectors demands, but this year Will be
the most severe. And some future remedy
must at once be applied. This can be done
| by allowing taxpayers TO pay their taxes
any time mp to the first of the following
| July, the city charging them not to exceed
- ghr nfny
mtnt is made. No delinquent tax list must
| be published until after the list of July.
| THIS last is important, for If delin-
| Quent list were to be issued at the old
| date, in March. the majority oil prop
| erty-Owners would pay up at any sacrifice
| rather then have their names appear in 1t.
| This relief for taxpayers and the city must
! be made at the next meeting of the Legs-
| lature in January.
REPRESENTATIVE SALES.
The old Academy~of Music property on
north side of Pine, II Is feet east OF Mont
| gomery 81 feet front by 81 IS and So in depth,
| is reported scld for Sl95,O00; not yet OF rec
| ord.
| The property occupied by Wells Fargo s.
| Co.'S Bank on the northeast corner of San
| some and California streets, has been sold
for S25O,O0O. The lot has a frontage of as
feet ON California street by depth Of 90
feet on Sanscme. This property was sold
before, in October. 1872, for the same price
| to the National Gold Bank and Trust Com
pany, and was again sold in May, 1876, by
that company to Thomas H. Williams for
! S2S7, $40. The rents then were $3.50
month They are now about $1,000. The
building was erected by The late Isaac Fried
| lander and cost $4,000. The vacant lot
was sold in August, 1868, for $4,000.
a large tract of land, containing about 800
| lots between the west end OF Lone Mount
ain Cemetery and First avenue, California
| street and a point about 1000 feet north OF
| the Cliff House road, was lately sold. The
| price paid to the four sellers was $4,000,
| of which the cemetery company was paid
| $4,000, Il. b. Valentine $4,000, Maliy
! daily papers reported the price to be
S.. 0OO, 900 and another placed it at $500, 900.
| This transaction was biade TO appear 10 De
| an era in San Francisco real estate. We
| have so often referred to the daily papers
| and senSatioDalsm in real estate that we
need not here again refer to the subject.
! The vacant lot northeast corner Washing
ton and Buchanan, 81 Is on Washington by
| 1O7 IS. has been sold for S14, 600; sold pre-
viously-abont eighteen months ago-for
| $4,000.
The vacant lot northeast corner Jackson
and L.aguna, so on jackson by 1877 IS ON
| Laguna, has been sold Tor SIS, 000-S350 per
| front foot This land was sold before, in
April. 1889. for &25.500.
The property on east side of Castro, 1856
south OF TWenty-thrd 25x105 in size. has
| been sold for $500; not yet of record.
The property southwest corner of Fill
more and Greenwich, So on Fillmore by 100
on Greenwich, has been sold for $1,000.
The vacant lot Oh the south side of the
| Cliff House road, II IS east Of Ferrie street,
81 :6x125 in size. has been sold for $1,000;
| price put in deed, $40.
The property on the south side of Pacific
! avenue, 155 east of Webster street. 30x117 in
| size, has been sold for $1,000; not yet of
| record.
The ffty-vara lot on the southwest corner
| of Golden Gate avenue and Steiner street.,
| has been sold for $50, 100; not yet of record.
| The middle filty-vara lot on the north side
| of Union street. between Scott and Devisa-
dero, has been sold for Loo; not yet Of
record.
The property ON the west side of Valencia.
street, 1866 north of Twentieth, 25xl00 in
size, has been sold for $3.50; not yet of
record.
The property on the south side of Pine
street. 1886 west OF Laguna, 36.6x137 6, has