The morning call., 1891-12-29
MAGEE'S CIRCULAR. ,
A Review of the Real Estate Mar.
ket for the Year 1891.
The Volume of Business Transacted-Feature
OF the Market in Different Districts.
Amount Of Undergraduates Rate

gees editorShip. The record herein given is
only made up to December 9th, but the four
days yet to come will not change the totals
much. In the year 1890 there were $3.50 city
real estate sales made, of the total value of
$50, 545. 8S7. and 6614 sales in 1891 of the total
value Of S27, 269, $50. The number of sales
last year was kept up by the Increased num-
Der of sales of small outside lots, amount
ing to $500 to $500 each. The reduction in
value OF the sales of last year, amounting
to ,005 was due TO the reduction in the
number Of sales in the most valuable sec
tons of the city. There was a reduction,
for instance, of 81 in the number OF sales in
the ffty-yaras section of the city, and
OF S1,62l, $50 in their value; of Sc
in the number of sales in the hundred varas
aud OF 81, S19 232 in their value; eff 2S in the
city slip and water lots, and OF Sl,553,43S in
their value; while the reduction of sales in
1871 from those of 1890 in the Western ADJ
dltlon amounted to 59S in number and TO
S2,6l0,OG0 in value.
The reduction in the number and value of
the sales began in May. The sales for the
first four months of the year promised that
1891 would on the whole be year of greater
activity than 1890.
Nevertheless, although this promise was
net finally realized, the market since has by
no means been a duh or inactive
one. Prices Of good business property
have nowhere been reduced, and the
demand, especially for good retail business
properties worth 100000 10 S70,0 900, was dur
ing he whole year always far ahead OF the sup
My. The sales of 1891 would at least have been
equal 10 those OF 1890 had there been enough
rrtah business property for sale 10 supply the
demand
WHERE DEMAND sLACKENED.
The demand Tor medium residence property
westward, worth 500 TO Sl30 ner front foot,
was less in 1891 than IN 1890 but this reduc.
lion was more Than made up by the greatly
increased demand for good business property
paying an income. This change OF demand last
year indicated, as II always does. that the year
iS9l was much less speculative year than
1890. Oytr-sauguine SPECTATORS a wear ago
propheSird that the sales would run up from
$4,000 600 in 1890 to $4,000 900 in 1891.
But there has been reduction instead OF an ad.
vance IN The total sales.
WHAT REAL ESTATE SHOULD NOW BE AIDING
Now the avenues OF increase of real estate
values lie in the direction of increase of railroads
and of the reduction OF outrageously high freight
and passenger charges OF new lines OF Steam
ships to Europe and tile Atlantic S aIes, and of
Increase OF WORKSHOPS aud factories. Even OF
Such desirable aids to city growth ana real
estate values as fast and long lines OF iirstcass
cable railroads, we have full If not oyer-supply
The great need IS to keep our Inland railroad
and steam and sail commerce from being largely
stran5led by one oyerpOwering monopoly, which
has It's hands not only all overland but all
maritime lOu es as well determined, apparently,
that growth, except as that may be picayuDishly
possible nnder its freight tariffs, shall not be
allowed in any direction. The real estate inter
es OF This clay cannot flourish long as present
monopoly methods rule. Nothing Will tend to
greater increase OF sales and values than the
success of The present. movements of merchants
and shippers TO give us relief. Reai estate own
ers should subscribe most Literally toward all
wisely proposed land OF ocean opposition trans
pOltdtOn lines.
PROPOSED REVISION OF ASSESSMENTS
The present Assessor informs US that lie pro-
poses To revise assessments ali over The city.
This Work should have been done four or 1Ye
years ago. There is the greatest possible need
OF II now Some portions of tile city are assessed
at only one-thud OF real values. while other
portions are assessed at 60 10 20 per cent, and
Other portions at all or even more than all the
property Is worth. Revision, we trust, is not
to mean. what It has long meant In the
Assessors office that is, increase only. Our
past experience is that all cases 10 which the at
lenilon OF the Assessor was called Of property
being assessed too low were promptly attended
to ana lie assessment advanced, willie, on The
other hand, Oyer-asSessmentS, no matter how
pa!pable ana Outrageous, were not reduced. We
hete suggest what we mink Is by lar tie best
general system OF assessment that the Assessor
can adopt Let him look 10 rents as his basis OF as
SeSSment, because they are the real fOundatiOnof
values, as We all knOw. Let SIX weeks of the
gtoss annual rents be the rule i'll the best bust
he>s dtsiitois oi the city, where comparatively
maximum values have been reached, and seven
weeks 10 two months Of the gross annual rents
be the rule for business properties on the out
skirts where owners are not SO much looking to
present rents as TO future increase of values. AS
II Is now, Matket-slreet property, between the
bay aud Fourth street, IN many cases pays
three months OF the gross annual rents in taxes,
While streets like fitst, Fremont, BeaIe, etc,
between Narket and Mission, pay only four or
i've weeks OF the gross annual Income, and prop
ertles north OF and near TO Market Two months.
