The Hawaiian gazette., 1898-09-06
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 1t, and feeds 1t. But
the foundations OF an abundant mar
ket at home will not stand the pres
sure of ten-story speculation.
Just what the immediate needs Of
residents and immigrants are. in the
way of dwelling houses, 1t 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 800 desirable building lots in
and near the city now upon the mar
ket. If residence were erected on
each of these, and occupied by the av-
erage family of five persons, there
would be accommodations for about
1900 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. II 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 indefn-
lite. As 1t is pretty well demonstrated
that the trades and professions are
full, they must be people OF "independ-
ent means" How far experience will
permit us to expect such people to i'm
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
its limits.
II 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.
IL there had been such 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 rich and
we'll populated back country behind 1t,
would increase rapidly in population.
In flush or boom times there is in
ariably an eXaggeration OF facts which
nay justify rise in real estate val
les. The crowd" never keeps on an
wen keel. 1t Is n bull" or a bear"
I declines moderate course. Its ca
'acity for inventing reasons in favor
II the most absurd propositions is ,
marvellous. And the more ignorant
he crowd is of the economic laws
which regulate the values of real es-
ate, the more positive 1t is in its be-
iefs.
We do not here assert that the val
ies OF land are excessive. We simply
suggest the consideration OF a few
'acts on the subject.