Los Angeles herald., 1907-10-27
WELL KNOWN TRACT
CHANGES HANDS
BUILDING WILL BE PUSHED WITH
vlGoR
Walter G. Hopkins Buys Remaining
Fifty Lots and Changes Name
of Property to Reed
Terrace

In the early sos DR.. Isaac N. Reed, an
eastern publisher, purchased forty-acre
tract of land in what has since proved
to be the fashionable southwestern Sec
tion of the city.
The doctors death occurred in Chicago
early in 1906 and his vast estate, which
included the property in question, de.
scended to his widow and only, son, and
in May of last year the western repre-
sentative of the estate came on' to Los
Angeles with a view of placing the prop
erty upon the market. Among the con-
Germs who Immediately opened negotia-
tions for the purchase of the property
was the corporation known as Poole &
Jones, which was then doing a large
amount of building in this city, and
within a few weeks a document was ex-
ecuted by which that corporation pur-
chased the entire remaining thirty-three
acres under contract for $250,0OO.
They then, after selling few lots to
ready purchasers, proceeded to open up
streets, lay sidewalks and curbs and 9TH
erwise improve the property, but unfor-
tunately they were heavily involved In
other enterprises and soon defaulted in
their payments to the Reed estate and
for time O foreclosure was imminent
However in March of this year number
of individual and bank creditors of this
corporation advanced certain moneys for
pressing needs, took over all the assets
of the concern and placed Walter G..
Hopkins in charge of the tract, with
instructions to go ahead and complete the
improvements. This work has now been
completed under city specifications and
includes upward of mile of street work,
several miles of sidewalk and curb and
the handling of many thousand yards OF
earth.
Titles Clear
Up to this time fifty-four deeds have
been recorded, III each case accompanied
by an unlimited certificate from either
the Title Guarantee and Trust company
or the Title Insurance and Trust COM
pany that the title was absolutely per-
feet and free and clear of all incum-
brance
The large creditors who took over the
assets of Poole &. Jones have now been
satisfied and paid off and last week Mr..
Hopkins personally purchased the re-
naming unsold lets.
Inasmuch as this tract has every i'm
provement, including sewers, and every
deed delivered contains suitable building
restrictions, the future is assured. There
are some half dozen houses OF high class
now being erected in various sections of
the tract and thirteen more are to be
erected at least within the next few
weeks
Since Mr.. HOPKINS has secured entire
control building will be pushed to the
limit and this magnificent tract will take
its rightful place as one of the best Of
the high class residence parks of Los
Angeles. The car service is already ex-
ceptionally good-the West Jefferson line
running directly past and the West
Adams being within two blocks of the
tract There is q well founded rumor
that car line is projected on West
twenty y-ninth street and crosstown line
on Normandie Mr.. Hopkins intends to
build on a number of the lots ahouses
equal in architecture and value to those
already erected adjoining the tract on
Raymond, Kenwood and Normandie ave-
nues.
been considerably more than 100000