The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1900-05-15
HONOLULU REAL ESTATE.

be proftably studied by land-holders
in Honolulu now that this city hopes
to have a new visitation of progress.
1t is easy to start boom in the right
place and sometimes in the wrong
place. but the point we want to en-
phasze is that it is also easy, in the
best of places, to bring boom to
sudden and disastrous end.
Mr.. Desky struck keynote when he
expressed the hope that property own
ers would not put their prices so high
that none but rich men could touch
them High figures per front foot kill
booms as surely as reasonable figures
encourage them. People seek land,
whether for speculation or investment,
in the hope that it will increase in
value If that hope is dashed by ap-
praisements which create fear that the
selling value of the land must sink to
reach a normal level, then there will be
no buying 1t was greed that killed the
Southern California boom in 1887.
Prices were forced up and up until they
stood above those of San Francisco. A
corner lot in a suburban addition to
San Diego, twenty miles from the bay,
cost five times more than a corner lot
in the Park additions to San Francis
co where the city was sure to spread.
People of common sense would not buy
sand and sage brush on such terms and
/ Co cd nd
soon its inside property became drug
on the market. The collapse occurred
| on January /, 1888, the general pay
day, and the lost boom has never come
back. 1t might have done so after the
process of liquidation was complete if
the people had been willing to accept
fair prices for their land. But they had
tasted blood and wanted more Every
rumor, however baseless, of coming
railroads or steamships kept the eager
land-holders from letting go until the
absurd spectacle was presented of men
who could not easily pay their living
| expenses claiming to own quarter of
a million dollars worth Of realty.
! Now, twelve years later, land values
/ are coming down to a point where an
other boom may be reasonably looked
/ for.
Here in Honolulu as a result of the
boom the plague Interrupted, land val
ues are getting near the danger point
and if that point is once reached and
| held, the real estate business will fall
into a state of suspended animation
| 1t ought to be clearly understood by
! property that no one will pay
as much for real estate, especially res
idence realty in Honolulu as is asked
| in San Francisco. The reason is that
! San Francisco, as the market place Of
an empire which includes eight States
and Territories and as the central
Pacific Coast port for the whole United
States, is bound to be an enormous
city 1t now has nearly 100000 people
and suburban population of 100 900
Honolulu, on the other hand has a
chance to become place of dignified
size but surely not San Francisco or
a Hongkong. There is not enough land
behind it to support metropolitan pre-
tensions. So if we try to put on met
ropolitan airs and mark realty up to
the top Of the column we shall merely
create laugh at our expense and more
than that, drive away people whose
aid is needed to enable Honolulu, to
realize its natural destiny.
In other words new people will come
here to settle if they are given a
chance to make something but they
will not come to be sheared. They
have learned by observation of West
ern booms or by sad experience in
them, what it means to buy property
and have it depreciate or become I'M
salable, and they are likely to learn the
basis of values very soon. 1t is not
enough to tell them that stable gov
eminent and electric touch with the
Mainland market will support extrava-
CANT values, for if it did not do so in
San Diego, Los Angeles and San Fran
cisco, it will not do so here. But these
things will surely aid in maintaining
fair values and it is for fairness that
we appeal. 1t is not necessary to par
ticularize. Let any man figure what
his land cost him, how much profit on
its sale would be reasonable and what
the land is likely to be worth when
rapid transit puts tracts which are far
out in the country within thirty min
utes' ride of the post office and when
Government land comes into the mar
ket-let him consider these things i'm
partially and he can get up bill of
particulars for himself
-<
The Stars list of prominent Demo
Gratis needs revision We think il