Los Angeles herald., 1891-08-20
Real Estate in a Very Healthy
Condition.
Some Facts Which Indicate a
Lively Demand.
Recent Purchases and Talks With
Dealers and Buyers.
Investors Looking Up Good Buys-Mr
Stimson's Purchases-He Expresses
His Opinions-Other Recent
Transactions.

On the rise, and all indications point to
4 lively year. Several large deals have |
already been consummated, and others
now under way prove conclusively that
the community is in remarkably
healty condition, and that good business
and residence property is in demand at
fair prices.
Moneyed men who have located here
within the past few months are conf
dent of the city's growth, and are buy
ing on all sides to such an extent that
well located property is held at higher
figures than for several years past.
One of the newcomers is Mr.. T. d.
Stimson, retired lumber merchant OF
Chicago, whose wealth reaches up in
the millions. Mr.. Stimson has decided
to locate here, and is now building a
magnificent residence on Figueroa street.
A reporter of the HERALD called upon
Mr.. Stimson yesterday afternoon to Sc
cure some information about his re-
ported purchases in the city.
Eyes, l have acquired some property
since coming here" remarked the gen
llCludhs LAC OllCU OlOCh,
fronts on Spring street and has depth
5000 in April last. I bought the
Third, from Mr.. George R. Shatto, for
$55, 1000. This block has frontage of
55 feet and is 100 feet in depth. The
other day L secured twenty-five feet on
Spring street, next the Kiefer property,
80 eDO 0On ;,,o1,,J;ro, bo h,,iJJ;pn
Il am now negotiating for lot at
Fourth and Broadway, also for the
Brodie property, which fronts go feet on
Spring and 80 feet adjoining, the Perret
block which is now owned by John
three pieces should the prices be salts
factorily arranged.
'There is no doubt but what Los An
geles has good future before it. Busi-
ness is in healthy state; in fact better
tions in the markets there at tie pres
ent time is detrimental to business.
Gone thing, though, which is bad
thing for this city, is the wild excite.
ment of real estate men. Why, when
purchased the Oneida and Perret blocks
my agents were harrassed by innumer-
able parties who had property to sell.
You had better take it off my hands,
they would exclaim, for in few days
yon can't get it at the figure now hold
it, never was in such 3 community
before. Every man who has property
thinks the city is on the eve of an era of
the same wildcat speculation prevalent
here four years ago. They still have
the wings of the boom and flap them on
the slightest provocation.
Property here is good. There is moth
ity, and that fact should be borne in
mind by those persons who own Main
street property. The men who hold
''boom' prices. They do not seem to
realize that their property should not
bring more than 33 per cent. of the
so-called boom. And this fact accounts
for the lack of purchasers on that street.
1t is not because the property is not de-
sirable that someone does not buy and
build over there. Those who would buy
at reasonable figure are driven to
other quarters of the city by reason of
the prices demanded"
''Is there anything in the report that
you have in contemplation the erection
of hotel on the Broadway lot, should
you acquire it?" asked the reporter.
Il can't say what l might do. The
land is not mine, as yet, and make it
a point to say nothing about the fu-
ture."
"It has been reported that you are
anxious to purchase the Hellman prop
erty also?"
10 %InA !
l think nothing should be said about it.
AS l said before, the people here are
ready to boom things to the top notch,
and you know l might want to make
some additional purchases. Good day"
The reporter learned from another
source that the Kiefer property, which
is unimproved, is held at $4,000. The
Brodie property spoken of by Mr.. Slim
son, is next to Turnverein hall, and has
a frontage of go feet. 1t is held at $400
per front foot, and report has it that
twenty-five years ago it was purchased
for $1,000.
Mr.. A. w. Francisco was next called
on. "There is quite an inquiry for bust
ness property, now. As compared with
this time last year the outlook is much
better. There is more vitality in real
cebdIC bIdu lOI CWO VI bllIct y6dTS. i
don't think there is anything like
boom. Sales are based on values, and
many are buying to build. A very large
demand exists for places for little homes,
and there is good disposition all
around"
T. E. Rowan-Los Angeles was never
in a healthier condition than today.
Ahere is very marked increase in the
demand for property. Main street prop
erty is particularly lively, and residence
property in the southwestern section of
the city is eagerly sought for. Mr.. Slim
son has created great deal of conf
dence by his large purchases. He has
been here about three months, and after
thoroughly studying the situation has,
it is reported, decided to invest about
million dollars in this city. Never since
l have been here has general business
looked SO well. l have not known it to
be in healthier condition in thirty
years.
In addition to Mr.. Stimson's pur-
chases noted above may be mentioned
the following transactions:
The Corfu block, on Spring street be-
tween First and Second streets, was
sold by Earl B. Millar a short time ago
for 500, 1000, San Francisco parties being
the purchasers. The property has a
frontage of forty-fve feet.
Mr.. Cook, of the Temescal rancho,
Ventura county, bought lot at the
~,orfb ooot oorpnr of Iox,e oxJ E,v,, orro