The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-01-31
REAL ESTATE
IN JANUARY.
Extracts From Magee's Circular
Showing What Was Done.
Representative Sales - Amount Of Property
That Changed Hands and the Sum To
tai That Was Paid for It.

I Estate circular, published by Thomas
/ Magee, We make the following extracts
a fair business was done in real estate
last month The total number of sales was
431. Of the total value Of S1,544S20 The de-
mand for inside paying retail business
properties continues very good. There are
still three or four buyers for each seller.
We note a decided decline in the demand
for prospective business properties in all
directions. As a rule these properties pay
only to per cent per annum gross aud
The price asked for them is based, not on
what they are paying, but on their future
increase. But in the present dun state OF
the market for such properties, few buyers
will ray the prices asked, or allow the
future TO be nearly so ~ uch discounted on
them as sellers wish 10 90 be. The demand
for lots out between Central aud First
avenues and Sacramento and Pacific streets
is good, and good prices are being
paid, but boom rates have been
squeezed out Of prices out there a wear
ago agents wanted their boards up there,
no matter at " hat prices. They prosecuted
owner, 90 get their OTIS for sale, AMI Of
course n such cases the owner asks q rate
away above market value or what he him
self really thinks the property worth
Reasonable rates are now bringing out
buyers. The market generally is ln a better
state; inquiry has tTebled since the very
dull month Of December. There is, how
ever, no rush for real estate In any quarter.
IL prices just now favor either SIDE % IS the
buyer who has the CALI The sale II out
side Mission lots worth $500 o. $500 now
leads the market IN point OF number. small
Outs de- land sales, % is true, are SUI larger
but 900 two eases Of three the deeds recorded
10 these outside land lots are only Che clos
Ing up Of credit sales made enc or Two years
ago.
REPRESENTATIVE SALES.
Tie property north side Of West Park
street 30 west Of Mission, -jXl01 IN size,
has been sold for $1,000 not yet Of record.
HE pr perry northwest side %! jessie
street 8 % northeast Of Fourth, 3jXsO IN
size, las been sold for S1-J0 price put IA
deed SO.
The property southeast side Of Stevenson
street, 45j southwest of Third, 4QA7O Ia SIZE,
has been sold for $1,000.
Tie property southwest corner OF Fill
more and Greenwich streets, -3Al-O ~ size,
has been sold for $500
Tie property ON The west side of Fillmore
street, - feet south Of Greenwich, -3tlOO IN
size, has been sold for $3.50
lie Vrol eIty on the south side oi Geary
street 80 feet west Of Dupont, 3):bNl3I IS
and an J. iu rear 81 .6N-2, las been sold for
about $4,000. The lot has a rear front Of
- % feet on Bagley place. This sale WAS
/ quoted by several daily papers as having
/ been made AZ nearly 100000, thus dcctIyils
| al owners in the vicinity
The property west side Park road, 3s7.6
north OF Frederick street. 31XlsO and 200
/ deep, has been sold for $3.50; Lot YET Of
/ record.
! The property on the south side Of the Cliff
| House road or Point LobOs avenue, from
/ Eighteenth to Nineteenth avenues, has been
/ sold for $4,000. This parcel Of land is %
/ be cut up aud sold IN lots TO SUIT buyers and
| on easy terms. Size 240X22j.
! The properly en- the south side OF S1cra-
/ meutO, 81 IS east Of Locust, 50xlO0 IN size,
/ has been sold for 5000; not yet Of record.
| The property on northwest corner OF Ills
/ and LaIk!n streets, 90 on LaTkIn by 20 on
] Ellis, has been sold; not yet OF record
| The property on north side Of OFdTreu
| street. 1916 east Of Webster, y 6Nl51 :6 in
! size, has been sold for S41O0; not yet Of
! record.
The property on north side Of Lake street,
| 1916 east Of Nineteenth avenue, 1gJxItO IN
| size, has been sold for 5000.
TIE FELL-sTEEET SEWER.
! One OF the largest sewers ever built in
! this city is now being laid in Fell street 1t
| runs from the corner Of Fell and Cole
| streets, down Fell to Scott, thepce TO Wal
| Ter, Thirteenth, Fourteenth and the Chan
| nel-street main. 1t will cost about $4,000.
SAVINGS BANK DEPOSITS.
The deposits in our savings banks in
| creased $4,000 coo in 1891 4 few years ago,
/ increase u savings bank deposits came
nearly wholly from tie small savings Of
! mechanics, laboTers, clerks and female ser
/ wants. But this is no longer the case. Dur
| ing The past two years especially great
! change has occurred in this matter The
| majority Of our savings banks during
| that time have paid interest at the high rate
| Of 5.4l per cent net to term depGsitOrS. The
! result has been that many mOneyed people
/ have deposited sums ranging from $4,000
to 100000 with those banks. The city Is
! thus kept back by the laZiness and lack OF
/ enterprise OF such capitalists who prefer
/ to have their money safely out of their hands
/ than take any risk by investing II them
! selves. The difficulty for two years Of buy
| ing inside paying real estate because Of the
small number Of sellers has tended 10 keep
! much Of this money out of city property.
! The result has been an unusual increase in
/ the money Of men Of means In our savings
! banks, tempted by the high net rate of in
! teTest they pay. The banks which pay this
| rate could not afford to pay it but for the
! fact that they have some SIS, 100000 let out
| on farming and grazing lands. on which
| loans the farmers are paying per cent per
| annum, and this, too, Is a lower rate by
/ per cent than the farmer formerly could
secure. 1t Is sull higher rate,
| however. now than average farming
| lands can afford to pay We there
| fore wish that the farmer could borrow at
/ instead OF per cent and that drp0stOrs
/ here were paid only Az instead Of nearly
| 5a per cent The interior producer would
! then have that much better chance TO live
| and make r profit, and the savings banks
! would not be encouraging, as they do now,
| laZineSs and want OF enterprise. They
would Thea have less money of men Of
means, and this money would 90 iuto the
many outlets Offering for developing the
productive resources OF the city and State.
Our savings banks are and have been one Of
the greatest possible blessings TO the city and
State. By atfOrding to the savings OF men aud
women Of small means safe place of deposit
with the certainty that they would be con-
SerYatIvely loaned, and would thereby earn
only a fair dividend But when people of
means begin to deposit their tens or hun
dreds of thousands in these banks, they are
making use of them that was not contem-
plated when they were originally founded.
Enterprise and development must both Ian
GuiSh, as they are now doing. If the rich
continue to be large patrons OF these banks.
The Hiberna Bank will not receive from
one depOsitor over $1,000. This is n good
rule, and we wish ii was adopted by all OF
our large savings banks.
There is a slight tendency to a reduction
of the rate of interest. The tendency has
not yet resulted in any actual reaction, al
though there is some hope that il viii 40 so.
The mortgages of January were 800 in num-
Der and had a value OF S9SS, Ola. while the
releases numbered 23S and had a total value
of $740,jJ
BUILDING OPERATIONS,
Nearly all of the cities in the United
States show heavy decrease in real estate
and building operations during 1891. The
following table gives the amount expended
in new buildings in a number Of important
cities during the VaSt two years ana their
population according to the last census:
FG 5Ion. 1891. 1890