The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1898-09-03
REAL ESTATE VALUES.

The speculation in homestead lots
in and near the city expands. We have
said heretofore. that the local abund-
ance of money has largely, though not
altogether created it, and feeds it. But
the foundations of an abundant mar
ket at home will not stand the pres
sure of a ten-story speculation
Just what the immediate needs of
residents and immigrants are, in the
way of dwelling houses, it is not easy
to determine There appears to be a
very large number of vacant lots in
the city We are informed that there
are over 300 desirable building lots in
and near the city now upon the mar
ket. If a residence were erected on
each of these, and occupied by the ay
erage family of five persons, there
would be accommodations for about
1 500 persons We refer to lots beyond
the reach of the poor man, the native,
or the average Portuguese. There are
in this city 2,SS5 Americans, English
and Germans of both sexes. These
would require, on the basis of five per
sons to the family, about 400 resi-
dences, as indicated in the census re-
port. If building lots numbering over
300 are added to the 400 lots already
occupied there should be an increase of
fifty per cent in the total American,
English and German population i'm
mediately in order to occupy them.
These occupants must be people OF
means" though the word is indefin-
ite. AS it is pretty we'll demonstrated
that the trades and professions are
full, they must be people of 'independ-
ent means" How far experience will
permit rs to expect such people 20 inn
migrate we cannot say. The great
health resorts of the United States,
with few exceptions, have been eX-
tremely disappointing in this respect,
because the average man grossly eX-
aggerates the number of people who
have Independent means, and he in
variably forgets that a family of indie
pendent means prefers, as a rule, to
reside near to its relatives and old
friends
We do not present accurate statis-
tics, but suggest some figures and com
parsons. These may indicate that the
local or even foreign absorption of
homestead land has or soon will reach
it's limits.
If there should, however, be a large
influx of the zone lunged" people, or
those who prefer climate to all things,
there will be a steady demand for the
homestead lots. OF this class, where
there is one rich family, there are a
hundred poor ones. This, we believe, is
the experience of Southern California,
which undoubtedly has the most desir-
able climate in America.
If there had been such a disposition
of our lands, that there were today
large tracts of back country open to
settlers who could at once supply the
larger part of their own needs, this
city. like every city with a rich and
well pOpulaI6u DdCh country bSulIAu II,
would increase rapidly in population.
In flush or boom times there is in
variably an eXaggeratiOn of facts which
may justify rise in real estate val
ues. The "crowd" never keeps on an
even keel. 1t is a 'bulI' or bear.
1t declines a moderate course. Its ca
pacity for inventing reasons in favor
of the most absurd propositions is
marvellous. And the more ignorant
the crowd is of the economic laws
which regulate the values of real es-
tate, the more positive it is in its be-
liefs
We do not here assert that the val
ues of land are excessive. We simply
suggest the consideration of few
facts on the subject.