The herald., 1897-09-30
REAL ESTATE
Weekly Review of the
Local Market
GREAT ACTIVITY IN BUILDING
BUSINESS PROPERTY AND RE-
DUCTIoN IN RENT
GREAT ACTIVITY IN BUILDING
Importance Of Improving Conditions
on Spring Street-Building Lots
in Demand

more than compensating for some of
the deficiency which existed in the
earlier part Of September on account of
holideys and, presumably also, on ac-
count Of the heated term during which
| people postponed all transactions as
far as they conveniently could. The
volume of transfers up to and including
the 2Sth instant was 1896 in number, ag-
gregating $6s2,131 as against s77 trans
fers aggregating $660,773 for the same
portion of August. So large a number
of transfers fail to give the amount of
the consideration that the total of actual
business done must be always more or
less the subject Of guess work. Taking
the figures above given it will be seen
that the sales average considerably be-
low thousand dollars each, or say
about $760, and the same average is
good for both months. In San Fran
cisco, while the sales generally exceed
in amount those recorded in this county,
yet the number Of sales is seldom more
than one-quarter Of the number Of sales
recorded here.
\ \
Dealers report more activity in build.
ing lots than in any other class of real
estate investment statement which
is confirmed by the figures taken from
the records. At the same time those
whose transactions are confined princi-
paiiy 10 country property say that the
inquiry for small subdivisions ranging
from ten to fifty acres is on the increase
and few sales of the kind have been
made. There is some revival in the
gentleman farming scheme which
achieved some notoriety during the
boom, when inexperienced young people
with some means were attracted by the
glowing promises of immigration agents
and induced to try the experiment of
farming, an effort that sometimes lasted
as long as the funds heidi out and some
times was terminated earlier. There is
no doubt that practical people who are
willing to work and who have some
means may make a living off few
acres in Southern California, but farm
labor is comparatively scarce and the
conditions are altogether different to
those that prevail in the old country.
Any one who attempts ranching with
out first obtaining practical experience
which will teach him the difference be-
tween the conditions prevailing here and
those which exist abroad is likely to
lose both time and money. The scheme
of importing gentlemen's sons and locat-
ing them on ten-acre lots where they
are to be taught the details Of ranching,
including fruit growing and stock rails
ing, may be turned to profitable account
for those concerned If 1t be honestly and
capably managed 1t Is stated that a
number Of such immigrants have been
received and more are expected.
While there have. been no important
sales during the past week. the building
activity keeps up and the southwest
portion Of the city is being graced by
the erection of number Of fine resi-.
dences, among the principal Of which
are those of Alfred Solano at the corner
Of Figueroa and Twenty-Five streets,
which is now approa ching completion,
and will cost about $40 900, also the resi-
dence of Mrs. Jesurun, corner of Wash
irgton and Flower streets, and the res
idence of Mrs. Goodwin on Figueroa
street south of Washington. The large
business blocks on Broa dway and Spring
streets are being rapidly pushed to COM
pletion. The Hellman building, corner
of Broadway and Second which is to be
the future home Of The Herald and also
Of the Express, Is to be completed by
November 1st, and more Of the other
large structures will be completed soon
after that date. 1t Is puzzling some of
the experts who are trying to figure
where the population for these new
buildings is to be obtained
AS 1t is. large number of the tenants
of the latest completed buildings have
been derived from the older blocks and
unless the population Is largely in
creased according to expectation, a de-
cided fall in rents will be the inevitable
result, condition that may as we'll be
looked at squarely in the face and
should be taken into consideration by
capitalists in making their plans for
Investment. Business property has al
ways returned high rate of interest
here, excepting perhaps in two or three
cases where Improvements have been
planned on too expensive a scale and
erected on property purchased at the
height of the boom.
\ + \
The paving question has attracted a
great deal Of attention lately and no
small amount of criticism has been d.
rected against the property owners who
have been unwilling to pay for the re-
surfacing Of Spring street. It is a great
pity that SO many business men should
have been led away, as they undoubted-
ly have been, by mis-statements as to
the probable cost OF this work The
foundation Of the street is in a good
enough condition to receive surfacing
of asphalt which can be kept In repair
at trifling expense for the next five
years, at the end of which time the prop
osition for system Of subways for
sewer, lighting and water purposes
might be reasonably considered. It
would be Idle to debate the proposition
of subways at the present time, as the
city is In no condition to afford the ex-
pense. Every one is agreed that the
resurfacing of this important thorough
fare should be done. The question IN
der dispute II, whether the propfrty
owners or the municipality should pay
the expense. Now, a. matter o6fact,
the city cannot afford It. With doll