The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1909-12-05
new ADDITION IS
TO GO ON MARKET
Hubbard Investment Company
Secures Fine Plat at Cost
of About 100000.
RECALLS AN OLD SALE
LAND WAS BOUGHT FOR $4,000
TWENTY YEARS AGO.

q Residence property, 900 feet wide >
= and a mile long, that sold during >
= the boom days Of 1890 for $4,000, "
- was purchased yesterday from the ;
= Douglas Heights Land & Improve '
= ment company Of Denver for $780, y
= 900 by the Hubbard Investment :!
:. company OF Salt Lake. =
:: The deal, which fairly indicates !!
= the rise in values IN twenty years, ,
:. paves the way for another build =
= ing addition which will contain =
= LOO lots overlooking Salt Lake =
= valley, and on ground that was =
= first passed over to Brigham >
y Young and his party in 1S47, "
= & = = :. = = = = = = = = : = = >
The most gigantic real estate trans
action in residence property in the his
tory Of Salt Lake was closed yesterday
by the Hubbard Investment company,
which bought 1897 acres Of property
from the Douglas Heights Land & I'M
proveuent company, paying about $780,
900 for the tract, which lies between
Eighth and Ninth South streets and
Thirteenth and Twentieth East streets.
Back Of the deal is a story Of rise in
realty values that makes the miracles
OF Aladdin and his lamp pale into in
Significance in comparison. And there
IS a moral, too. which shows that the
Denver idea OF salt Lake real estate
values IS an underestimatiOn Of actual
worth.
During the boom days of 1889 and 1890,
when outside capital rushed into Salt
Lake and gobbled real estate with reck-
less abandon, paying unnatural prices,
a Coterie Of Denver capitalists raised
$50, 600 and bought 1887 acres lying
south oF O1fVaf cemetery ard on
what is considered the most advan-
tageOus part Of the whole east bench.
The price in those days was considered
exorbitant but the west end of the tract
was so close to the city the average per
acre was brought up to 2 high rate.
When the boom had spent its force,
and when scores and scores Of investors
went broke. the Denver syndicate felt
that It had been "stung." Several at
tempts were made to sell the property,
but there were no buyers, Following
in the wake Of that boom, no one was
buying property 10 speak of, and, Dy
the same token, no one was selling.
Through the panic OF 1898. when realty
values were no better, the Douglas
Heights Land & Improvement company
chung to its Salt Lake holdings. The
original intention Of plating the ground
and selling heights" lots for residences
was abandoned.
Two of the principal stockholders IN
the company died, however, and the
Douglas company has been in the hands
OF their estates. S. B. Clark Of the
Clark-Rose Produce company Is the
only Salt Lake stakeholder, and he had
70 accede 10 the wishes OF the majority
Notwithstanding that he knew the
property was increasing in value anC
would continue TO do So
Must Settle Estates.
The Hubbard Investment company
made negotiations Tor the sale OF The
tract and finally agreed 70 pay about
S2O0. 900 for the property. Mr.. Clark adj
vised against selling, but those VINO
were handling the estates Of the de-
ceased stOc xhOlders were anxious to set
tie the estates, and consequently insist
ed on selling out.
As a matter of fact. the Denver people
believed they were getting fair pric'
for the ground, and they pointed to tn
fact that they were receiving more thar
twice as much as had been paid for il
Mr. Clarak, who has been watching tn
advance Of real estate values, saw
chance to get even more for the tract b,
next summer, and he still believes tina
Il would have commanded a highe
figure.
The Hubbard Investment compan,
VIII plat the ground, lay streets, side
walks, curbs and cutters, plant shad
trees and put the plat in shape for resi-
dence property as soon as possible. Tn
lots Will probably be on the market b.
summer. and shrewd real estate me1
say that they viii receive half millio
from the venture, with quick sales an
steady demand.
The plat faces the west on Thirteenth
East street, between Eighth and Mint
South, and runs east seven blocks alon
Continued on Page Two.