The San Francisco call., 1907-02-23

visit to the roof of the Union trust
building viii open the eyes OF the most
has been made in San Francisco toward
rehabilitation. Two months ago the
wholesale district was practically un-
touched Bricks and broken pillars
covered sites where once stood stately
structures, and Ii appeared as II the
owners were indifferent as to the fate
OF their holdings. All this is changed
now. In no part of the city Is there
more activity. Nine piledrivers can be
seen from the top of this building
working in the wholesale district, and
there is not an idle lot, either north or
souths of Market street. The buildings
going up are large and substantial, and
many OF them are being constructed so
as TO enable owners to add to their
height. The work OF clearing lots Is
progressing with feverish haste, and
there is more construction being done
by night than in the history of any city.
Work upon the enormous structure
on the southwest corner of Market and
Fourth streets never ceases. Rock is
piled there by numerous wagons day
and night and 1t is rapidly crushed and
made ready for use in the erection of
a great structure of reinforced con-
crete.
One of the most encouraging signs is
the rapid progress that Is being made
on the new hotels, and also on those
that are being repaired With the open
ing of more houses, hotels, apartments,
lodgfng-houses and the so-called pri-
vate hotels many families that are now
compelled to live across the bay or
down the peninsula will return to town.
The first of these small hotels to open
are reaping rich harvest. and big
prices are asked for Indifferent accom-
modations. BY June, however, there
will be at least twenty houses open to
the public, and there will follow the
inevitable reduction in rent.
WILL NOT REDUCE VALUES
Operators and owners are still at
loggerheads as to- values. Operators
complain that owners by adherng to
fictitious values are injuring the city,
while the owners reply that the op-
orators are confronted with their own
statements that building is active all
over the city
1t is generally conceded that in GER
tain parts of the city there has been
an increase in valuation, but this in
crease applies to a comparatively small
area. A real estate man quoted num-
Der OF instances where an arbitrary
valuation had prevented a sale from
recalled the story of a man who
wanted piece of property in Pine or
Bush street east of Mason or Leaven-
worth, for large building The op-
orator knew of one or two pieces which
he himself had sold to a man, with
buildings on them, for $3.50 a front
foot. The houses were swept away by
the fire and the owner had repeatedly
expressed a wish to sell. When a pur-
chaser presented himself the owner
asked 5000 a front foot and was ready
to quarrel because the offer was re-
jected on the ground that It was too
high. Small lots south of Market street
which were covered with fats from
which the owners derived an income
Of $45 a month, are now being held
even higher than before the fire be
cause there are no buildings on them"
sarcastically observes the operator.
The same conditions prevail in the
Western Addition. For 26-foot lots on
which stood flats that were rented for
$50 or $50 month and which, includ-
ing the building, could have been
bought for $4,000 or $1,000 before the
fire the sum OF $4,000 and $4,000 is now
being asked
The property that has gone UP in
value" said an operator. 'is in the
outskirts of the city. These lots are
selling better than ever before, due to
the fact that people are being COM
PEELED to buy homes because of the
enormous rentals east OF PfeSidio ave-
nue."
BUILDING UP THE CITY
High rentals cannot be looked upon
as an unmitigated evil when they have
SO largely contributed to building up
the outskirts of the city Everywhere
new tracts are being opened upland the
phenomenal success which has attended
the sale of the Parkside lots has given
an impetus to others to improve sim
liar tracts for suburban homes
c. f. OBrien of 1907 Post street,
agent for the Mission street tract said
yesterday:
suburban property IS picking up and the
small-sized boom this spring. The mechanic,
the laborer and the clerk beginning to realize
Sss,nS ,9ey ean scquire home % o. tner own 9y IN
people Will soon be paying rent to themselves.
while the property they. have bought at low
price on easy terms will be steadily increasing
in vaue.
II a realty agent should advertise 100 per cent
pront on his offerings he would be suspected
OF MISREPRESENTATION but there IS no doubt that
the price of many suburban lots now on the
demand for lots IN onr Mission.street tract Is
growing steadily and we expect to dispose OF
all OF y within sixty days.
| San Francisco IS overcrowded rents are high
and the people are just beginning to realize
cae cne in,Gsantage i,a OF home In the suburbs on
e.nt tne car AL Of these d Ms. within the
men who wish to build their own homes 10
make max a profitable investment. Delay in buying
now means higher prices next fall or the accept
snce OF property more remote from the business
district OF the city.
A SPLENDID LOCATION
another suburban tract known as
Interest, Will be bidding shortly for
pubic favor. A syndicate of San Fran
CISCO capitalists has purchased from
Jonn DAILY and others the Porto Suela
hancho, situated on the boundary line
or San Francisco and San Mateo Coun-
ties, and extending from the Southern
Taclnc right of way to Mission street.
Inc purchasers OF the property are
making arrangements to subdivide the
same and the American Real Estate
company. composed of oliver c. Stine.
Douglas s. Watson and others. will
nave full charge of the tract. The prop
erty has been named 'Hillcrest," and
1907
IL is easily accessible, having con-
nections with the Ocean Shore and
southern Pacific and the city and sub
Il, mroan lines of the United Railroads,
me new boulevard which is being built
under the direction OF r. p. Schwerin,
president of the Automobile Club of