Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-13
NO BAR TO PROGRESS.
The Failure to Sell the Government
Property Not a Disaster.
TOO MANY CONDITIONS ATTACHED
To the Last Terms Proposed by the
Federal Authorities.
SHOULD BE DIVIDED INTO SECTIONS

Since the failure to get purchaser fol
the Government property on Penn avenue,
at the third offering the other day, there has
been considerable speculation as to the
effect it will produce on lower Penn avenue
property Many seem to think the reason
for the failure was that the demand fol
property in that locality has fallen off, not
withstanding the improvement in the real
estate business generally. But inquiry
among real estate brokers shows a totally
different situation, both as to cause and
effect. In fact one prominent real estate
man says values on that part of the street
have advanced within 30 days and he looks
for future advance during the next few
months when the erection of number of
handsome business blocks, already con-
tracted for, shall be commenced.
When John Heron, of w. A. Heron &
Sons, was spoken to about the Government
property he said: ''The Government prop
erty would be no criterion to Judge Penn
avenue realty by, even if it had been sold
at the figure offered by Mr.. Rowand few
weeks ago. s250,00O That no bid was
offered on Friday anywhere near that sum
does not indicate there is no one wanting
Penn avenue property.
Too Many Conditions Imposed.
awe have had offers for lot fronting 25
feet on Penn avenue near this particular
piece within short time for even better
figure, although it is not much over third
as deep and has no outlet at the rear. The
reason for the failure to get purchaser for
the Government property Is that it
is tied up in too many conditions.
First, it must be sold for cash.
There are very few men. in this
or any other city who can lay down $780,
900 in cash as an investment in property,
and the few who can are not the class who
make such purchases. Second, the property
is too large for any one branch of business
Purchasers could readily be found for the
Penn avenue front of the property and at
almost as good figure as S25O,000 but it
would be necessary to cut it mp into small
lots. Ii the portion extending from Fayette
street to the river could be sold separately I
have no doubt it could be sold within 60
days for manufacturing site.
'But such purchaser would have no use
for the valuable frontage, and would have
to take chances on getting rid of that to get
his money out of it. The third reason is
the uncertainty of the highest bidder get
ting the property The Government
officials have said they would consider no
bid under $3.50, 900, but there was no assur-
ance that such an offer would be accepted,
and l know several parties who did not
attend the sale because they feared that
even if they made bona fide offer there
world be some sort of a juggle with the
Government officials by which the sale
would be prevented. L have no doubt that
if the property were placed in the hands of
an agent to sell at $3.50, 900 he could dispose
of it at private sale within 80 days, and the
purchaser could make from $50, 900 to $780,
QUO out of it with very little trouble"
Could Be Sold for More
D. P. Black, of Black & Baird, expresse
similar views II was consulted, he said
'tand fixed the value of the property at
$3.50, ,ooO, before the first attempt to sell, and
though that is fair price under the handi-
capped condition of sale, the property
W ould easily bring more if divided up and
sold at private sale The effect on neigh
boring property will be rather stimulative
than otherwise, and look for an increase
in value all along lower Penn avenue. It's
hard to sell a man 80 feet frontage when he
pnly wants %, and there are few who want
more. The government property will be
hard to sell for the same reason that the
Christ Church and the Birthstone corner
church properties are. The owners won't
sell less than the whole piece.
''It's not long since we could have sold
Is feet of the Christ Church property for
more than the owners ask, and they
ire asking somewhat more than $1,000
/ front foot, but they declined to sell less
han the whole. The Birthstone corner
at Seventh avenue and Smith
ield street, is held at $4,000 front foot,
,ut no one wants so feet at that price, and,
hough it could be sold with comparative
Ease in separate lots, the owners refuse to
any such proposition. 1 am
.fraid the Government will wait long time |
before they sell the Penn avenue property |
,nder the handicaps they have put on it.