Few things at present will have better effect
on real-estate market. that Is by no means
rushing one, than equalization Of Teal-estate as
sessments.
THE MARKET IN DIFFERENT DISTRICTS.
No great change has characterized the dis ;rict
below Market and BET ween First ana Ninth dur.
Ing the past year. Prices there have not ad-
yauced much, except IN few Instances on
Howard street. Property further down, at
I'D faSun itTat,
Retail property north OF Market street, from two
TO four blocks from that thorOughfare, between
Suffer and say Golden Gate, has all gone up in
value during the past year, the advance in some
cases being very heavy. Van Ness avenue, from
Market TO Clay, all advanced some in 1891, but
owners generally have been so far in advance OF
the market that few sales were made. Property
along the North Beach waterfront from, say,
Union and Front round 20 about Mason and
North Point has also advanced, under increased
d maud for lumber, storage, warehouse aud
factory use. The Bedtime Railroad has aided
and Sixteenth, The three best business
streets OF the Mission, were in more
active demand and more lively in price
at the opening than at the close of 1891. Resi-
dence land at the Mission, the best of 1t on such
streets as Howard, Guerrero, Dolores, Liberty,
etc. has held It's own, but there has been no
particular advance. Portions of the Potrero
above Mission Bay have been very active. Much
needed and heavy street work has been done
there aud al least hfly new OnestOIy Cottages and
two-stOry honest eads have been erected The
demand Tor lots betw Ell say McAlliSter, Wal
1
or three years There was a perfect rush OF sales,
has decidedly slackened. Prices at best are
but stationary there. In some cases fall OF 10
10 20 per cent has occurred. In the district be-
tween Tie Clihh road and the Government
reserve and say First and Twentieth avenues
the demand is still good. Lands south of the
park are not IN such demand. Lots In the region
between Central and First avenues Sacramento
to jackson Streets have advanced some.
THE OUTLOOK FOR 1892.
The present prospect is that good retail bust
HTDlHItX advance nrl
IN 1892, ana that there will this year as last be
more buyers than sellers. Prospective business
property is not likely to he in such good demand
rs was In 1890, and the opening portion OF 1891.
ii Is now harder to rent and rents are rather
lower, and as buyers now are looking for good
rents above everything else, what does not rent
well is for The present at least likely not TO be in
much stronger favor. Rents of dwelIing-hOuse
property and flats are decidedly lower. This Is
due 10 temporary over building. aud Is not likely
to last loug. The general outlook for city real
estate is fair. The city is in very healthy
great increase OF mortgages.
TRANSFERS PROPOSED.
The Market-stIeet Railroad Company has pro-
posed To lhe Powell and Jack son Streets Cable
Company transfer system between the two
lines. The company already makes one transfer
the Powell TO the Fifth and the Fifth to the
Powell street line. Under this new arrange
ment Market-sltect passengers coming in or
gong out could transfer at Powell street and 90
anywhere on the Poweli-street system either 10
Noith Beach or out by way OF Sacramento or
jackson streets to Central aver nue., while, on the
other hand. passengers coming down Powell to
Market street could there transfer on any car OF
the Market street system. either down Market
street TO The ferries or out Market street by the
McAlllster, HAYES, uaight, Castro or Valencia
street lines. This transfer system will not APP
ply 10 the Geary- street line. This arrangement
Will be great accommodation TO the public, aud
practically reduces fares from 10 . y cents. To
ride from Valencia and Twenty eighth streets 10
jackson aud Central avenue or from Taylor and
Bay streets to The end OF Valencia, Castro,
Haght or McAlster street, for one fare, is GER
talnly cheap riding.
THE MORTGAGES.
That 1891 was IA prosperous year In real es-
tate and that owners were not exceptionally
hard up is shown by the mortgages executed
thereon In 1891. -Four thousand SIX hundred
ana seventy zone city real estate mortgages were
recorded IN 1890, amounting 10 $50, 1864 4S.
Tie mortgages recorded IN 1891 were almost
exactly the same, their number being 1914, but