The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-01-20
REALTY IMPROVES.
Interest Renewed in CITY
Property.
AGENTS REPORT FAVORABLY.
Banks Are Falling Into Their Old
Business Ways.
NEW MONEY FOR INVESTMENT.
Only One Obstacle to Lively Mar
ket, and That Is Owners
Stiff Values.
AGENTS REPORT FAVORABLY
NEW MONEY FOR INVESTMENT

The situation appears to be improving
in real-estate circles, which may be in-
ferred from the stir in business, the step
taken by savings banks in the matter of
loans and a renewed interest in city lands,
speculative as well as dwelling or business
properties. To give instances of this i'm
prOvement Bovee. Toy & Co. state they
received cash deposits on twelve pieces of
property this week from people who are
really in earnest about buying. Jones &
Allen say they had more inquiry during
the past seven or eight days than at any
timo for year back. Umbsen & Co.,
O'FarIell & Co., Baldwin & Hammond all
report a remarkable increase in inquiry
and an evident inclination to buy home
sites or to invest idle money in city realty.
There is no doubt that this is the result
Of banks loosening their hold on money.
The pivotal point was January and now
In the middle of the month cOndi tons are
shaping themselves in sympathy with
whatever changes it brought. 1t was 10
be expected when some term depositorS
withdrew money from banks and the
banks themselves found a surplus over
estimated demands in their vaults that
considerable money would be searching
for investment and loans would be offered
surplus. Real estate in this city presented
Itself as the safest investment The CON-
merclal banks were able to look after
mercantile interests and left little oppOr-
tunity for outside capital to find invest
ments in business, and now with money
waiting for purchase OF city lands only one real
obstacle prevents ready sales. That is the old
difficulty between buyer aud seller over values.
The owner continues TO hold on firmly at
prices that In many cases were proper values
In good markets. Said an agent yesterday,
when discussing this question: property IS
held too high in comparison with other condi-
tiOns-the inaVailability OF money for all re-
quirements, large and small. income from rents
ana business, etc. Take Market-sireet prop
erty. Much of IL Is not paying over 312 per
cent net. House rents have been shrinking,
aud that Is no secret. And yet property owners
In easy circumstances Will not reduce prices
from their own valuations. LII these people
would modify their ideas we could do good
business right now. Their obslinacy, however,
is an obstacle to "A lively mar ct.
There is considerable talk and inquiry about
real estate, and securing money from savings
banks VIII make business better, anyhow.
Term depositors draw out their money and do
not know what TO do with it except investing III
city property. In three months firmly believe
we will be out of the woods. February will
mark a big improvement"
EastoD, Eldridge & Co. are receiving great
deal OF inquiry about the twelve 'waier lots''
to be sold at auction January 80. These lots
are situated at Beale and Howard streets and
belong to The General Halleck estate. The
money obtained from the sale will 60 to fund
for building at West Point Military Acad-
envy, as devised by General Halleck In his Will.
The Western Addition, particularly that
vacant houses, which fact is credited 10 the
Midwinter Fair. Several houses have been
rented by concessonaIres, exhibitors and
others who came 10 this city.
About 10 &C es Of swamp lands have bee
surveyed by City Survivor FHzhugh between
Ninth, Kentucky, Channel and Santa Clara
streets. he estimates that ii Will require
2.981 900 cubic yards OF earth to raise the sur
face three feet, to the ottici i grade.
The most important event in real estate i'm
prOvements for some time past is the leveling
of Market street from Octavia TO Castro. Res
ervoir Hill will be removed and nearly level
street will be laid TO where Seventeenth and
Castro streets meet.
Baldwin 6 Hammond report the following
sal s: Northwest corner OF Eddy and Scott
streets. lot 49X9S with improv menis, for
5000; cottage ana lot 25xi37 IS on Locust
street, near lay for $4,000; lot 25x120 on
west side OF Fourth avenue, 325 south of Lake,
for Sl10O; lOl 25X120 on west side of Fourth
avenue, 10 north OF California street, for
Sl1O0; lot 25x120 on east side of Thirteenth
avenue. between l. and NJ streets. for $3.50.
and lot 25X125 on east line of Sharon street.
near Fifteenth, for $500.
OFarrell & Co. sold one Of the three keenan,
houses on DeYlsadero street, north OF Meal
lister for $1,000. The buyer is George Car
Building contracts were comparatively light
this week for some reason or another, but The
architects are b ginning TO draw plans for
houses, and have WORK enough on hand To indi-
cafe lively time in building trades this year.
The Hoffman House, on Market and Second
streets, is 10 be improved and enlarged at a
cost OF S10.OO0 On the northwest corner OF
Clayton and Frederick streets a dweing-house
is 10 be erected. The price Is $4,000. Within
the next sixty DAYS row OF handsome resi-
dences will be built on the southeast corner OF
Washington and Hyde streets.
Some small contracts were given out this
week. and bids will be received on quite a good
number within the next seven days. Operations
were prevented 10 large extent by banks re-
fusiDg 10 loan, but as that obstacle has every
appearance OF disappearing ere long the sound
OF the hammer will be heard all over the city
soon.