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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (July 10, 1912)
PORTLAND REALTY BEST INVESTMENT Values Make Fabulous Ad varices in Past Five Years and Continue to Increase. CITY'S SOLIDITY MARKED Great Business Expansion, and Sus tained Growth Place Property on Stable Basis Market' Devoid of Speculative Features. Portland's great growth has taken Blace in the last five, years. Immeai tely following the Lewis and Clark .Exposition there was a general move ment along all lines. Thousands of visitors to the exposition from all parts of the country later returned to' the city to remain permanently. A big per centage of these people had money to invest, and they lost no time in buying real estate. Trading extenaea 10 u"i" Bides of the river. From -that time the city grew by luiiu btii bounds. Realty values ad vanced proportionately. Portland is growing at a rapid rate today. Its business activities are expanding more than ever. With its superior shipping facilities and its great producing terri tory developing rapidly, the city will forge ahead at even greater strides AriionH n-ili have" a population of nearly 600.000 by the close of 1915. Hence Portland real estate must nec on.iarllv advance in value. In many sections of the city realty will have appreciated from 30 to 100 per cent by l915- , , While Portland is making a rapid growth, there is to be noted an ab sence of inflated values. A noteworthy feature of the Portland realty market Is that there is little speculative buy ing, particularly in the downtown dis trict. A review of the realty operations during the last year shows that nearly all the important transactions were participated in by Investors who have already Improved ine pruiwiuco v contemplate doing so. The demand for floor space in the business district is Increasing . in face of heavy building instruction, which has been maintain steady Dace for the last two Portland is on a solid business and financial foundation. It never nas ex perienced a boom nor suffered a re action from spasmodic spurts that have Loan oxneriencea in mosi. cities. r. thoxA reasons. Portland real es tate is safe and stable. From' an in vestment standpoint, it is doubtful that there is any city in the West that C offers such attractive opportunities. RIm In , Values Great. ' i .mniA of the raDld rise in ,: downtown real estate is shown in the transfer of the 60x100 lot at the south 9i west corner of Sixth and Stark streets. This property waj purchased by Phil - K. Gordon, a San Francisco railroad man. in August, 1005, for 80,0OO. An offer of $225,000 was refused for the nr lot last year. It now returns a good rate of Interest on a valuation of 2o0. 000. This shows an Increase of 210 per 2r cent in seven years. The lot is im , proved with a three-story brick build ing. The lot adjoining this property on Sixth street was sold in 1905 for $75,000. Six months afterwards it wss fi- sold for -1100,000. The Monadnock , Land Company. whlcH now owns The 7 property, recently refused I200,000for "r the parcel. -r,- in 1005 the quarter block at the i, northeast corner of Thirteenth and "Washington streets was sold for $40, 000. It was transferred a few months ff. later for 95.060. In 1908 George F. Kodgers, of Salem, bought the fee for 9100,000. A short time later the la vide lot of this quarter was sold for -r $60,000. Mr. Kodgers still retains ti tle to the corner lot. The quarter block at the northeast corner of Twelfth and Alder streets brought $40,000 in 1905. Its value to ( day is estimated at 9150,000. The 60x Fv 100-foot lot at the southeast corner of Sixth and Washington Btreets was pur 9 chased by T. B. Wilcox in 1910 for " $250,000. Mr. Wilcox improved the fi lot last year with a 12-story building ; . at a cost of 9225,000. This property now returns an income equal to 6 per rent on a valuation of 91.250,000. The 60xl00-foot lot at the southwest corner of Park and Morrison streets wa8 transferred in 1905 for $56,000. The lot at the northwest corner of -fc Park and Morrison sold in the same year for $56,0-0. The latter property . Was 18 months ago sold for $200,000 . and at that time was improved with a si small one-story building. ff The quarter block at the southeast .... corner of Seventh and Stark streets " brought $125,000 in February, 1906. A short time later T. B. Wilcox pur chased the quarter for $168,000. Mr. Wilcox improved the ground with an (- eight-atory building, which is occu ' ' pied by the Imperial Hotel. The lot, without the improvements, is worth to day easily $300,000. All Districts Advance. An example of the rapid appreciation of values in the district, designated by E. H. Bennett In his Greater Portland plans a the Civic Center, is indicated in the transfer of the 69xl00-foot lot at the southwest corner of Fifth and q Main streets. This property was sold J in February, 1806, for $17,000. Thfs parcel is conservatively estimated now to be worth $60,000. In April. 