The morning call., 1893-01-01
PROPERTY VALUES.
4 Comprehensive Review
of the Year.
THE MONEY MARKET OUTLOOK.
While Dizziness Characterized the Past
Twelve Months, Some Indications
of Improvement Are Noted.

We quote the following from advance
proofs of Thomas Magee's Real Estate Cir
cular for the month of December:
The year 1892 was very dull one in real
estate. The total number Of sales made
was 1868, of the aggregate value of S20,5lS
Sos, against 6757 sales in 1891, of the value
So, 4S1, 135, and $3.50 sales in 1890, of the
total value OF S36, 545, SS7. OF course, where
there was such a large reduction In the
number and value of the sales within two
years, it inevitably followed that prices
also suffered somewhat. There is
no surprise in this. When the
demand for any commodity what
ever slackens-even if the slaekening
is but tempoTary-its price falls. The
events of the three years prior to 1891 had
been sowing the seed for a reduction OF
sales and prices, 10 suburban lots partlcu-
larry. The market was greatly overstocked
in 1889. 1890 and 1S91s and easy terms and
low rates of interest-twin proyocativeS OF
7-infation-were most freely used to over
stock buyers and initiate prices The sober
ing up process has for nearly two years been
going on since. with the usual result of
dull market and lower prices last year. The
dizziness amounted 10 deafness the further
ont these lots were and the more their prices
suffered. All outside lands particularly
suffered, even the best Of them lying IN the
so-caiied Richmond district and out by
Point Lobos Avenue, while desert sand-dune
lands lying south OF the park suffered much
The most.
DULLNESs IN SPECIAL DISTRICTS
General dullnesS of business, largely
caused by the railroad situation, affected all
but two kinds OF property last year. The
only property which was worth as much or
more at the close Of 1892 as at the close Of
1891 is irSt-class retail business property
aad land on the best portion OF Pacific
oil Of - Trh frThn
rates than ever before prevailed were made
Of both of these classes of property In 1892.
One of the reasons of this-peThaps the
chief reasOn-waS that very little OF either
was offered for sale. and what was offered
was quickly purchased. This was pariicu-
larry true OF the choicest retail business
property. At no time last year was there
nearly so many sellers as buyers OF such
properly. Land not yet devoted 10 retail
business, but on the outskirts of good retail
business districts, ak brought good prices
last year. Much more of it could have been
sold If more Of ii had been offered.
PACIFIC HEIGHTS LOTS.
In referring to Pacific Heights property
we allude to land on Washington, Jackson,
Pacific and Broadway, west Of Cough street,
where the view of the bay is fine. and only
on the north side of the street. The num-
Der of lots having these two great advan-
tages is very small Only the rich can buy
them and they will have them, both because
from. and not, as on the south side, down
upon the lots, and because the air there
will forever come uncontamiDated and pure
from the outer bay and ocean. These are
unsurpassed advantages, and therefore JUS
tfy as high final prices for such land as is
paid for the best residence lots Of any city
in the world. OF course, the marine view Is
the greatest attraction, but the two other
advantages named are Of good value Also
From $500 to $3.50 front foot for inside and
500 to S425 for corners ara now the ruling
rates for the lots described.
WHOLESALE BUSINESS PROPERTY.
Such men as the late Nicholas Luning
once believed That wholesale business prop
erty was the choice city real estate to own.
because its income was the most steady and
the care Of it gave the least trouble. TINS
Is no longer true. Owing to railroad CON-
petition north and south. and Southern Pa
Cihc discrimination against the city, whole
sale business has suffered. The rents de-
rived from it have, as s rule, been reduced,
and its value has thereby declined. This will
continue until San Francisco is delivered
from monopoly domination. The benefits Of
steam and sail competition via Cape Horn
have lately been demonstrated. bat they
have not been and wilf.nOt be anything like
fully realized until local railroad compesi-
tion has been created by the construction of
two main State lines, running north and
south. When these are built. San Francisco
viii be delivered, and wholesale business
regain not only all it" have list, but become
much more valuable than ever before.
MISSION PROPERTY
There was not a lively demand for any
kind of Mission property in 1892 Even
Mission and Valencia streets, both des-
tined to be good business streets, were not
mucn sought after by buyers last year. The
chief inquiry for Mission property was
along and contiguous to the CaStro-s street
line. where prices are within the nearest
reach OF small buyers. The business Of no
line of the Market-street cable system has
grown. so much as that Of the Castro-street
cable within two years. Howard, from
Eighteenth TO Twenty-fourth, Is the finest
residence street Of the Mission. There was
very little demand for property on that
street last year, and therefore prices On
Howard are lower. Lots between FOLSOM,
POtrero avenue, twentieth and twenty
sixth streets were in little request last year,
and there was no advance on price.
WESTERN ADDITION LOTS.
A line of lots offered on Deyisadero, Ne
AuisteI and Golden Gate avenue brought
fair prices, but as rule all lots westward
from Fillmore to Stanyan, and from say
Fulton to Waller, brought 10 to % per cent
lower prices than they sold for ID 1890 aud
the spring of 1891. This was due to over
supply and inflated prices ia the period last
named. But as all of that district is on the
tine of city growth westward, and is we'll
supplied with cable-car lines, its improve
nIent cannot long be retarded.
PoTRERo AND SOUTH SAN FRANCISCO.
A very large amount of streelwork was
done on the PotTeTo in 1892, making lots
ready for building that were before quite in
accessible About. 800 new houses were
erected on the PnIrero, one and twe-story.
costing $500 to $500 each. These houses
were mostly quilt for mechanics and labor
ers OF the Union Iron Works. Claus
Spreckels' sugar refinery. the rolllng.mills.
gas works, etc. Land on and close TO the
water front of the Potrero will all be occu-
pied by shipyards, factories and ware
houses, while the hills west with a
fine view, will be occupied by the
employees of these establishments.
The foul eyesore and nose outrage
II the mud and sewer fats of Mission
Bay lying northeast of the PotreTo, have
done much to keep the Potrero back. When
that bay Is filled in there will be marked
advance in value of propertyin theavicinitY.
South San Francisco Is going ahead slowly
but surely. 1t now constitutes a town of
itself. The extension of the horse-car line
along Potrero avenue and the San Bruno
road to and down Fifteenth avenue to Rail-
road avenue. was of decided benefit TO South.
San Francisco.
THE OUTLOOK FOB 1898.
Real estate ana business cannot be at