Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1908-07-16
HONOLULUS
REAL ESTATE

In some cases n couple of miles be-
| You'd the fringe of the former sub
urbs; and, In most instances, large
sums of money We're siraightway OK
pended towards constructing roads
! and in otherwise masking the property
ready TO be placed upon the market,
and also for homes which were being
Ierected as fast rs labor conditions
would allow. At the same time
like activity was shown in the busi-
ness district, many of Hunolulu's
larger buildings rising in these years.
The immediate cause for the some
what sudden cessation of this activity
was due to the set back In all lines of
business which resulted from the re-
strictions necessarily imposed by the
| epidemic of plague, the within the
city. This condition was intensified
| BY the advance in the price of build
| Ing materials, and stringency In
the money market. Deeper than this,
there lay the departure OF an era of
prosperity which. had favored the
Islands for long period.
Forced sales under foreclosure pro-
ccadtngs became common occurrences,
! dcfeating cffeetually all efforts TO
/ maintain existing values. what few
sales were made, were on easy terms
and Mt very moderate prices. Whilc
there have since been times when am.
other reign of prosperity was apparent.
! ~ at hand, ana while in some years
| there has been an increase In sales.
taken as n whole the market has
been uniformly duh during the inter-
Ncning peIiod. \ cursory glance over
the list or transactions might warrant
! the stand, that as to number of sales,
conditions have not materially chang
ed, but closer examination discloses
the fact that many properties are
changing hands at figures below their
assessed values. Nor IL II very un-
usual ut a foreclosure sale to realize
less than the debt that the mort gage
was intended 10 secure.
IL IL difficult to make more than a
very broad comparison of present
prices with those ruling Immediately
prior TO the marked decline lust re-
fcrred to. In general way IL may
be stated that, while productive husi-
moss properties near the center OF the
CITY have maintained their values
fairly well, suburban properties, and
farther outlying tracts that wero
opened with the hope that they might
some day be In this class, have suffer
ed grverly.
Tho'introduction of the present eX-
cellent system of street railway lines.
while adding very materially to the
value of distant suburban properties,
NJ the same time has, by SO increasing
the supply Of building lots. tended to
lessen the inquiry for residence
property Immediately adjacent to the
business portion of the City. Added
to this Is the ever-growing belief that
the hills afford greater hcalthNlness
than Is to be found on THE Plains, 4"
the latter term referring to the com
parativoly level stretch lying between
the base of the mountain slopes and
the sea. Another reason for this
migration from certain districts to
the new tracts may be found In the
scmewat slow, yet sure, entrance OF
the lower classes of Asiatics to pro-
perty along the main streets leading
| from town. The stores, Handles and
Japanese camps" Enthusiastically
possess points OF utility, or they
would not exist, but the disadvantage
lattendant upon their presence in a
neighborhood appears to more than
onset whatever may be gained. But
from the more desirable suburban
tracts that have been placed upon
the market in recent years they are
vigorously excluded. frequently by
express provision carried in the deed
given TO purchaser
Not II little has been ACCOMPLISHED
towards identifying the town and it's
suburbs by the Improvement Clubs
that were organized in the several
districts In the latter part OF 1905.
AS regards the growth OF the bust
ness portion of the City, there seems
to be an eastward tendency, which
promises to be maintained. If not ac-
CELEBRATED by the location of the Fed
oral Building, the future home of the
Post-Office, TO the East OF Fort street.
Though only few large Office build
ings have recently been erected, those
that have been built or are now near
Ing completion are decidedly Il credit
to the City. The Asiatic quarter Is
not nearly so well defined at present
as il was prior to the chinatown
Fire" In 1900, It's inhabitants hav-
Ing scattered in all directions ere
permission for rebuilding in the
burned area had been obtained. A
casual observation, however, would
leave no doubt that the vast majority
OF Chinese and japanese make their
abode in the north central portion
of the City.
! 1t is quite generally conceded
among real estate dealers, that the
Question of values is a difficult sub
iect in so far as it applies TO Homo
lulu. Sales. in which the seller Is
wholly free agent are not frequent,
and in transactions where improve
ments are included, It Is difficult to
arrive at separate valuation of the
! land and buildings.
The most valuable property in town
| Is located AZ the intersection OF Fort
and King streets, whore a small lot
with q frontage on both streets, Is as
sessed at $50, per square foot. A