190$, A. B. Steinbach pur chased the 50 x 100 - foot lot at the northwest corner of West Park and Morrison streets, which was Improved with a five-story building used for hotel purposes. The property at that time brought $135,000. Realty brokers estimate that Its present value Is at least $270,000. There are also striking examples of the big appreciation of values on the East Side. As an investment, ware house and waterfront property has ' proved exceedingly profitable. About ten years ago the Pari In & Orendorff Company bought the quarter block on which their present four-story building stands, on the south side of - Belmont between East Water and East First streets, for $15,000. Its present value Is above $100,000. Joseph Supple, owner of the shipyard at the foot of Belmont street, bought the block he C occupies for. $15,000, IS years ago. It Is now valued at $450,000. The block between Belmont and East Morrison streets, on west side of East Water f adjoining Mr. Supple's block, was i bought for $80,000 six years ago and Is now valued at $450,010. The National Cold Storage & Ice Company owns the entire block bounded by East Water, East First East "Washington and East Stark streets. The company first bought three-fourths of the block at $43,000. 35,P00 and $-6,000, leaving out the quarter on the southwest corner of East Stark and East First streets, which the company did not want at the tine. . After the building was started the owr.fr offered it to th,e com--pany fGr $12.0(0. but it was not taken. Later it was ofered.for $16,000, but It was again declined, but later it was offered to outside investors for $35,000, William Reld. of the National Cold Storage & Ice Company, then bought the Quarter for $35,000. It Is still vacant, but is now valued at $10,000, Gut Side Slakes Records. At the. time work was started on the erection of the plant of the Na tional Cold Storage- & Ice Company the quarter block at the ; southwest corner of East Washington and East First streets was offered to the com pany for $12,000 by William Ayers, who then owned it. - it was noi iukcu 1 the time, but was sold shortly after wards for $25,000. It is now valued at from 135.000 to $40,000. " . These values of the surroundings were largely the result of the erection of the cold storage plant. ' M. Olsen, who has Just completed a four-storv modern brick apartment on East First and Multnomah streets at a cost of $45,000, boughtNa quarter diock on East Yamhill street In the ware house district, ' for $8500 about five years ago. He sold the quarter to the Hill Interests for $60,000. The block on which the John Deere Plow Company's warehouse stands on Ft Morrison between East Second and East Third streets was purchased tnr SI 35.000 about.-flve years ago, but is now valued at above $200,000. There hn hum constant Increase in value in the . warehouse property, especially since the erection of modern struc tures and the Invasion of the Hill in terests and since work started on the freight depot and freight trackage Dy the O.-W. R. & N. Co. The northwest corner or feast iniro and East Ash streets, 100x100 feet, was Durcbased in 1904 as the sue ior a dye works for $3000. The location was considered far out 01 ine ramscsim district. It is now in tne nean 01 cen tral East Portland. The quarter diock la worth 135.000. The northwest corner or n.ast aecona and East Main streets was sold in 1906 for S3200. The present owners recently refused $36,000 for the property. Th half-block on .East lamnui street, between Union avenue and East Third street, brought $16,000 in 1908. This same parcel was sola iasi may tor tsu.uuu. - Investment of $5000 Grows to $75,000. Joseph Melleta, Visitor to Lewla and Clark Fair, Buys Cheap Lota and Amasses Small Fortune. . f JOSepn Aieiicn came iu rut i- yXf land from Minnesota In 1905 to . w visit the Lewis and Clark Ex position, he found such a healthful ell mate that he decided to remain per manently. It was not the climate tnat altogether won him oyer to the City of Roses, however. Mr. Melich studied the situation close ly. He convinced himself that Portland was ' situated at the .most favorable point fot shipping activities of any city in the West. He was positive mat Portland would grow and must grow at least in proportion to the development of the city's producing territory, wnicn comprises about 250,000 square miles. So Mr. Melich did nqt keep his money just $5000 in the bank very long. He took a survey of the East Side, tie saw that the city must