The San Francisco call., 1908-05-09
Active Demand for Building Lots Feature Of
Real Estate Market for Week
Lincoln School Lot Is Leased for 80 Years to the
Wise Company for Total Rental Of S2,835 900


meeting. All Offices closed Wednes-
day. and several remained closed
Thursday. II was not however. all va
cation for real estate men, as many
have correspondents in the country and
under their tutelage visitors were
taken about the city and given an op-
pcrtunity 10 see what had been ac-
complished In San Francisco during
the last twenty months.
The feet celebration could not have
been better timed Had it been two
months earlier we would not have been
able TO show so marked an improve
ment for il must be remembred that
IN the last few weeks several Of our
noblest buildings have been completed
and In possession of tenants, The fes-
ttviues have brought here many rail-
road officials of eastern lines, and their
surprise Is unbounded. One said he had
read about the spirit of san Francisco,
but in the minds of many transporta-
tion people there were misgivings as
20 Our ability 10 entertain strangers in
such large numbers, but he apologized
Tor this by saying that the railroadman
remarked:
fWeii.s you can't tell anything about
Californians They win entertain and
have good time and make everybody
happy II they have only a tent and
beans. You mark my words. they viii
II their city is less than two years old"
'His words have come true. In the
east we are pulling down old buildings
10 make way for new, but you have
done this. The VISIT Of this feet and
the reception given its personnel mean
more TO you than you think. All these
boys write. and the accounts they viii
give Of your wonderful city VIII in
1ame the minds Of hundreds to come
here and share your prosperity. You
VIII gain thousand fold by your well
come"
FRIENDS FROM THE COUNTRY
san Francisco has been glorious
object lesson 10 our friends from the
country. It is practically the first
time many have been here since the
IRE and several merchants from the in
terror spent time in hunting up firms
Tvith whom they had been in the habit
counts The weeks celebration. has
had a stimulating effect on business.
and merchants in all lines assert that
last weeks trading was good.
A new spirit seems TO be pervading
all classes Of people and there is a
more buoyant feeling in the COM
munity. In other words. We feel very
much alive and capable of even greater
efforts. 1t is this feeling which un-
doubtedly led TO four enterprising
firms making substantial bids for a
thirty-fve year lease. Of the Lincoln
school lot, 275x275. at the southeast
corner OF Fifth and Market streets last
Wednesday.
The bids are as follows: Wise realty
company. $2,Ss5. 900; Murray F. an
dali, 81 AZ 600; John Trounson, $2,I03,-
300; A J. Rich & Co, $l,T64,zS2.
CHARACTER OF BIDS
The bid Of the Wise realty company
averaged $3,7s0 per month for the. first
i've years and s7,245 per month for the
balance OF the term. VandalFs bid
averaged 1920 for the first Ave years
and S6,zI5 for the rest Of the term.
TrounsOn's offer was $4,000 per month
for the first I'VE years and s5.175 for 80
years. A. J. Rich & Co. considered the
property only worth $3.50 per month
FOR five years and $4,000 per month for
80 years -Nandan is supposed to have
represented the syndicate which con-
structed the Pacific building A J.
Rich & Co had several large capital
lists behind them and contemplated put
ting up substantial building. The
Wise realty company is composed Of
Maurice Rosenthal and several asso-
ciates who have been conducting, large
lease transactions since the fire. Bald
WIN 4 Howell had organized a strong
syndicate IN which John Trounson, the
and in whose name the bid was made
The conditions Of the lease are such
that no portion of the lot can be i'm
proved with less than four story
building, which insares q substantial
structure for the property, which will
be pleasing contrast to tie old frame
rookeries which were on the Market
street frontage Of the lot at The time
Of the FIRE.
The wisdom in adopting an amend
ment TO the charter which permitted
the leasing of school property for IS
years instead Of 20 is apparent from
the resHlt of the bids obtained. "A year
ago the board OF education advertised
FOR BIDS for e 20 year lease and the
only offer received was one of s4,050
per month Notwithstanding the strin-
gency OF the money market and the
somewhat depressed condition of real
estate. the board OF education has been
able 20 obtain nearly $4,000 per month
more for the property by increasing
the length of the lease Is years. The
probability IS that even q higher offer
would have been obtained ff 80 year
lease could have been had,
A. s. BALDwIN's VIEWS
I, A. s. Baldwin, IN discussing the bids.
said
think the offer OF the Wise realty company
s5a az eseeens S one an ana = re ssh9ql department
ts, Of course, s-margtn Of profit % the lessee,
but more than they entitled consider
Ing the responsibility attached 10 he proposition
and the outlay involved Our firm addressed q
communicatid4 20 the board of education in
May 1907. suggesting that the Lincoln school
site be offered Tor lease in subdivisions instead
cf 4 whole. We figured out that 4 rental Of
something $4,000 per month could be OBJ
tniDe1 fer the property by doing this, and am
satisfied II could be done Ii would have been a
decided advantage TO merchants 10 have the
property offered IN this way. II would have
enabled q number Of large retail concerns TO OBJ
tain suitable locations without having 10 pay the
uiddleman, but the offer Of the Wise realty com
pRny seems togne 10 be 50 liberal that the board
of education WOULD probably not be flsti6ed in
rejecting It. even II somewhat higher figure
might be obtained by subdividing the lot
II Is very Eratifying 10 know that there were
80 many syuotcates ready 70 invest 4 large
amount Of money on the leasehoid and II goes
- show that the backbone OF the real estate
market ls as strong II oaly requires
after all. tempting bait 10 bring out a large
amount Of hidden capital. The Improvement Of
the Lincoln school site will mean Investment
81 from 500 900 70 $780, 600 at least NE sub
mffted through Trounson what we considered
fair o1er for tie property. but there were sew
erai bids which were higher than ours. and I
only hope that the lesser VIII take the same
pride in improving the property which we would
have done.
A sale has been made Of the property
on the northwest corner of Waller and
Octavia streets. This is q full nifty
vara lot, I37:6x13z.6 feet and has been