The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-02-01
REAL ESTATE NEWS.
The Recent Sale Of City Prop
erty Brought to Light a
Big Boom in Lots Near
the Boulevard.

RealtEstate men generally feel encour-
aged by the result of the big sale OF
city property, which was conducted by
President Frank Stevens of the Real
Estate Trusts Company. The fact that
not a single lot, no matter how unde-
| sirabie, had to be withdrawn because
there were no bidders. means to real es-
tate dealers that property in all parts
| of the city will be in demand in the
spring, and will command excellent
prices. The amount realized by the sale
was $21, 900 in round figures. That sum
represents more than fifty-five per cent.
of thesc ity's claim upon each piece sold.
| Mayor Wanser and all the city officials
say that the showing is a remarkable
one. Upon some of the lots, particularly
those north of the Erie Railroad. owned
principally by the ~Traphagen estate, no
taxes have been paid for twenty-five
years. During all those years the valu-
ations were increased to meet certain
emergencies, such as political moves to
keep the tax rate down. That plan was
worked to such an extent that ridicu-
lousy high valuations have been levied
on property which practically had no
market value. Holders preferred to for
felt their claim rather than pay the taxes.
When 4the Adjustment Commissioners
went to work nan such instances were
found. They cut and slashed valuations,
knocked off unpaid taxes and raised
havoc generally. Every reduction made
by them had to be charged up as a
loss by the city, In many instances
the adjusted liens actually exceeded the
value of the property, and it was those
pieces that the city had to buy in at
the Martin Act sales for its own pro-
lection. The buying in plan was all
right for a time. but when it was found
that the city owned more han 500 par
cells of land upon which 40 assessment
could be levied or taxes collected, it was
decided to put the whole lot up for sale.
Auctioneer Stevens was very wisely Sc
lected to conduc the sales. His first sale
brought in to the city about rs per cent.
of the city's claim upon each parcel of
land. The last sale brought SO per cent.
EASILY EXPLAINED.
This apparent falling off is readily
| explained. To begin with, of the 1877
parcels sold only about one-third of them
had some pretense at being desirable.
1t must be remembered tina anyone has
he privilege of buying any property held
BY the city by applying to the Board of
Aldermen for a transfer. Spectators
have been on to that plan for some
lime, and it may be truthfully said that
the choicest parcels which were to nave
been sold on Wednesday had been care
fully culled out.
The good prices secured for the tracts
sold We're obtained by hard and steady
pounding by Mr.. Stevens.
The title given by the city is not any
more desirable than it should be. Pur-
the purchase money only. A few buyers
IAhave learned, however, that by a slight
expenditure the New Jersey Title Guar
antee and Trust Company will guarantee
to the full value of the lot or building
If the purchaser should build. The
title is regarded as being good and sufi-
cient by most Spectators. 1t has not
been disputed as yet and it is safe to
assume that it is all right, when such
careful operators as DAME Cleary, John
Edelstein. Frank Clark, John M. Jones,
Frank Mitchell and City Comptroller
By selling, the city gains in many ways.
It relieves itself of carrying property
for which it has absolutely no use. A
fair portion of the back taxes is receiv-
ed in cash, and the property passes over
to people, who, in nine eases out of ten,
Will Improve it. 1t then becomes as
sessable, and so far where purchases
have been made at Martin Act'' sales
the new owners have paid their taxes
Il ol vi lie properly
held by the city to the tax lists will.
it is estimated, place at least $500, 0O0
more on the city's valuations, which
will aid to. some extent in keeping the
rate well down e year.
HILL LOTS IN DEMAND.
One thing which will no doubt please
Hin property owners was very noticeable
at the sale. Every improved or unim-
proved lot. 40 matter in what section
of the city. anywhere within a radius
of one or two blocks of the Boulevard.
was in great demand. The bidding for
such lots was spirited, and in nearly
every instance Auctioneer Stevens man
, aged to get nearly their full value.
There is no doubt in the minds of real
estate men but what Hill property has a
bright future. Rapid transit and the
Boulevard AVE done much to enhance
valuations there and to increase its ad-
vantages as a place of residence. The
proposed opening of Thirteenth and Sew
~enteenth streets to the Hill affording bet
ter and more direct communication slim
ulated the bidding, for property north
of the Erie Railroad tracks. None of
the lots up that way went begging. Con-
tractor NJ. I. Connolly, President Jones
of the Board of Finance and H. V. Con-
dict, for the T~raphagen estate, got away
with many of the best lots in that vicin-
ity. There is every Indication for ac-
tiv1ty in the realty market next spring.