The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1901-07-25
DEMANN
AUCTION
Expected Prices.
Not Realized
At Sale.
HEIRS BUY THE
GREATER PART
Varying Opinions as to the Re-
veaIed State, OF the Real
Estate Market.

The proceeds of the real property OF
the Widemann estate, realized at the
auction sale yesterday, We're S129,5oo
This property includes the lots corner
of Hotel and Fort streets, the homestead
on Punahou street and the Pau lands
in Waikiki road, which include about
twenty acres. The property was sold by
James F. Morgan and the announcement
brought to his rooms a fairly large
crowd of would-be purchasers. There
was little lively bidding however, and the
result of the sale that all the prop
erty except the Pau lands went to heirs,
that piece being disposed of to Col. VIII
liam H.-Cornwell.
The first move of the auctioneer was
to propose the selling of the entire cor
ner at Fort and Hotel streets, HIS feet
on the first named and 1908 on the last,
the upset price being s150,000. The ofter
was made but not a purchaser appeared
at the figures. There had been rumorS
that there was a purchaser for the piece
| at that price but when the time came
| there was not a naturalization. Ihere-
| fore the division had to be made accord
! ing to the announced plans. Under TINS
1.-the corner piece containing 5,12o square
feet fronting IT'S on Fort and 1913 on
Hotel street, was first offered. There
was only one bidder. F. w. Macfarlane,
| one of the heirs, put the figure at sio,ooo
and there could not be found any one
who would advance that amount and the
sale was made.
4 The lot Immediately Eva of the frst
j niece sold. on Hotel street, 50 feet front
and running back "A feet was the next
offered. There are in this piece total
of 3,740 square feet and the bidding start
ed at $4,000 There were advances by
thousands until finally the property was
knocked down to the first bidder, also
. one of the heirs, j. NJ. Dowsett Tor
So, 600 The same buyer got the next lot
, sold, at the same price. This was the
] lot mauka of the corner on Fort street.
! $50 feet, made UP of 80 feet on Fort
street with depth of 1892 and 1876 feet
on the Sides There would have been
more bidding on this, but for the fact
I that in it is a right of way about the
8 present saloon and other buildings, own
3 ed by the present lessees, and asathere
seems to be some difference about the
3 width of the road, there was shyness
of the bidders, when the selling point
! was reached although there were two OF
5 three persons who made the purchaser
: run up his first bid OF S7,Doo 10 the sun
! he had to pay.
! There was only an advance of $2OU
3 on the last lot sold, the one next t
the stables, this being secured by f
9 w Macfarlane for SIT, 600 after 1T hat
been started at $4,000. This piece ha
3 5355 feet and is so feet front on For
= street and 1892 deep.
The homestead on Punahou street wa
Z next up and the first bid was s15.oeo
The property Is 244 feet on the front ant
. runs back for 500 feet. The dwelling i
a fine one and the grounds are well i'm
3 proved The bidding was very slow ant
& the PROPERTY was knocked down to e.
3 Desky for $4,000, the stable lot next t
8 1t being sold to the same purchaser mex
3 for $780, or s22,700 for the entire prop
q erty. ne real purchaser Is said to- b
3 Henry r. Macfarlane.
Il The next sale was of the Pau lands
e which lie mauka of the Waikiki roa
8 midway between the Hopkins switc
q and the hotels, and comprise about TWEEN
& ty acres made up largely of five ponds
g The property is now under lease whic
& has a little more than year to run, a
q $3.50 a year. There was little bidding O
= the lot and the sale was made at ne
g ure which was much below what wa
g expected S11 600, the purchaser being Co
q Cornwell.
e While the price of the property q
g Fort and Hotel streets is below wha
e was expected there are many person
g who do not see in 1t any serious fall
q the price of real estate. The net return
g from the entire piece are at the raj
y of something above Sc square foo
g which is esteemed to be fair rat
q There is much to be done to make tt
g Waikiki lands available for resident
. sites, but the general belief is that II
g realizations on 1t were not up
& the average of lots in that locality, {
g established by recent sales.