The herald., 1893-06-11
''sGREATER REAL ESTATE ACTIVITY
Some Important Transactions
During Last Week.
Talks With Real Estate Men About
Their Deals.
Many Inquiries From the East by In
vestors - New buildings Going
Up and Building Permits
Granted.

The ending OF the past week found the
real estate market in much better con-
dition than that OF any one week during
the past for several years. The different
financial crises and failures which have
been taking place in the east, and also
during the past week on our own coast,
have had no effect whatever on the price
of realty in this city and Southern Cali
fornia. Where for several years back
there has been disposition to exchange
one property for another and consider
able sparring for an advantage in proba-
BILE values, the realty which now
changes hands does 30 for solid cash. 1t
is paid and no questions asked. Such a
state OF affairs could not exist were it
not for the reason that the purchaser
has such faith in the coming OF better
times and believes 30 thoroughly
in the increasing value OF
his property. Los Angeles is
going steadily ahead, and the
advance which is made is one which
will be retained. 1t may be a slow ad-
vance but it will be sure one, and iC is
source OF satisfaction to know that not
only are the eyes Of the East fixed upon
us, but that we claim the undivided at
tention OF our own Pacific coast. Less
money is now borrowed on real estate
and that also tends to show the healthy
condition OF our market.
Nolan & Smith consider that the time
is not Tar distant when great activity
will commence in the real estate buei-
ness. They say that with them business
has been very brisk. During the past
week they have disposed OF more realty
than for any single week for the last six
years. Six or seven deals have been
closed amounting in the aggregate to at
least 100000. One OF these in particu-
lar was the sale OF piece
OF land to HI. l.. Gordon, re-
tired banker OF Minneapolis for
s29 900, and only today they received
telegram from him asking for an option
on some additional ground, valued at
between $50 900 and $32, 900. This shows
that eastern buyers are manifesting a
keen interest in Los Angeles realty.
Mr.. Gowan OF Gowan and Eberle is OF
the opinion that the market ia very firm,
the firmest for years. and he predicts
good time coming. Very few people are
anxious to sell, and If they do de-
sire TO their prices are very firm.
TIE firm have several large deals
on hand, but they are not
yet contaminated. ''As an instance"
said Mr.. Gowan, "of the desire eastern
people have to locate here, can only
say that within the last month we have
received offers OF at least 100000 of
property to exchange for real estate out
here. These offers come principally
from the city OF Chicago and its imme-
diate vicinity, although we received day
before yesterday, an offer to exchange
from Pennsylvania. There are at pres
ent in the city OF Los Angeles fewer va
cant houses than have seen for five
years past"
Two lots on Spring street have been
recently purchased by abbott Kinney.
one on the southeast corner of Sixth and
Spring, 40xl65 feet for $4,000, or $500
per front foot and another, the Barker
block on Spring street between Fourth
and Fifth, 40 fact front for SAC, 500.
The Consolidated Electric company 10
about to extend its line across the river
with the intention of ultimately laying
its tracks to Pasadena. II such desti-
nation is actually decided upon by the
company, it will 60 by way Of the adobe
road, past the reservoir, and thence
either through the Estudillo ranch by
Oak Grove, or by the regular road to
Alhambrs. OF course the extension of
the road depends very much upon the
right of way. This will no doubt be
granted, because the great benefit which
its erection would confer on those
through whose lands its lines would be
laid, would greatly enrich their owners.
Two frame houses oD South Main
street. nearly opposite the cathedral,
have recently been purchased by o. T.
johnson for $22,5 800, nearly $3.50 front
foot.
j. Shirley Ward, jr.. has bought the
property on the northwest corner Of
Twenty-seventh and Monmouth streets,
from H. A. Darling, for SIC, 1000.
O. W. Stewart has asked the super
visors for franchise to construct and
maintain double-track electric street
railway from this city to Los Angeles
along Washington street ard National
boulevard. The request win be consid
cred on the 21st inst. The building of
this road, besides rendering the trip
from here to the sea within the reach of
all by reducing rates by competition
with the existing lines, would greatly
increase the value of the property
through which it runs, and would build
up suburb Of Los Angeles on the coast
side which would be OF great benefit to
the city.
A handsome business block is under
erection on the northeast corner OF
Broadway and Third streets by Mrs.
Irvine, formerly Mrs. Byrne, of this city.
The lot is 120 105 feet, and it covers
one Of the most magnificent building
sites in Los Angeles.
The official survey OF the lot has been
made, and the bids for the excavation of
the cellar have been asked for. Calla-
CHAN Byrne will have charge OF the
work OF erection, in connection with his
brother, and states that the building
will be composed of brick and stone in
an appropriate and ornamental design,
and will be fit companion to the other
fine structures in the block. On the
first floor will be space for four stores,
while the upper part will be devoted to
offices and lodging rooms.
The contractors intend to push the
work, and hope to have the building en-
tirely finished within six months.
large grading contract has been let
by Fred Eaton, the owner of Mob hill,
which is north of Westlake park. This
contract is for the purpose of filling up a
deep gulch and turning the land into
building lots. The contract has been
awarded to French & Reed OF this city
for SAC, 1856, and work has been already
commenced.
BUILDING PERMITS.
p n