Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1907-08-18
PLAIN TALK
BY BANKER
MANY REALTY DEALERS AWAY
ON VACATION
INCREASED INQUIRY ABOUT IN
SIDE PROPERTY
Local Financier Reviews the Situation
on Subdivision ropositions-Says
That the Future Never Looked
Brighter for Los Angeles

Midsummer comments in relation to Los
Angeles conditions in the real estate field
continue optimistic, despite the fact that
there are fewer sales to report as the re-
suit of the efforts of the past week.
Realty operators assert that the chief
reason for the apparent dullness in the
market at present Is the fact that many
of the dealers are absent from the city
on their annual vacation trips, and those
who are kept at home are busy framing
up new propositions for the fall and win
ter campaign. Values of inside property
are said to be as firm as ever and in
quiries for improved and investment
propositions are growing more frequent.
Subdivision property does not appear to
be in active demand except by those who
are seeking cheap home sites. The build
ing statistics show that one building goes
ahead steadily at the rate of about 400
new homes a month
Said leading banker who as been a
resident of Los Angeles for forty years:
II have seen many ups and downs in real
estate operations in Los Angeles. In my
opinion the cutting up of good, produc-
tive ranch land lying near the city for
subdivision purposes is greatly overdone,
and 1t is time that the spectators in the
lot craze realize that it is better to let
some of the land alone. Much of the land
is well worth $500 and $500 an acre for
farming purposes, but the course that has
been pursued in the lot business has taken
the land off the market for farming, and
thousands of the lots are useless at pres
ent with somebody holding the sack for
the cost of the tract deals. L am glad
to see that there has been a change In
conditions as to subdivision propositions
Everybody knows that Los Angeles is
growing at an amazing pace. There is a
great future ahead for Los Angeles, not
only as a home city of beauty and wealth
but in the Industrial line there is to be
continued development that will BRING
millions of capital to the coast. Inside
values are all right, especially for bust
ness frontage and the higher class of resi-
dence property. The boom period of 1886
will not and should not occur again IN
Los Angeles. Six months ago the bankers
saw what might happen and they put a
check on wild operations. They acted
wisely. Now everything seems to be on
a sane basis, and conditions will steadily
improve.
Activity in building operations in the
city is the best sign of Improvement as
every new building erected means new
business firm and the expansion of com
mercial interests. The increase in the
number of new dwellings for the thou
sands who are coming to Los Angeles T.
reside permanently is another gratifying
condition. The future looks bright to me
never better.
1t was stated Saturday that the Otis
company, manufacturers of office and
freight elevators, with main factory ir
Massachusetts, will soon establish q
branch wholesale house and repair estab
lishment in Los Angeles. The interests Of
the elevator company have grown to such
an extent in Southern California that il
has become necessary to provide better
conveniences for handling the business
The plant will be located on East Second
street, near Los Angeles street.
Robert Marsh & Co., the realty agents
are making preparations to take posses
sion of their new quarters on the ground
floor in the Security Bank building on
the southeast corner of Fifth and Spring
streets. The company will occupy the
wide room on the alley side of the build
ing fronting on Fifth street. Excellent
light and ventilation will be thus af
forded, and ample space will be provided
for the conduct of the extensive business
of the company. The rooms to be vacated
on the ground floor in the H. w. Hellman
building by Marsh & Co. have been leased
by the Los Angeles Nevada Mining Stock
exchange, an association of 100 members
embracing some of the wealthiest mine
owners in the west. Arizona, Nevada and
California mining properties will be rep
resented in the new stock exchange.