The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-09-14
REALTY MARKET REVIEW.
The Tax Rate for This Year
Has Not Yet Been De-
termined.
A LIGHT BUILDING RECORD.
Active Renting Business Reported by
BrokerS-The Mortgage
Tax Law.

market There continues to be moderate
demand for small properties for investment
purposes and several firms also report an in
quiry for large properties, also for investment.
But as is usually the case when the market is
quiet and prices are low, intending purchas-
ers are very particular and hard TO suit. They
seem to be under the impression that under
existing conditions they should have every
thing their own way, and should practically
be allowed to dictate prices; but sellers are in
most instances 10th to yield to the demands of
this class of buyers and so brokers are ex-
pc riencing, even with the present moderate
demand, unusual difficulties in efecting
deals.
The most discussed subject in real estate
circles during the week was, of course, the
bitrary and unjust action of the State Board
OF Equalization in raising the assessment of
this City straight 20 per cent As this raise
applies, of course, only to the assessment for
State taxes. 1t will not result in such very
great additional burden to the residents of
San Francisco, as IL will add but about or
cents per hundred to the tax rate But the
RANK injustice of the increase is without
single mitigating excuse, and although the
additional tax thus squeezed out of the tax
payers of this City is not in itself very large,
yet it will be paid under protest in every in
stance.
Supervisors has not yet definitely fixed the
tax rate, and they may find in the action of
the State Board of Equalization an excuse for
heaping up additional taxes for CITY purposes
Perhaps before the rate is finally fixed it may
equal last years rate of ~ If it does it viii
be rather tough on the real estate market for
the latter has now its full share of unfavor-
able conditions to contend with.
There is apparently some active steps being
taken by some OF the City improvement clubs
TO create sentiment adverse to the repeal of
the mortgage tax law.
So long as this law remains in force it will
be q barrier to the investment of outside can't
tai in this State in the shape of mortgage
loans. 1t matters not how many apparently
plausible arguments may be advanced in
favor of the retention of the mortgage tax law,
the fact cannot be gainsaid or controverted
successfully that the borrower under the mort
gage tax law pays the tax. 1t is perfectly alb
Surd TO assume that party loaning money on
real estate is not going to make the rate of in
teIest high enough to include the mortgage
tax. The lender will never underestimate the
probable tax, but will be much more likely to
overestimate 1t, In which case the borrower is
forced to pay greater amount of taxes than
he would If he paid taxes upon his property
direct.
If capitalist or money-lender can be found
who is so much of a phllanthropist that he
will loan money on real estate in this city or
elsewhere IN the State at rates that rule in
Eastern States where there is no mortgage-tax
law, and on top of this pay the mortgage tax
law he is an individual who will be greatly in
demand in California so long as the mortgage
tax law remains In force here. The foregoing
sentiments were uttered by prominent real
estate man, who says that he foresees in the
defeat Of the amendment repeating the mort
gage-tax law menace to rapid progress in the
States development by reason of the impedi-
capital to loan here at low rates on real estate
of all kinds.
Bank loans continue light in number and
amount Private loans are being made to q
considerable extent, while the building and
loan associations find a ready investment in
frst-class loans Tor all the money at their
command.
AS usual with the coming of the fal; season
there is a revival in the house-renting bust
ness, and all real-estate firms who give sDecial
atten ton to renting are kept quite busy now
Many landlords bestirring themselves and
making needed repairs upon premises that
have in many instances remained unoccupied
for many months. AS 8 result many ITO Lett
signs nave disappeared from houses where for
while they bid fair to become a permanent
part of the premises. Desirably located houses
or fats, II kept in clean, habitable condition,
VIII not remain long untenanted if owners are
willing to accept reasonable rent for their
property.
REVIEW OF THE RECORDS
week.
The mortgages numbered fifty, amounting
to $119,591. There was but one for an amount
exceeding $4,000. 1t was by Caroline A.
Towne to William H. H Hart, it being an ex-
tension OF a note for $2I, 900 made on January
on the two twenty-ffths interest or.W H. H
Hart in the estate of the late Thomas H.
Blythe.
The releases for the same period numbered
thirty-two, aggregating $1ss,59S.
The principal ones were: From the German
Bank 10 Solomon Heydenfeldt, $78, 900 on the
following property: On the north line of
California. sos west of Kearny, west 80 by
north 1877 IS; on the southeast corner of Beach
and Stockton, east 137 IS by south 1877 IS; on
the north line OF Jackson, 60 west of Drumm
west 40 by south 100; on the northeast corner
OF stockton and Pacific, north 36:9, east so,
north 16, east 18, south 52:9, west So:
on the southeast corner of Sacra,
mento and Leidesdorff, east 45, south
80, east 40, south 1876, west SIS. north
9s:6, and on the southeast line OF Folsom
342 e southwest of Third southwest $50
southeast 80, northeast ITO, southeast 10
northeast 40, northwest $50; from the Hiber-
MIA Bank to c. Curtin, $29, 600 on property in
100-vara block 1893, on the west corner of Ste
Venson and Sixth, northwest 80 by southwest
rs, and on the northwest line of Stevenson
100 southwest OF Sixth, southwest % by north
west 70, and from the German Bank TO John
W. and Sarah A. Finn, .$15,500 on property at
the northwest corner OF Bush and Jones' west
30 by north 100.
Last week was light one in the matter of
building contracts. There were but eight fled,
aggregatng $18,302
MISCELLANEOUS NOTES.
Oscar Lewis and Martin O'Connell have
given trust deed to the San Francisco Saw
ings Union for sos, 544 conveying property at
the northwest corner of Chestnut and K ear1y
streets, north 275 by west 137 IS
The Mason Doree, which was for many
years one OF the fashionable restaurants of the
City, has been leased Tor five years TO the
Standard Optical Company for $3.50 per
month. The store is being thoroughly remod-
eled.
Jacob Heyman will in few days commence
avenue, near Mission street; also a similar
sized cottage on Lindley street, near Castro. in
the Paramount Tract
The old Sather Bank building on the north
east corner OF Montgomery and Commercial
streets, which was formerly occupied by LEROY
g. Harvey, has been rented to Andrea Sbar-
boro, the well-known secretary of many San
Francisco and Oakland building and loan So
cieties. He viii take possession October l.
J. Cuneo has purchased the 50-Yara lot at
the southeast corner of Powell and Union
streets, facing Washington square, with a
frontage OF 20 feet on Montgomery avenue for
$4,000. Some OF the buildings on the lot are
owned by the lessee, who has occupied the
premises tor the past twenty years
A sale is reported of three lots on the east
side of Larkin street, between Jackson and
Washington, the price being $S5 per front
foot
The property lately sold at probate sale for
$Zl 600, located at the northwest corner of
Ellis and Hollis streets. between Buchanan
and Webster, size 90x125, is subject to an ad-
vance bid, as the sale has not yet come up in
court for confirmation.
The lot 68:9x137:6 at the southwest corner
OF Pacific avenue and Pierce street has been
sold for $4,000. 1t is situated considerably
above grade and the Pierce-street side is a
very steep hill.
VIII E. Fisher & Co renort q b,,g,, ,yaa1, l.,