The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-03-13
BIDS WERE TOO LOW.
Confirming the Sales of Mrs. Kate John
sons Rea1ty-Residence and other
Lots in Allegiance.

From Probate Judge to an auctioneer,
and without loss of dignity, was about the
extent of the change which Judge Coffey
executed yesterday. He had the sale of
Mrs. Kate Johnson's property to confirm,
and was ready to accept any bids which
would overtOp those offered at the public
sale on February 5 last. Spectators were
numerous, but bidders were scarce. In
only one case was a bid raised-that of the
property on the corner of Green and Bat
terry streets-and this was promptly &C.
cepted. All the report OF the sale submit
ted some days ago was confirmed with the
exception of the 50-vara lot on the corner
of Golden Gate avenue and Leavenworth
street and the residence property on the
corner of OFarrell and Leayenworth
streets.
In these two cases the court decided to
delay action for a week on the ground that
the bids made at the sale were far below
what the property should realize. The
Golden Gate avenue property was APP
praised at $120,0C0 This was admitted by
one of the appraisers to be little high,
but it was conceded on all sides that the
property is worth at least 100000. The
amount bid was $74, 900, Thomas ]. Clunie
being the intending purchaser.
Several real estate experts were called to
tell what they thought of the property in
question, and all but Wendell Easton
were of the opinion that the lot was worth
much more than what had been offered
None of them would guarantee a pur-
chaser for 10 per cent more than the bid
offered, however, even if they were allowed
sixty days in which to try. Mr.. Easton
was of the opinion that the bid, while
perhaps not up to the actual value of the
property, was within a reasonable percent
age of 1t, and he thought the court would
be in serious error If the sale for $74, 900
were not confirmed. The court finally
ended the matter for the time being by
announcing that the sale of that particular
lot would be laid over until next Tuesday
II the bid be raised 10 per cent the new
offer will be accepted; if on next Tuesday
it has not been raised, then the present
offer will be confirmed
Similar action was taken in J. J. O'Far-
rell's bid on the residence property. That
lot was appraised at $65,o00, which every
one considered a fair valuation. O'Far-
rell bid $4,000 and his offer will be taken
If not raised within the week. All through
the bids on the property averaged over so
per cent of the appraised value.
The appraisement of both the Johnson
residence property and the lot on Golden
Gate avenue was made about year ago,
and are regarded by experts as excessive.
AT that time the late Senator Fair made
bid on the ifty-vaTa lot on Golden Gate
avenue and Leavenworth street, when he
had a project to sell land at that place to
the Masonic society. This naturally affect
ed the price of land in the block then
The appraisement of February last was
$12O,0 on the Golden Gate property and
$62, 800 on the dwelling at 0'Farrell and
Leavenworth streets. Both of these were
excessive.
Real estate men concede. that the John
son auction was held month too soon, be-
cause many important matters have taken
place since then to create new confidence
in San Francisco real estate. The belief
now prevails that if the auction were held
yesterday, or any day within the past
week, much higher prices would have been
obtained.
]. ]. O'Farrell is the bidder on the John
son mansion, but it is understood that he
is acting as agent for Drs. Buckley and
Thorne and Very Rev. ]. J. Prendergast,
trustees of the Mary Help Hospital
founded and endowed by Mrs. Johnson
and that the big dwelling at O'Farrell and
Leavenworth streets will be converted into
the hospital building.