The San Francisco call., 1908-03-14
SUMMER EXODUS
CUTS DOWN Rents
Realty Men Expect Further Re-
ductions as the Yearly Va
cation Time Approaches
Problem to Keep Tenants in
Property Once Let at
High Prices

NHAN4 that sNcll D. IdnGiStt mas more
people within its boundaries now than
at any period since the hre. The state
ment has been made that fewer COM
mutation tickets were sold for the
month Of March than for the same
month last year. and the conclusion is
reached that people are returning from
the transbay towns.
Notwithstanding this. there are
large number Of houses to rent, and
tire explanation offered is that old resi-
dences are no longer in demand. as
people viii not rent them so long as
they can get either new house or a
nst. and that the TO let" sign is no
indication of shrinkage in pcpula-
tion.
SUMMIeR EXODUS BEGINS
Real estate men think there will be
a big exodus 10 the country this sum
mer. and in consequence rents will
come down even more than they have
done already. They argue that the
sale of out Of town lots has been brisk
all winter, and that the purchasers
have signified their intention of put
ting up temporary shscks preparatory
20 building more ambitious quarters.
Il is thought that the peninsula will
receive the biggest share of this exo-
ous. as nearly all the new tracts have
sold we'll
One Of the greatest aids to building
up population on the peninsula has
been the opening of the Bay Shore cut
Of. which has not only shortened the
time but has eliminated practically all
chances OF delays to trains. The rail-
road company intends tc increase it's
service during the summer. and the
fact that II viii put-On fast trains be-
tween here and Los Gatos. via Los
Altos. has induced many residents of
the city TO purchase in the new tract
lying between the college towns Of
Palo Alto and Santa Clara
The expansion Of the peninsula seems
70 have materially helped the country
nearer home. and there has been con-
siderable movement in real estate at
NisitaciOn bay, where the big freight
yards Of the Southern Pacific will be
located. and also at the Crocker tract.
These places viii sustain a large pop
ulation Of the better class of wage
earners within a few months. and the
tendency or their part 10 buy and TO
build is doing much toward attract
ing larger volume OF business TO the
Mission and inducing men TO open
large stores.
During the week q well known dry
goods house took a long lease Of the
property at Twenty third and Mission
streets. where il viii establish a large
drygoods house
MANY BUYING HOMES
All the real estate agents report
good market IN the sale of lots for
homes, and Lyon & Hoag say that
building has been commenced on sew
eral houses In the Bakers beach tract
The same advices are received from
other residential districts. accompanied
by a statement that property is not
acquired for investment purposes. but
with the intention Of establishing
homes.
Some Of the new places at Bakers
beach would be a credit TO any part
Of the city
There have been several sales made
in the Presidio heights property, and
so far as the sale OF house lots are
concerned eight operators assert that
they are doing a fair business. The
firm OF Harrigan, Weidenmuller &
Rosenstirn report that it has made
good sales in the block between Full
ton and c streets, Eleventh and
Twelfth avenues, and. though the block
was put on the market only recently.
the firm sold six lots there last Sat
urday. II accounts for the rapid sale
of the property by the fact that the
prices are exceptionally low for that
neighborhOod. and that the Hibernia
bank accepts so per cent mortgage OF
the purchase price.
A. n RoSenstirn in speaking of the
property said: TT is simply the re-
suit Of people getting tired of paying
high rents. and those who have a few
thousand dollars have come TO the con-
clusion that there can be no safer in
vestment than a home AS money is
getting easier we may look for a big
movement in the purchase OF homes
+raT ~1-,- t-~r1
more building Of houses by people
with moderate means than in any other
city in the United States. This is
proved by what we have done We
opened a branch in the Western addi-
tion and that office has been the means
OF making sales in a district which
shows that people are IN the mood to
invest in homes"
DOWNTOWN DISTRICT
Work is going steadily ahead in the
downtown district, and the inquiry for
leases in the old quartz s even great
er than ever
Speck & Co. annol.ee that the
ground floor OF the Westbank build
ing is leased. and though the Phelan
building is IN the first stages the
ground floor is nearly all taken up. II
is the intention OF the owner to finish
the ground floor rapidly. so that IL can
ing the Phelan building on the west is
the property Of Mrs. Frank J. Sullivan
and Mary Louis Phelan at Market and
Stockton streets. on which work has
been commenced for the building to
be occupied by Roos Bros The store
VIII occupy a space SO feet inches in
Market street. IS feet inches in Ellis
street and 162 feet inches in Stock
ton street
The owners still have the inside so
feet in Market street. as the new
building has a frontage of 12o feet in
Market street The lease was nego-
tiated BY Baldwin & Howell. The total
rent for IS years is sl.1S2,O00. From
January. 1909. for five years the rent is
$4,000 a month and Increase at the
last term Of five years TO $1,000 a
month Should the building be COM
pleted before January l lessees can oc-
cupy II al a rental of $4,000. II will
be finished and occupied by Septem-
Der J.
The ground is being rapidly cleared
for the market building in California
street, which viii extend through to
Pine between Montgomery and Kearny.
Construction should be begun before
many days. The German savings and
loan society IS remodeling its bank
brildinc in California street between