Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-08-13
MainIander's Opinion Is Not
Substantiated by Those
Who Should Know

Are real estate values In Hawai-
unduly high? BENJAMIN F. Graham 81
California says they are, but no real
estate man of Honolulu can be found
who agrees with him. Those showI
the interview with Graham, clipped
from a coast paper. think that prob
ably he was looking for agricultural
land, but even then they do not agree
with HIM Following is the interview:
Real estate values In Hawaii
are high" said Benjamin F. Ora
ham, one OF the large realty deal
ers of California, on his return
from a two weeks stay in Homo
lulu Saturday. With a party of
friends he made the trip to Ho-
nolulu for short vacation.
have bought land in various
parts OF California, and in Ca
NADIA, but ! saw nothing in Hawaii
to tempt me-" said Graham upon
his return. "They have set prices
on their land down there which
are prohibitive from an invest
ment standpoint.
AT present nearly everything
is at standstill in Honolulu on
account Of the prospect of free
sugar"
Graham, who comes from Chi
cago, but who has lived in Los
Angeles for several years, says he
expects to purchase million
acres of Mexican land within a
short time.
Last year / visited Seattle and 9TH
Ter growing cities OF the northwest,
said f. K. Steere. in charge of the real
estate department of the Henry Wa
terhouse Trust Co., this morning, "and
after Investigation concluded that the
prices of property here we're not any
where near SO high as in those cities.
i refer particularly to residence SUBJ
divisions where the transportation and
other conveniences are comparable as
between here and there"
~ think he refers to agricultural
land" commented J. w. Pratt on Ora
hams statements, because city prop
erty here is not high compared with
land in mainland cities, either as an
investment proposition or anything
else. Rentals keep up, which is a
good criterion OF value. In the case
of agricultural land there are many
classes to be considered, of which 1t
is hard to estimate the value, but
when land suitable for rice, for in
stance, can be rented at $50 an acre
it naturally commands high price.
Sugar and pineapple lands are valued
according to the same rule, and the
returns even from grazing lands are
such as to justify high prices.
Morris Rosenbiedt, who has been In
vesting in town property recently,
backed up Mr.. Pratt in his views OF
real estate values in Honolulu.
"Nuuanu Valley land bought in the
latter part of 1911 and early in 1912
has since been sold in several in
stances at goodly advances" was the
answer Of ]. e. O'Connor, of the Ha-
waiian Trust Co.'s real estate depart
ment, to the sentiments Of the Cal
ifornian. "The business district is
so restricted" he continued, shat the
cost of property there would naturally
be high, yet the rentals obtained for
such justify the prices"
Irwin H. Beadle, the real estate
man of the Trent Trust Co., said:
81 visited California year ago, and
my Investigations led me to form the
opinion that corresponding land here
was cheaper than there. Some of our
clients who went to the coast came
back and bought land here, having
concluded that we were offering land
here much cheaper. Take for exam
pie, outside of Oakland, such as
Adams Point and Pleasant Valley.
residence tracts being occupied by
people of a class comparable with
those of Manoa. The lots are 5Ox100
feet, and the cheapest saw was
$4,000, whereas we are selling Manoa
lots 100x150 feet for $500 and $4,000
the smaller price for inside and the
larger for outside lots. For outside
lots. we are asking but 40 per cent
of what similar property in the Oak
land suburbs is bringing. cannot
think of one small specu!ator in Ho-
nolulu residence property who has
been disappointed. A man can pro-
vide himself with a home here for
$4,000 or $500 corresponding, in all
of comfort, to what would
cost him from $4,000 to $4,000 over
there"
Il don't consider real estate values
too high" was the opening comment
Of r. r. Reidford of Bishop & Co.'S
real estate branch. Business prop
erty is bringing in six per cent or
better. and residence property as
ansszlIll.
- 80, ,u,eu - .nyrn-,ee IN