The morning call., 1891-06-01
REAL ESTATE.
Credit Auction Sales Tniuring
Land Values.
The Errors Of the system-A Glutted Market
Improvement Clubs and the Dollar
Limit-Tax Titles


market in june last year; this year they
broke it in May, and this year they broke
prices with it. The block bounded by Fell,
Hayes and Lott streets and Masonic avenue
was last month thus sold. The lots on Fell
street facing the pan handle of the park
were sold for $500 to $500 each below pre-
viouS prices The seller of this block ana
the seller. IN Arrl, of the block between
Grove. Fulton. Baker and Lyon streets
made little or nothing by their purchases as
a whole and resale of these blocks at credit
auction. 1t is no wonder, either, that they
did not. When enc block sells then there is
a rush Of offerings and, of course. the mar
KIT is quickly glutted. Even the keenest
appetite cannot at once eat and digest more
than one meal at a time And the
real estate appetite is not here at
present a keen one, for the reason that
the market has been an active and
advancing one for some five years, when.
therefore, it is glutted by having block
after block forced upon it, prices must
break, and they have broken parkward,
where, because Of the existence of four
cable lines and the nearness Of the attrac-
tons of the park, they were least likely to
break. This fact must be remembered too,
that because of the present overbuilt con-
ditiOn of the city. the unusual number of
houses, especially fats, to let, and the down
ward tendency of rents, few buyers are now
likely TO buy lots for the erection of houses
10 LET on them. Buyers of vacant lots now
buy either for immediate or future personal
use, or in the hope Of future advance in
prices. Those, therefore, who now crowd
large parcels of land on the market only ex-
pose its weakness, and therefore not only
J 10 for no al h,t in,
jure by comparison land and prices in the
vicinity. The sop Of even a small amount
of money down viii not any longer entice
buyers. Real estate everywhere is perma-
uently injured by forcing the credit sales.
The day Of reckoning comes, and then all
the eXaggerations and false promises made
GENE out into garing prominence in the
embitteTed minds of the victims Those
who are in the real estate business to stay
and make legitimate profits and to do what
Is tair to buyer and seller alike, will inevi-
tably find that CroWding and pushing the
market, though it may pay at the moment,
is net IN the end profitable policy, and
does not establish a reputation for either
far-siShtedness or fair dealing On a very
lively real estate market no one would listen
to words like these, but at present they are
in order and win be p0ndered. We dare
hardly hope for permanent good, however,
for speculative gambling by oYerbuying
with small amounts Of money up, is a char
acteTisiic Of this Coast that it viii be hard
to eradicate, and the abolition of which
would be Of vast benefit to US all, for all,
whether participants or not. are sufferers by
il. The value of the sales Of last month
was s., 81, against 1924, 798 in april.
AT OTHER PEOPLES Expense.
We see that a Portland band has resorted
TO the rural practice OF giving concert and
ball to raise money for buying uniforms
Whenever almost any sort OF an organza-
ton wants a thing nowadays, it wants some
body else to foot the bills This will 20
down in history as the age of passing the
hat-BangOr Commercial.
We are reminded by the above of our So
called Improvement clubs" which, orig
mating in q commendable spirit Of self-help
and self-expPndture, have at last fallen Uu-
der the control of schemers aud politicians :,
the first Of whom want TO have their prop
er5v improved at some one elses expense,
and he second 10 ride into office through
the votes of those they promise to benefit
TIE latest move Of these clubs was TO pass
resolution asking for an increase Of the 81
tax limit. These parties lay little taxes
themselves, and are willing 10 have that
little increased only because they have
far more than get even. They are advising
Supervisors, too, to disgrace themselves by
breaking their pledges, and that of itself Is
enough to show their moral calibeT. One
lawyer, unknown 10 the profession 50 far as
ability ana honesty are concerned, Is always
on hand at these Improvement cl ub meet
iugs. ana his acton is always based on
either getting an office or opening some
street or cutting down some grade, where,
for every dollar expended, he aims to paw
hUf tan f1r n
benefit derived he always aims to absorb
not only all Of the cream, but large part
Gf even the skim milk Of the profits also.
TIE improvement clubs have fallen into
Peter Funk and shyster leadership. They
are not wholly dead, but the OdUr Of decay
comes from them yet Let them Therefore
be put away and well covered up before
they grow even more offensive.
REPRESENTATIVE SALES.
TIE property on the southwest line Of
Sixth street, 10 feet northeast Of Brannan,
50x160, to rear street, has been sold for
Tie property on west side Of Montgom-
cry street 68 g feet south of Sacramento,
2JX137 6, and / IN rear on south 1OK43 10, has
been sold for 100000.
The property on the southeast corner Of
Potrero avenue and Yolo street, IS feet on
Pluero avenue. 200 feet on 1OlO street to
Utah. and IS feet on Utah, has been sold
for $500; not yet of record.
a
Sacramento and Cough streets has beeu
sold fol $4,000; size j5X125, ana extra Il In
rear.
The property on the northwest corner OF
Fillmore and Union streets, 81 g feet on
Fillmore by 100 on Union, has been sold for
$500; not yet Of record
The property, 25X1O0 in size, on the west
side OF Fillmore street, 81 % north OF Union,
has been sold for $3.50.
The property Cd the west side Of Fillmore
e feet Of m
size, has been sold for S2I60; not yet OF
record.
The fTty-vara on the southwest corner Of
Union and Scott streets has been sold for
SIS. 900; not yet of record.
The property on the east side of Calf0r-
MIA avenue, 225 north of Esmeralda, 50x140,
10 Lundy's lane in rear has been sold Tor
5000; not yet OF record. This land is close
10 Mission street.
The property on the north side of Union
street, u IS west Of Buchanan, 27:6X110 ia
size, has been sold fer $500; not yet OF rec
ord.
The property on Mission street. northeast
OF Seventh, 35XS5 in size, has been sold for
$4,000; not yet Of record.
The property on the east side of Howard
street, 260 south of Twenty-secOnd, 59x122:6
in size, has been sold for $4,000.
The property on the northwest corner of
Broadway and Cough street, 81 on Broad
way by 1l2 on Cough, has been sold for
Sic, 800; not vet Of record.
The property on the south side of Clay
street, 137 Is west Of Maple, 137 :6x127 3 in
size, has been sold for $3.50.
The property on the northwest side of
Brannan street, so northeast of Seventh,
50xS0 in size, has been sold for $3.50; not
yet # record.
The property on the east side of Castro
street, 1876 south of Tweuty-third, 5Ox1Oj in
size, has been sold for $500; not yet Of rec
ord.
The property on the northeast corner of
Buchanan and Hickory avenue, 25x5j in
SIZE has been sold for $3.50; not yet OF