expand eastward. He went into the country and bought un all the vacant lots he could find that could bepurchased for $100 each, or less. He followed this programme for a year or two, until the supply of $100 lots was about exhausted, buying alto gether about 150 lots. Many parcels that he acquired were coverea over with st iimns. and underbrush was so dense that it was difficult to find the property lines. The field of Mr. Melich's activity was about where East Thirty-second street has since been laid out. At tnat time that location was so far from the city Uhat owners, were glad to get $100 a lot for their property, inciaenuuij, they wondered what Mr. Meltcn was going to do with his promiscuous assortment of real estate. - ' Bj Mr. Melich knew what ne was doing. When he began to operate tnere the East Side had a population or aooui in nnfl Three or four years later he found that the population east of the river had doubled. In tne meantime those $100 lots kept increasing steadily n value. He sold many or tnem ai a fabulous advance In price, 'loaay tne population of the East siae ana environs Is over 200,000, and there is a emand for medlum-prlcea lots as iar out as East Eighty-second street. Mr. Melich is still a large noiaer oi East Side real estate. He believes tnat there is a still greater future for the East Side and the entire city. His original Investment Of buuu in Pnrtiamt real estate has made him easily worth '$76,000. - v DIALECT READING PLEASES When Bunty Pulls the Strings' Given-by Mrs. McCoy. . v. A literary and amusing treat quite out of the ordinary was given by Mrs. Katherine.Oliver McCoy, of Ohio, Mon- rtn.ii- nlErht in the auditorium of the Younir Women's Christian Association when she srave a reading of the Scotch dialect comedy, "When Bunty Pulls the String," a comedy which will be piayea next season at the Henig -rneaier. jurs, McCov has lived amongst the Scotch, has made a study of their language known as the Lowland Doric, and has mastered the accent and atraospnere, with conspicuous success. She Is one of the very best entertainers now be fore the American public, and she wisely recognizes that the said Public wants to laugh rather than "to cry, and she Is prepared accordingly. Her platform address Is natural, her enun ciation distinct, and- her fine voice fully capable of imitating all the per sons who appear in the comedy. "Miss Bunty" is a clever, diplomatic Scotch maiden who manages all the af fairs of all the people she knows in timately, and especially the folk of her own household. The audience listened to Mrs. McCoy with keen appreciation. and at the close of the reading she was asked to repeat it in tnis city in the Fall. EAST SIDE GREAT MAKES EXPANSION District More Than Doubles in Population During Past, . Five Years. ' BUSINESS GROWTH RAPID Modern Structures Erected v 1910 Represent Investment Since of $10,000,000 Big Record Is Made in Home-Building. Oregon ' Farms As a money producer, and as aninvestment, a first-class Oregon" Farm is SAFE and SURE. I make a specialty of high class farms and lands near Portland. J. E. Smith 413-414 Chamber Commerce Portland, Oregon Within the past five years the East Side has more than doubled in, popula tion. . In. the matter of general business the expansion was more pronounced the past two years , than 'during the three years previous.. In 1911 the erection of modern business buildings reached the highest mark, something over 5,000,ooo having been expended in modern struc tures alone. In Central East Portland modern buildings aggregating $2,000,000 were started in 1911, some having oeen com pleted this year. The John Deere Com pany's eight-story building, looxiuu feet, erected in the warehouse district at a' cost of $250,000, was the most advanced step taken on the East Side In this class of buildings. The National Cold Storage & Ice Company completed a plant on East Washington and East Water streets at a cost of S36,ouu, in eluding the fine equipment. Also the Independent Paving Company erected a plant on East Water street which, with the purchase price of the block, cost $500,000.