Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-01-12
FIRST WEEK
SHOWS GAIN
IN REALTY
SUBSTANTIAL DEMANDS FOR
PROPERTY
ACREAGE LOTS BACKBONE OF
MARKET
Returning Activity IN Business andt
Restored Financial Confidence FACE
tors in Contributing to an
Optimistic Outlook

The first week In the new year jtstifles
antimism as to the prospect for an active
~ealtv market during the year. Unex-
,.a,ts4iv there has been splendid demand
Tor business and investment property ana
Tor suburban and small acreage home
sites.
while few trades of magnitude are an
nouncec realty dealers report a steany oes
mand nnd abiding faith In the rutnle OF
Los Angeles by those buying. In tacl .he
fullest share of good faith in the buying
public is In the stability OF the city ana
It's promising future. -
SAID one Of the leading realty men; I
must confess a little surprise at the de-
mand from residents for nome sites
We are now listing clients from a uo1eiI
xiaces east Of the Mississippi river VINO
are looking for homes for permanent resi-
denca here Some of these are men OF
means who have retired and expect 10
make their homes IN Southern California
frhey are not disturbed by financial as
turbances, all explaining that the storm
is over and that things will soon be nor
mai eve-vwhere One might expect-in
fact we did expect-that the disturbed
business conditions throughout the coun-
frv would impair real estate volume here
but the demand seems to be about as
usual With entire faith by the prospective
buyers In the future"
New Year Transactions
The beginning of work on the new
Pacific Mutual Life Insurance company
building at Sixth and Olive streets last
week was following the first ana the
largest transaction OF the new year. Inc
Robert Marsh company sold TO the insur-
ance company the third lot north of Sixth
street eoxt69 feet, for a consideration OF
Sl0S.oO0 This acquisition gave the com
many an area 120 feet on Olive street ana
1s9 on Sixth street. and work wa1 at once
begun clearing the site for the new
building In all the company has IN,
vested cess 600 in land at this corner and
will spend S250.000 in the new hVe-story
building that is to be for It's exclusive
use.
number of large deals in investment
business property are reported IN prog
ress, most of them apparently sure 10 De
contaminated. One OF these deals m
wolves a well known Spring street site
for which a financial institution Is DICK
ering.
The demand for suburban and small
acreage property is really the backbone
of the realty market at present. The
abundance. of small ranches WITHIN
short ride of Los Angeles and the ample
facilities the promoters are furnishing
nrosDective buyers to investigate the
lands have developed about all the pusi-
ness in that line that could be expected
at this time of the year. Sales are many
especially in two and fve-acre tracts.
The investors are largely those Of the
medium class who are establishing per-
rnanent homes. and the rapidity with
which the choice sections are being abb
sorbed is encouraging to the dealers
Nearly every Sunday excursions are run
TO thoss small acreage tracts and full
explanation of the water supply fertility
and probable profits are made. Seldom
~ Col 10 several
chasers and is regarded as an excellent
stimulus for business.
To Prosecute Sharks
One of the encouraging developments of
the week was the announced purpose of
Prosecutor Fleming that he would wage
warfare on the realty and takers and
sharks who have brought some reproach
on the Los Angeles market. Probably no
market in the country SO appeals to in
vestors of other states. even the far east,
as does the region about Los Angeles.
Knowing this the sharks sought this city
and victimized many ignorant persons
who were seeking homes in the sunny
south. Cooperating with the Los An
gelss realty board, Prosecutor Fleming
purpose 10 make judicial inquiry into the
business of number and prosecute those
against whom cases may be made. For
while 1t may be morally certain that
stand ON technical legal grounds that
make conviction a desperate chance.
However. the board and the prosecutor
are TO begin their crusade in earnest,
both for the protection of legitimate
dealers and for the protection of the thou
sands that are seeking Los Angeles for
new homes.
Outlook Full Of Hope
A comparison with the business of last
year might not be invidious, but it Is
unnecessary. The showing of this period
is satisfactory to those who are dealing
III staple realty and creates no alarm as
to the immediate future The market has
felt bottom and the wheel Is revolving
1t must go up. How far Is a disputed
point, but realty men on the average are
optimistic, and while they find buyers
deliberate and cautious they find them
also ready purchasers for fair bargains
and find in this their hope for an upward
tendency. The year is yet too young for
them 10 engage In prophecies, but the re-
turning financial confidence and improved
business conditions are regarded as sure
TO give the realty market movement and
prosperity.