Los Angeles herald., 1908-03-01
REALTY IS
SHOWING A
BIG GAIN
INQUIRY FROM EASTERN BUY
ERS is INCREASING
SEASON OF ACTIVITY IN couN.
TRY PROPERTY NEAR
Building Permits and Realty Trans
actions for February Speak Much
for the Future-lndus-
trial Activity

Several developments of the past
week indicated to real estate dealers
the steady recovery of the realty mar
ket The end of scrip as circulating
medium and the ability to obtain
money for building sources from the
usual channels at almost normal rates
of interest have done much to re-
vive homeseeking, and consequently
the inquiry has been increased. City
and suburban lots are being sought
by residents of Los Angeles who feel
ing that the crisis has been safely
passed, are ready to anticipate their
future prosperity in home enterprises.
And in this the dealers see the con-
tinuance of faith in the future of Los
Angeles.
Not the least of the evidences of
activity In homeseelxing are the build
ing permits for February. The bulk
of the permits has been for homes and
the distribution of the buildings Is
almost wholly in the desirable resi-
dence districts. The permit record
shows q total of over half the total of
February. 1906, but is without the
large items of class "a" buildings
shown last year. SO that the record
good faith of the smaller investors just
as the announced plans for several
large buildings indicate the abiding
faith of the captains of capital. The
permit record is really thermometer
of public confidence and during Feb
ruary it showed rising temperature
above normal.
Paying off Mortgages
Another testament to the sustained
and unimpaired value of the local real
ty market Is the report of realty trans
actions for the month as compiled by
the #. ]. Stilson company. This COM
pilation shows an increase in the num-
ber of transfers over January and a
material increase in the number of
mortgages released. In February the
daily average of mortgages released
was thirty-four while in January 1t
was twenty-nine. Considering that
February was a short month, with only
twenty-three available days, the fig
ures are important. The lesson drawn
from them is that the liquidation of
mortgages is taking place and this, of
course. implies a greatly improved
financial condition. Whenever finances
the quantity indicated by the Feb
ruary record it means that the people
are confident in the future of realty.
In the annual rush of tourists dur
ing the reduced rate period the realty
market expects much. Already in
quiries from eastern correspondents OF
local firms have become heavy for
suburban acreage, as well as for ranch
properties of all sizes. Most or the
Inquiries come from well-to-do farm
ers of the middle west who, following
the example of many of their neigh
bors, seek the perennial fructility of
Southern California. These inquiries
have always preceded the tourist and
colonization periods. but this year
there seems to be an unusual num-
ber. This is taken to indicate bet
ter demand from eastern buyers. The
condition for the next six weeks, as
forecasted by careful realty men, is
for unusual activity in country real
estate.
Industrial Property
In addition to the activity in coun-
try real estate and city building lots
there has been a good inquiry for in
dustrial property and several deals
of magnitude are pending. They are
all predicated on the development ana
growth of the city and will mean the
investment of millions in the course
of the next year in new buildings,
some of them for new enterprises.
The decision against the factory or
dinance was stimulating. Building
projects of great cost that were sus-
pended during the days of financial
distress are revived and will take shape
in the next two months without cur
tailment and voicing every element OF
confidence.
Knowing these facts, the realty men
have been inclined to "cheer up" dur
ing the past week. The stagnation
due to the tieing up of money is being
removed in the most natural and
freest manner, and the outlook, to the
experienced, is one of renewed activity
all along the line and an advance OF
values proportionate with the growth
1ffx