-. The Pacific-Bridge Company has a plant on East-Water street which cost . approximately $500,000. Theodore Nicolai erected a $40,000 brick building on East First at a cost of $50,000. S. I Brown Has Just completed a reinforced concrete building on East First street at a cost of $50,000. . East Side Wholesale Center. The other modern buildings erected recently in the warehouse district are those of the Hawthorne estate, $50,000; Thomas Hislop, $15,000: - Parlin & Orendorff Company, $100,000; Mitchell, Lewis & Staver Company $75,000; a con crete passenger depot erected by the Southern Pacific at a. cost of $19,000; modern building for Joseph Paquet, $30,000. Other structures total a cost of $100,000. . The ' two paving plants of the Pa cific Bridge Company and the Inde pendent Company represent an invest ment of $1,000,000. Other plants on East Water street which handle .sand, cement and building material, aggre gate $500,000 or more, all of 'which have been established in this district in the Dast three years, except the Pa cific Bridge Company, which has been established about four years. So, In the district between the -Willamette River and Union avenue in Central East Port land $4,000,000' has been expended in modern structures and equipment with in the past five years. During that" time the low lands have been filled up to basement grade at a cost of $600,000. - . John S. Beall, implement man, said In a talk to the East Side Business Men's Club, that the implement busi ness that -has centered in this section places Portland well to the .front rank n the implement business In the United States. - . ." The O.-W. R. & N.- Is . erecting a freight denot and establishing trackage for the accommodation of the increased shipping that will cost at present $150, OOOand much more later. The Hill in terests contemplate improvements ap proximately costing $8,000,000 in . this district for terminal 'facilities. 'V " Many Modern Buildings Erected. In the -erection of 'modern buildings more than $2,000,000 has been expended the past two years on the East Side. The Portland Railway; Light & Power Company has erected carbarns at Sell wood at a cost of about $250,000, and also at East Twenty-eighth street at a cost of $200,000, and has under erec tion at this place another brick build ing that will cost, $40,000. The com pany has made improvements at the Piedmont carbarns at a cost of $100, 000, and is erecting carshops, costing 1400.0M. In the South East Side. . In business structures the figures arel large. Strong Bros, erected a four story modern hotel building on East Sixth and Morrison Btreets at a cost of $75,000. They are completing an other modern building in Sunnyslde at a cost of $451000. Five modern build ings erected at and near the intersec tion of Grand avenue and East Stark street by W. L. Morgan and others represent an expenditure of $275,000. These buildings are for general busi ness, and one is used as a hotel. Walter Jackson erected a $50,000 modern build ing on Union avenue and East Couch street. E. Henry Wemme put up a $60,000 modern concrete structure on ELKS! Gall at our office, across from the Commercial G!ub and get a free copy of the magazine "OREGON OPINIONS" to send to your folks at home. We pay the post age for you. Among other things it tells about the wonderful opportunities out West, especially at West Stay ton, in the heart of the beautiful Willamette Valley. ' IGir. As you ; are busy celebrating, let us send them this magazine; they will be interested. Willamette Valley Irrigated Land Co. 304 Oak St., Near 5th on Grand avenue and Belmont street, erected the early part of the year, cost $a0,ooo. A number of automobile build' lngs have been erected on the East Side recently, the most important being that of Joseph Paquet' on East Eighth Street and Hawthorne avenue at a cost of 930,000. At Sunnyslde : four modern buildings have Just been completed at a cost, of $100,000. Public Buildings. By the end of the year the Portland Library Assoclationv will have three branch library buildings on the East Side costing a total of $125,000. includ ing the East Portland branch, which was completed last year. The city is also erecting a series of engine-houses to protect the suburbs that are con stantly expanding and calling for fire protection. Those at Kenllworth and Sunnyside, costing $16,000 each, have been finished, and the fire station at Kern Park, in the Mount Scott district, costing $3000, is now ready' for use. The city is erecting concrete fire sta tlons at Rose City Park, Woodlawn and Kenton, and will shortly build at Montavilla and Waverly-Richmond dis trict, each to cost a little less than $10,000. The one at Montavilla will stand on! East Eighty-second and East Burnslde streets, the most remote sta tion yet - projected. Another engine house is to be built in the Irvlngton district. 