The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-18
Realty in Minneapolis rp

Minneapolis real estate owners and |
agents have been interested the last few
months in condemnation proceedings
against land required for railroad and
other purposes. Right Of way men have
acquired at private sale what properties
they could, the remainder. when absolute
ly needed, by condemnation. The park
board recently left the appraisal of lots
needed for park purposes to commlttee.
Special interest centers in cases where
appeal is made from the award. The own
er questions the judgment Of the appra1s-
ers or believes that he can get higher
figure from a. jury of twelve. Testimony
in the matter of values is needed and eX-
perts are brought in by both SIDES. so
variant are the figures at times that 1t is
wonder how the twelve men come to
decision that is equitable. The witnesses
for the condemning party are likely to
place low values on the property, while
the oposing testimony rates it's away up.
This state of affairs is not peculiar TO
this city, neither to the country The
Statist Of Jan. 4, published in London, in
an article on "Freeholds and Leases re-
fers to this particular phase of the sub
ject 1t shows that London real estate
men are not different from their Amerl-
can brethren. In the second paragraph
quoted below is given the English method
of determining values from lot OF con-
ficting testimony. The Statist says:
Prominent amongst the features of the past
year, from a vauer's point of view, nave
been the claims for premises required by the
London county council for the purposes OF
the great improvements now in progress. The
majority of these have been settled by direct
negotiation between the owners and the coun-
Gil; but many have formed the subject OF
hearings before arbitrators or juries, and the
members of the latter must frequently have
wild DIV aSti
mates of value put forward by presumably
competent judges. Instances of this might
be found in nearly every case tried; so that
it seems entire misnomer to call sur
veyor a witness when he is giving evidence,
for he is rather an advocate seeking either
to extravagantly magnify or to unreasonably,
If not indeed, unfairly, depreciate the value
of the property under consideration, his views
or rather his evidence, being solely guided
by the client on whose behalf he Is put into
the box; so it seems safe to assume that
the same man would show to the best of his
knowledge or belief that the same property
is worth to use an algebraic expression, 2X
if he is acting for the owner but merely
if his engagement is from the purchasing au-
tnority.
A few days ago some land in Wych street
required for the Strand improvements formed
the subject of an inquiry before special jury
and some of the most eminent men in the
profession gave what was termed evidence,
on behalf Of the owner, that it's value is be-
tween G1S,0 900 and G19, 900; whilst behalf
Of the council, equally eminent surveyors
gave so-called evidence that it's value is
$4,000 or 81, 900 only. How is it possible that
professional valuers should differ SO enor-
mously as to the value of a small piece OF
ground containing an area OF about 5000
square feet near the Strand, unless they re-
gard themselves advocates rather than
civ
cumstances, could conscientious but mys-
titled jury do better than rely on the wisdom
contained in the old Latin saw, Veritas in
medals res? In this instance there were seven
Witnesses and the verdict Of the good men
and true seems to have been arrived at by
the simple method Of adding together the
separate valuations placed before them, and
dividing the total by the number of surveyors
who had given evidence thereon, and by this
means they came to the unanimous opinion
that Eli ,OS4 represented the true value of
the property and Judgment was given &C
cordingly.
Much misunderstanding exists as to
what kind of property a railroad can con-
DENIM railroad may acquire in this
manner any land which it may need for it's
purposes. This may mean a gravel pit
twenty-five miles from the right track
If it wishes. The supreme court has
handed down decision on this point. A
popular notion exists that only the right
of way can be acquired by condemnation,
but this is not true. In fact, the company
which wishes to abrogate a lease OF
buildings standing on its property may
condemn the lease and acquire it as is
done in the case of the actual ground.
1t is really difficult to determine values
from an expert point Of view in Minneapo-
lis Cyrus Campbell believes that the
auction method Is the way of determining
values after the market is settling down
from a. long financial depression. Ex-
perts are bound to differ. Supply and de-
mand at times seems to cut no hgure.
Prospective buyers may acquire all lots
except one in tract which is desired for
warehouse purposes, for instance. This
may be the key to the. cituation. The
owner considers that the demand is
greater than the supply and puts up the
price to scare figure. The buyers simply
pull out together and go to another part
of the city. The town is too large for the
supply and demand ratio to cut much
figure in value. 1t is easy to UNDER
stand why perfectly honest and respecta-
BILE valuers may put greatly ulHerent
figures on the same lots. For instance,
one will place value on the basis OF
present conditions and improvements.
The next one looks into the future and
figures what the lots would return II a
profitable building were erected. Here
q different standpoint resulting in great
difference of estimate.
tits common trick for interested per-
sons to buy lot at low figure where in
months to come they desire to possess a
large tract of land. When refusal IS
made to offers and condemnation proceed
ings are instituted, a strong play Is mace
of the fact that at such and such time
the aforesaid lot was purchased at sucn
a price and that this established a valua-
ton point.
Homes in Demand.
Nothing like the Burlington, Cedar Rap
ids &, Northern deal agitated the Min
neanolis market this week. The deal for
the purchase Of four blocks engineered by
Thomas Brown and Franklin Benner is
the high water mark to date this year.
The sale of small homes costing from
81, 400 to 81, 900 or $4,000 has been the feat
ure this week. The demand is very good.
The sales of one office, that of T. IA. ia
mieson, for the first FIVE days is taken as
an example of what the real estate men
have been doing. Mr.. Jamiesonfs list is
for lots with houses. 1t is:
1915 Central, $780,.
BOLT Oakland, $1,35O.y
zoos Grand, $4,000.
34O6 Blaisdell $1,50O
Other agents report similar sales. some
of which are for better class.
Interest at present seems to center in
manufacturing and warehouse properties,
principally trackage In a few days sew
eral deals will be ready for publications
Some of them mean the erection of ware
houses or plants; in others the old build
ings will be remodeled. Little Pittsburg"