The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-09-02
AFTERNooN sEssIoN.
Thomas Magee, the well-Kno own Real
Estate Man, Placed ON the Stand.

Thomas Magee, the well-Known Real
Estate Man, Placed On the stand.
SACRAMENTO, Sept. AL the afternoon
was consumed by the State board in hear
ing the application Of San Francisco for a.
reduction Of its assessment-r9ll. = =:
most important witness called on be-
half Of the city was Thomas Magee. the
welLknown real-estate agent. Mr.. Magee
has been employed by the. Finance. Com
mitiee Of the Supervisors TO compile lot OF
data in MS office and such as could be OBJ
tanned elsewhere, showing the affect OF the
pre- sent depression IN real values In San
Francisco and how they have affected the
assessment, -" -.
Preliminary to Magee's statement the
board discussed the Spring Valley assess
meut il Alameda aud the valuation Of the
Southern Pacific steamers plying between
San Francisco and Oakland.
/ 1t seemed that only hall the steamers are
assessed in Alameda, the handler being
taxed In San Francisco. Expert Hoesch
had remarked that the valuation. $50. $50,
was very low. -.
Assessor Ecke of Alameda, WHO happened
| to he present, explained the Spring Valley
assessment. The property they ask Sc 000,-
! coo for comprises all their water rights,
! which is all they claim to own. There are
| 800 suits involving them now pending. The
| property could not Justly be valued ait any
| such figure. The waterfront property is
owned by six or seven corporations, and
Hoescb, be said, had not obtained all the
| assessments.
Mr.. Magee then took the stand. He be-
|. gan by quoting the. as sessment ON the
+ Blythe estate The land is assessed for
| 81, 81, S3j, mprOvements 100000 the rents
amount to So, $50 per month and the taxes to
| So, 800 year, One-siXth of the income. The
| title is now mixed up. but.with clear title
ii is not worth a million more than these
IA al nj 44Waa So
value and is the choicest piece of real estate
III San Francisco -
The Belden building, at Market and Sec
ond Streets assessed at $751;, SOC, improve
| ments S36, 500. cannot be sold lat $3.50, CO.,
Three months of the income is required 10
| pay the taxes and expenses. -.
| He gave other Instances, and in each case
| declared that Market-street wholesale prop
:erty pays three months Of its income in
| taxes generally, and In no case Will 1t sell
/ for the prices il has formerly brought. The
|: Coleman property at Davis, Market; and
/ California fifteen years ago sold for S650.000.
and the taxes last year amounted TO $1,000
| This property will not to-day sell for
SG50,000.
He cited the property of D. J. Oliver, sold
| with the furniture. for SIS, 900, assessed at
l. 500 295 "A 5O-vafa lot at Polk and Broad
way sold for S24, 500 and. is assessed for
/ SO, 800. A lot on Valencia street, near
| Twenty-first, sold to an adjoining owner for
| Sl1 400 and Is assessed for 1920; this lot
| could not have been sold TO the general pub
/ lie, but was purchased by an adjoining
| owner to enlarge his lot a year ago $4,000
was asked for IT,
Mr. Magee gave lot on California street
i Linear Ninth avenue. assessed last year at
5000 and this at $4,000. This he charac-
| teriZed as choking the property to DEATH
He said he had himself purchased a piece
/ on Point LoDOs avenue within the past year,
paying $4,000. IL is assessed for $3.50.
and to-dayIt would not sell for S12, GOO, and
| is falling rapidly. None OF this property
now has any fixed value, and the prevailing
depression may carry tout of sight. There
| is no sale at all for this property now.
! From the outside lands Magee turned to
] south of Market street land. He gave several
| instances ON Harrison street where property
lis assessed at above rs and so per cent. At
| Fifth and Harrison streets he bought few
/ months ago. piece for S12,925; expended
49, 100 He had offered it for $4,000. and
would have been glad to get ii. 1t is
assessed at S9220.
Swan asked Magee lift was not fact that
many persons who had purchased boom
property in San Francisco had forfeited
| their contracts.
Magee said that such was the fact, and
not only this, but he had publicly adj
vised buyers in the Real Estate Circular 10
forfeit their contracts where they have
/ paid as much as 80 per cent.
He related case. which was suhstan-
tiated by Mayor Sanderson. where man
had paid $3.50 for lot in the sand
bills and consented to put Sl100 in the deed.
| This showed how q fictitious value was
established by boomers in certain locali-
ties. He was opposed to booms and thou ght
they injured business as well as the real
1 estate market.
/ He gave another case where young man
mad given S22. 800 for the two blocks south
of the park. He paid $4,000 down. the de-
preston came, and desiring to get out of his
| bargain he offered to throw up his contract
| ana take $1,000. The blocks are worth
about $500 apiece.
!. Deputy Assessor Briggs said this was ex-
aetly what they are assessed for.
/ Mr.. Magee next devoted his attention to
sales as indicating the depression. For the
first six months of 1891 the total sales were
| SIS, 000, 600, and the second six months Sill
100000; first six months of 1892. S9.35a. 600.
This shows falling off Of S6,000000 in
| one year.
| In considering the equalization OF San