1 , - The Board of Education la enlarging the achoolhouses at Woodmere, in the Mount Scott district; at Creston, on the Powell Valley road, and at Montavilla, on East Seventy-sixth streets, and will erect in Jonesmore a four-room build ing. An- eight-room addition hfs Just been finished to the Clinton-Kelly building, making that a 22-room struc ture. At Lents the district has a 22 room schoolhouse, where 900 pupils at tend. ' City's Expansion Rapid. Modern apartments and flats are be ing built all over the East. Side, all of wTiich have proved profitable Invest ments. Ill the matter of fine residences and homes the East Side, has made marxea progress. . . - More than 2000 acres of wild land in the Rose .City Park district have been cleared and settled with 1000 modern' homes. The 400 acres which consti tuted Hazel Farm has been changed to a residence section of rare beauty known as Laurelhurst. Rossmere, Beaumont, Alameda Park, Olmstead, Irvington and other sections have grown at a remaritaDie pace. xne Crystal Springs Farm, in the South East Side, comprising 500 acres, has been transformed into the fine resi dence sections of Westmoreland, East-moreland- and the Reed College grounds, having been developed out of this farm within the past. two years. -Settlement extends to the city limits and beyond in all directions, and down on the Peninsula, until the demand for water mains, sewers, schoolhouses, engine-houses and electric lights tax the capacity of the city to keep np with the march of progress. There are pron TAKE THE CAR TO PARK ROSE Any Rose City Park 'car for that ideal suburb just beyond Rose City Park. Here is a part of Portland that offers a beautiful spot for a home or ' a wonderful opportunity for an investment. " Parkrose is right in the path of Portland's growth, and yet you can buy an acre there for what a good lot costs you in other places. - For a home, it means a beautiful country ranch right at the 'gates of the city, with practically all. the conveniences of right in town running water, lights? phone, deliv eries, school, -stores, excellent car service, etc. Over fifty famUies are living at Parkrose now and it's building up all the time. This, too, makes it an ideal investment. r Very soon, these acre tracts should give way to lots, and the man who buys a Parkrose acre today should reap a wonderful investment ina'very short time by subdividing and, selling. ., ..': ' The terms are easy, every man can handle a Parkrose 1 acre. Simply select an acre, make your small payments from time to timeand, before you ' realize it, you are in possession of some very profitable, lots in this health . ful, beautiful part of Portland. ' U ' SLAUSON-CRAIG COMPANY ' ' Successors to Real Estate Department Hartman & Thompson , 304 OAK STREET OPPOSITE COMMERCIAL CLUB who live In thioutskirts Just over the line. -Recognizing the growth of the East Side many firms have establlsnea themselves in that part of tne city during the past two years. For Sale or OR Trade East Third street and Union avenue, ably 150.000 people living inside the p The Daly building, a four-story brick 'city limits on the East Side, and 25,000 1 43 acres of platting property on Oregon, Oitv earline." A real money-maker. " 6 Room House 50xiOO,-West, Side, Nob Hill. Price $8500 Easy terms can be ar ranged. , 0. K. JEFFERY Yeon Bldg. Mar. 3718 - A 4484 -RIVER FRONT ACREAGE -.. - .r ' .: On the beautiful Willamette River; practically every city convenience. Close to Oregon -City car and only a few min utes from the city. This is an ideal place for a home and is sure to increase in value. Upon application we will be glad to quote price and terms. ARTISTIC AND MODERN HOME - Corner Marguerite Ave. and Clinton St. Consists of 6 rooms, fireplace,' built-in bookcases in living room, beamed ceiling and panelled dining room with china closet. , Dutch kitchen ; 3 large bedrooms with large closets. Hard surfaced streets; yard terraced with lots of roses and ample room for garage. This house is an absolute bargain at $3500. Terms can be arranged. THE LAWRENCE CO. , 248 Alder Street - NORH UNION w Where Grow WHERE WHERE WHERE WHERE WHERE WHERE future. business lots are selling cheaper than ordinary residence lots; . great factories, mills and other industries are locating. the mighty river and the gigantic railroad systems are " conspiring to make a great industrial center; s a few dollars invested today will grow into a fortune within a short time; .' ' ' ( the poor man and the wage-earner have the same oppor tunity as the influential and" the rich; 4. the owners have enough faith in the future of the prop erty to give you five years' time to pay for it. . Gome and see us or else write today. BRONG-MANARY COMPANY 267 Oak Stj Portland, Oregon EDWARD P. MALL x 4 1 - HIGH-GRADE RESIDENCE BUSINESS PROPERTY TRACKAGE ' , L ..... LEASES PROCURING AND PLACING OF MORTGAGE LOANS I PERSONAL ATTENTION ' GIVEN TO ALL PROPERTY LET ME BE YOUR ' ; , v REAL ESTATE AGENT 300 - 304 Chamber of Commerce Phones: Marshall 3310, A 2181 Investors' Building & Trust Company . Incorporated GENERAL OFFICES 407-408 YEON BLDG. A Safe Investment Conservative Capitalization Stability of Earning Power Skilled and Progressive Management CALL OR-WRITE FOR INFORMATION