Los Angeles herald., 1907-02-24
QUICK PROFITS
FOR SYNDICATES
ADVANCING TENDENCY IN THE.
REALTY MARKET
Completion Of Big stores on Broadway
and Hill street VIII Call for a
Great Number Of Smaller
Buildings

The Los Angeles real estate market
continues active and Is in q decidedly
healthy condition. There Is no decline
or residence property. Recent sales,
especially on Broadway and Hill street,
noted elsewhere in these columns, show
steady advance in valuation, with in
vestors netting handsome profits In
brief period of time. The completion
of buildings now In course of erection
and the opening of new business es-
Establishments will cause congested con-
ditions in new sections, and old and
new firms will want accommodations
in the new districts. Those who own
desirable business frontage will not
fail to reap a harvest within a year.
Mary ]. McMenomy has sold to
Architect Mays and associates,
through Wright & Calender, the prop
erty at S39-S41 South Hill street, lot
67x165 feet, consideration S150,000 or at
the rate of $3.50 a front foot. The
property is improved with two frame
structures. The frontage is especially
valuable, because 1t is opposite the
mammoth store now in course of erec-
tion for Hamburger & Sons.
ing activity during March," said
j. j. Backus, chief inspector of build
ing, yesterday, while discussing the
statistics for the months of January
and February. There are good and
natural reasons for the apparent slump,
which Is only temporary. During the
rainy season 1t is seldom that permits
are taken out for the erection of large
business blocks In the lower part of
the easements and work is greatly de-
layed while the damage is a large
item. And then people who contem-
plate building enterprises hold off until
after the first of March to avoid what
they fear will be increased assessment
by reason of beginning new work. The
assessment law is not a hardship upon
builders. They are only assessed for
the value of improvements shown at
the time.
March, 1 think, will be a busy
month in building, despite the prevail
ing high prices for materials. There
is pressing need of more modern build
ings. l know one Improvement to cost
about $S00000 for which a permit will
be issued within q few weeks. I'M
provements valued at over 100000 are
: to be commenced before the end of
the present month. This will bring
February close to the million mark. +"
The sum of $4,000 has been paid for
forty-seven and one-half acres at
Glendale, two blocks west of Brand
boulevard, in what is known as divers
West Glendale tract, to a syndicate
of Los Angeles capitalists for $1,000 an
acre. AS organized the syndicate is
composed of f. c. Paulin, head of the
Imperial Land company; Charles H.
Toll, cashier of the Southern California
Savings bank; w. D. Woolwine, vice
president of the National Bank of Cali
fornia; A. II. Braly, j. H. Braly and
Col. ]. H. Polk. Grading will be begun
at once for a subdivision; water sys-
tenn will be instituted; trees will be
PAINTED and flower beds arranged.
The sale of the Normal school prop
erty for sum not less than $500,0O0 is
among the possibilities. Both branches
of the California legislature have
adopted the Carter bill authorizing the
sale. The bill has been passed up to
Governor Gillett for his signature
Mines & Parish represent a syndicate
that is said to be anxious to secure the
property for $500000