The morning call., 1890-11-26
REAL ESTATE.
Wendell Easton on the Past and
Future of the Market.
Recent Important sales-0utsids Capital Being
Invested-MunicipalA fairs-A Repre-
sentative Sale-Notes.

HESS, lHE SAlJL real PSLdl0 q
gathered the following pertinent remarks on
the realty business for the past year and on
the outlook for the coming season:
with the approaching end Of the year
1890 one is inclined to make retrospect
with reference to the general character of
the real estate business for the past year in
order to form some idea as to the business
for the coming season. Real estate matters
generally have not been in a very clear con-
diticn during the past year, and no par
ticular section of the State or county nor
any special line of propositions has had
the call.
MARKED FEATURES FOR 1890.
II am inclined to the opinion that the most
marked feature during the past season is the
fact that q new element of purchasers, or
rather new line of capital, has developed
with reference to Investments in the city Of
San Francisco. An important purchaser
during the past year has been Senator James
G. Fair, who has not been a large holder OF
property up TO this present time, changing
his investments from other lines, turning
toward city property and taking up large
part of his investment in what was very
quiet section OF the city-north and east
NEWCOMERS TO THE CITY.
quite number of residence locations
have been purchased during the year by
wealthy people from the interior-bankerS
and successful farmers-who are gradually
turning toward the city as the most attract
i've point for their final investments.
Among the most important families who
have made the change are those of n. d.
Ride out of Marysvlle, Mr.. Jewett of the
same section of the country, John Boggs Of
Colusa, L Hellman Of Los Angeles and a
number of other families equally as well
known. There has also been strong
undercurrent of newcomers from the other
side of the continent, who are attracted to
San Francisco from an investment stand
point
RECENT IMPORTANT SALES.
''The recent purchase Of Mr.. Jordan of
Jordan, Marsh 65 c c. of Boston, and the i'm
portant purchase of strong syndicate from
Omaha, are most Signi tcaut facts that San
Francisco will make up TO strangers, par
ticulariy those accustomed to larger transac-
tioDS i'll financial affairs. In many Instances
in my travels up and down the Coast, from
San Diego to the most extreme north, to
Tacoma and Seattle, | have heard adverse
criticisms from time to time concerning San
Francisco, such criticisms being made by
people who have not even visited San Fran
cisco, simply being prejudiced upon hearsay.
have met many of the same people after
their visit to San Francisco and find their
ideas very much modified.
TRANSACTIONS FOR 1890.
1.-THE transactions during the past year
have been irregular and unsteady aud some
what Spasmodlc. owing directly to the fact
of the difference of opinions with reference
to values existing between the holders of
property and intending buyers. Several
times during the past year 1t has seemed i'm
minent that a marked reduction would have
to be made in property in order to facilitate
sales. Everything indicates now, however
that buyers will have TO modify their ideas
in other words they will have to raise their
ideas OF prices to meet the sellers VIEWS
LOCAL MONEY MATTERS.
sit is remarkable, notwithstanding the
financial crisis throughout almost the entire
world during the past thirty days, that
money matters should rest SO quietly in our
city. but the real fact is. to use common
expression, the community is full of money
The price of labor with great demand) has
been maintained. There has never been so
much building in the city of San Francisco
as during the past season and our people
generally save their earnings and have only
two avenues for investing, depositing in the
savings banks on call at a low rate of inter-
est or TO invest in zeal estate. The invest
mentS for the masses throughout the East
ern States are more in the way OF bonds
and mortgages, local securities, railroad
shares or mortgage bonds on Western farms
and in those lines OF securities that are very
materially affected by any revolutions that
may take place in the financial world, while
San Francisco seems particularly to be IN
most independent position in this respect.
We have our own investments near home
aud each depositor or landowner is a wage
Garner to a greater or lesser degree and TO
very great extent is the master of his own
finances.
OUR LANDS IN DEMAND.
The great movement in land that took
place in Southern California during the past
five years was the direct cause OF the influx
OF large number OF people from the East
ern seaboard, attracted in the first place by
low rate of fare to what had been TO them
for many years terra lncognlto' on this
extreme Western shore. These new pe0-
pie on arriving in California were en-
raptured with the beautiful territory open
to them. and comprehended, by a COMPARE
son with their own section of the country,
what grand field we had for Investment
based upon the earning capacity OF our land !;
while our local people stood and gaZed at
the people who were willing to pay ask ing
prices and permitted these newcomers to
realize large profits before the local people
became convinced that these people knew
more than we did concerning it.
MONEY DRIFTING THIS WAY.
81 am of the opinion that something of
this same element is now before us with
TeieIeICe 10 Dan IdllCiSCU pIUptIIS, anu IL
is quite likely that with the opening of
spring we will see continued line of in
vestments made by these newcomers, i'm
portant capitalists who understand the
value Of real estate holdings in the city of
San Francisco and estimate our lands at
their true worth l am inclined to the
opinion that all this new element turning in
our direction with the strong financial con-
dition Of the people generally throughout
the State, and IN addition to this the
specially strong inclination throughout the
interior of people who have accumuations
to invest in the great metropolis, that we
are quite likely to see strong market for
property.
PARK LANDS.
For the masses of people moderate-priced
property, of course, is their most natural in
yestment and while our inside property
will attract people who are DESTROYS of a
steady income, still strong speculative
element prevails with all classes of buyers.
To some people large piece of unoccupied
property adjacent to a great city is specially
very attractive, and L am OF the opinion that
our vacant land lying to the west OF the city,
on both sides Of the PARK, will be the prop
erty in great demand early next spring, and
this section Of the city VIII be the active
field for real estate for the next five years,
an investment which is apt to fluctuate more
or less, but will take continual and steady
increase In value. The present Board of
Supervisors are only too Jealous IN granting
franchises and many irregular transactions
will pass through, but several matters OF di-
rect interest to property will. no doubt be
granted by the board which will have direct
result on real estate.
MUNICIPAL AFFAIRS.
Zone important factor that is apt to have
some effect on real owners is the man
agement OF munich pal affairs. | am Inclined
to believe that restored confidence will ensue
with reference to our business affairs Of the
city, which will, think. have a good effect
on our people locally. We have certainly at
the head OF our government. in the person
OF Mr.. George SandersoD, leyel-headed
representative business man, with a clean
record and with matured experience in
business affairs, and eminently qualified as
the executive officer for the next two years.
think we may congratulate ourselves on