The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-04
REAL ESTATE BOOMERS.

The gentlemen OF the commission to
appraise for condemnation the land de-
sired for the new State House would
make big success ut starting new
boom town in the middle of Western
prairie.
They are evidently boomers from
Bonneville. We shouldn't want them
to buy real estate for us but if we had
any to sell we should look them up, COM
mission them as our agents, and then
let them loose.
Their report of their idea of the value
of land wanted for the new State House
is an amazing document. 1t calls for
1878. "a to be paid for the property,
and the commissioners probably assume
much credit TO themselves in that they
scaled down the claims from $7GS, 1878. 81.
1t would be unkind, perhaps, to suggest
that the judgment of the commission
was made on the "ma Ike it one-half" +"
principle.
AS might have been expected they
would do, the State House Commission
protests against paying any such money
for this land-especially in view Of the
fact that could the commission have
bought the land in open market they
could probably have secured 1t at an
average of about one-half the value
placed upon it by the condemnation
commissioners. Indeed, some OF this
land that the commission de-
clare 10 be worth S1.05 a foot, was,
1t is said, offered to the State at 6Oc. a
foot, and the city, buying its part, which
was presented the State, paid less than
AZ cents a foot. In a word, the State
House Commission have very good
reason for believing that fair plice for
the land and buildings condemned
would be about $223, 900, instead of
$373, ,000-$150, 600 for the land, instead Of
$500, 900 and the balance for the build
ings about which there is not SO much
room for dispute. The State House
Commission will accordingly appeal to
have the boom judgment of the con-
demnation commissioners set aside by a
jury, and the Commission is unanimous
in this action.
Under the law which establishes the
State House Commission that board was
prevented from buying in open market
any part of the property if condemna-
ton proceedings were necessary to se-
cure any part, and the trainers of the
law evidently thought that condemna-
ton proceedings would result in secur-
ing the land at fairer value than
would be the case if the commission
bought outright and were compelled to
accept the value placed upon the
land by the various owners. But
the trainers of the law reckoned
without the condemnation commission
that was placed in authority, while the
so-called "claims" which that commits
sion were called upon to consider were
evidently based on the principle of ask
ing for three or four times more than
you expect to get, and the chances are
you will get all you want. In making
their award the condemnation commits
sion state that they estimate values
on a basis of what the
value of adjoining land will
be when the prospective improvements
shall be made, bu. how they do this it
would be difficult to figure, and what
the authority for doing it, which they
quote, is worth in this case, question.
Incidentally we shall await with interest
the raising of the city assessment on the
adjoining land to correspond with the
condemnation figures, although the
State House Commission evidently fail
to see why the condemnation figures
should be based on any such prospective
valuation.
In connection with the matter we
should think that the State Board of Ed
ucation would be shaking in their boots,
for il is this same condemnation COM
mission that is to appraise the value of
the land that the State wants to secure
for the new Normal School to be located
in the shadowof the new State House.
Evidently, "now is the time to buy"
Smith Hill property.