Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-20
BIG PRICES FOR LAND.
Real Estate Values Near Highland
Park Take a Sudden Jump.
CHIEF BIGELOW TAKES A STAND.
Property to Be Condemned for the Site Of
Q New Reservoir.
THE EFFECT OF ACTIVE COMPETITION

hcdl CeedtC VALUES III eAO NAoAhAsf va
Highland Park have taken tremendous
jump within the past few weeks, and prop
erty that was in February drug on the
market at from 81, 900 to $4,000 an acre is
eagerly sought after at more than double
those prices. A reference to the w. T.
Shannon tract, purchased by William How
ley two weeks ago, is an illustration, though
there have been q number of others within
the past four or five days equally pertinent
The Shannon property was on the market,
it is said, within year and half for less
than s., 900 an acre, and sold for Sc, 100 to
Howley. Yesterday an attempt to buy a
not as good property, was made, but failed
because the owner insisted on Sc, 900 an acre.
This rapid rise in values is the result of
the city's desire to buy track of land for
an addition to her Highland reservoir
property. The appropriation ordinance pro-
vided for the purchase, but it did not be-
come known until two or three weeks after
that Chief Bigelow had not already secured
the ground in his own name or by an option.
Gobbled Up by Spectators.
As soon as it did become known there
NdS QulCt Uub SuSlSSbiS A1SfSeAiShs o-1oAS
speculators, which, within a week, has de-
veloped into wild scramble. As result
there is not an available acre around the
park which has not either changed hands or
been tied up by spectators at greatly en-
HANGED prices, and the Chief finds himself
checkmated unless he either pays the in
creased price or, as the law allows, goes into
court has the property he wants con-
demned and its value fixed by board of
disinterested appraisers whom the court
may name The Chief says he will adopt
the latter course to prevent the spectators
from squeezing the city. He has selected
the property he wants for the new reservoir
and will commence the condemnation pro-
ceeedings soon. While talking of the mat
ter the Chief explained himself in regard to
a publication yesterday in which 1T was IN
timated that he had an understanding with
Howley by which the city was to buy the
Shannon property from Howley at an in
creased price. Said he:
have no thought of buying that prop
erty or any part of it from Mr.. Howley. The
fact is 1 was trying to secure the property
when Howley stepped in and bought 1t: l
see that Mr.. Shannon denies that talked to
him of buying the property. You can state
for me that called at Mr.. Shannon's store
on the day the deal with Howlev was closed
and talked about the property, Mr.. Shannon
assuring me that our arrangements were all
right.
The Chiefs Bid Didn't Go. i
have since learned that the deal with |
Howley had been fixed up that day, and Mr.. |
Shannon never intimated to me that such |
was the case, and 1 left him thinking the |
figure had offered was satisfactory The |
property fronts on several good streets, and |
is an excellent piece for the money paid, |
though it is more than offered. The price |
approximates $el per front. foot and it is
very low for property in that part of the |
city.
city in all real estate transactions 1 have
ground 1 have bought for Highland Park. |
Compare present prices with these: The Is
acres bought from Sellers Mckee cost the
city $1,000 an acre: 10 acres from Weber
estate, ST, 900 an acre; IL acres from Hogan
estate, 81 COO an acre; 10 acres from Marvin
Seattle, $500 for all; Is acres from W. A.
Hoeveler, 81, 600; acres from Stella Kennedy
$40, 600; acres from {. B. Seeley, 81, 900 an
acre. / have been figuring for two years to
get the 3O-acre tract from the Peoples
Savings Bank, and have it for So 900 an acre.
All this was turned into the city without
cent of profit or commission to anyone. 1t
was bought direct from the owners and on
part of it could have cleared 100000 for
myself without a bit of trouble by selling it
to other people. But guess / will have to
stop buying out there now except for the
reservoir, which must be bought.
Controller Morrow and others have been
crying to wait awhile before buying park
property. You can see what would have
been the result had followed their advice. |
We would have very little park ground
and would pay ten times as much money
for what we would buy. The Controller, by |
the way, knows very little about values out |
there. for he has only visited the parks |
once since they were created.
Mr.. Howley says he bought the Shannon
property because it was cheap. He SAYS
the howl is caused by small real estate
dealers.