The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-08-06
SHOWING
BY OAHU
TRUSTEES
College Hills Land
Before Tax
Court.
VALUATION SAID
TO BE EXCESSIVE
Some Real Estate Experts Dis
cuss Suburban Property
Values.

|HSHE value of suburban property
was gone into extensively yester-
| n day afternoon by the Tax Appeal
Court in the hearing OF the ap-
peal of the trustees of Oahu College on
an increase by the assessor from $685.
o20 returned. to 3233, ,1Ss. The College
Hills tract of land opened few years
ago by the trustees of Oahu College
was returned by them at SCI, zee and in
creased by Assessor Pratt 10 sfs4oo0,
| which is the total amount asked OF
would-be purchasers for individual
lots.
Percy NJ. Pond real estate man for
Waterhouse & Co. who for a time was
the agent of the property was the prin-
cIpal witness called by a.. F.aAJudd who
appeared for the trustees. Pond testi-
fed that he considered the full cash
value of the unsold portions ot the
College Hills tract TO be 100000 He
based his conclusions on the fact that
the unsold lots were the culls: the less
desirable pieces The lots first sold, in
his opinion, had been priced at too low
figure, and those left unsoId were
now held at too high a figure The
prices brought at the auction were re-
markably good, owing TO the fact that
the bidders were persons who had an
aloha for Oahu College. Among these
he mentioned p. c. Jones, II. r. Bad
win, ]. u. Atherton, etc, some Of
whom were now DESTROYS of disposing
OF the same property. He admitted
that the scheduled prices set by the
trustees made the total of $l64 600 but
said this figure was too high. as IL
could not be obtained. unless the lots
were sold singIy. Even taken singly
the lots were not worth over $13iO0e
and if purchased as a whole. by any
syndicate not one-half OF that price
could be obtained. Other similar tracts
held by syndicates were costing as
much as sixteen per cent annually and
at the present outlook the College Hills
tract would remain unsold for five
years or more. Pond said that he per-
sonally would not undertake the sale
for less than ten per cent. which would
leave five per cent for his commission
and q similar amount for advertising
and other expenses. Taking this into
consideration and also the cost Of WA
ter. taxes. reasonable profit on the
Investment. etc, he did not consider
the tract taken as a whole To be worth
more than half what the trustees had
set upon il, $GO.O0e.
on examination Pond said that
his wife had purchased a lot a short
time ago. at ten cents per foot but
she had To take it because OF other
The water works upon
the land. he said. were not entirely
and cost the college $500
per year. but he had allowed 500 per
acre for it: without the water
the land could not be used as resi-
deuce lots. Speaking OF other tracts Of
land the witness said that the Hawai-
ian Board bad been offered a tract
Of land OF 2414 acres at the crest II
SVaialae Ridge Kaimuh for $4,000 by
the Gear-Lsnsing syndicate but had
it, This land was square and
better located, and there was a guar
antee Of rapid transit Besides the
Hawaiian Board was very anxious 10
secure a tract OF land but would not
pay such an amount
l. 6. AbIes who was also called. said
hat comparing the lots still remaining
with those already sold. he did not be-
ieve the land in the hands of the trus-
ees was worth twenty-five per cent
ess This was the general deprecia-
tion all over the city on suburban
property though he did not believe
here had been such a depreciation IN
he values OF city property, which IS
scarce and more desirable. To sell the
whole tract. he thought would be worth
,ortv per cent. this in addition to the
twenty-five per cent deduction already
spoken or The holding OF the trus-
.ees at s164, 600 he thought was TOO
nigh and he did not believe the valne
/ man puts upon his land should be
AIKEN for taxation purposes, as IL ~
Tot the market value
Ables said he was unable TO put Il
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