The herald., 1895-05-30
An Instance of Growth of Real
Estate Values
BUILDING PERMITS ISSUED
The Five-a-Day Rate Is Changed to
Seven
Notes Of Progress in Town and Country.
Some Reference to the Work Done
by Real Estate Men

Ex-Sheriff John C. Kays grew remln-
iscent yesterday as conversation turned
on real estate values past, present ana
prospective. His recalling of old times
did not extend to pre-American days,
when nobody in Los Angeles spoke Eng
iish, nor even to boyish days before he
had business cares of his own. Sherlit
kays was speaking OF time when he
was sheriff of Los Angeles county and
had been called upon in his ofhclal ca
pacity to consummate the foreclosure OF
a mortgage held by John f. Hollenbeck
and covering land having frontage OF
120 feet on Spring street, l2O feet on
Broadway, then Fort street. and 333 1eet
on Second street, being the property now
occupied by the Hollenbeck hotel and the
building iii process of construction on the
site of the recently dismantled First Pres
byterian church. The mortgage, with IN
terest and costs, amounted to SD, ,oS5.24,
and the property was bought in for that
amount on the 26th of April, 1881. MI.
Holenbeck aiterw and reserved or do
mated to the widow OF the moitgagor
piece of land, 90 feet on Broadway and
l25 feet deep. So it may be considered
that Mr.. Holenbeck regarded $4,000 as
being q reasonable price to pay fof the
Hollenbeck hotel site. fairly conserva-
tive estimate would fix the value OF the
land today at $500 per front foot, or not
far from 5000 600 for the 120 feet frontage
on Spring street.
And when one walks or drives or rides
through the business districts which nj
teen years ago were ranches, or through
the pleasant suburbs which at that time
were simply waste land, the conclusion
is forced upon one that the tremendous
advance in value of the lIollenbeck pro-
perty is not an isolated instance, but is
only a fair representation OF the erect
produced by increase of population in
the city and the development OF the fer
tile lands surrounding 1t.
Yet the city is today growing more
rapidly than at any time since the land
referred to was bought in for Sli, 900. Ihe
inhabitants of the city for year past
have been pointing with undisguised
pride to the fact that Los Angeles was
building five houses day. and wonder
ing the while whether such rate of in
crease could continue. For the past two
months the office of super rintendent OF
buildings has issued permits for more
than five houses per day; for month
past the average number has teen but
very small fraction less than seven, and
for the week ending last night even that
record was exceeded. the weekly list en-
bracing an even fifty permits, the aggre-
gate estimated expense OF construction
being 500, 725. Nearly all these buildings
are for homes; the lermit covering the
most expensive building was one forsthe
construction of brick building, for res
taurant, office and flats to be erected on
Third street between Broadway and
Spring at am expense of S26 800.
The evidences presented by the filing OF
deeds with the county recorder is no less
prom Using OF healthy, permanent and
rapid growth. During the week there
were filed with the recodrer 304 deeds, the
aggregate amount of expressed consdera-
ton being .Si6S. ~. These instruments
represent transfers of property situated
in city and country, the proportion be-
ing fairly divided between the two.
Judging from the character OF country
lands purchased and the area of the sep
arate tracts involved it is safe to assume
that seven -tenths of the purchases are
made by men who have bought to IN
prove, rather than for speculation.