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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Jan. 12, 1908)
T THE SUNDAY OREOONIAX. POlTTLfAXD, JANUARY 12, 1908. BUSINESS SITES HELD BY OWNERS Investors Find Difficulty in Se curing "Bargains'! in Central Locations. - FAVOR SUBURBAN TRACTS (rowth of Portland Not Confined to Any Particular Locality, but . Spreads in All Directions. Along Carlines.- Because tin (tales of property In the business district. involving large amounts, have been reported in the last few weeks, some dealers, whose busi ness has in the past been confined al most exclusively to handling that class of transactions, are inclined to believe that there is a temporary lull in the Portland real estate mark.et.' Other dealers-, who are content with handling so-c alled small ' deals In the absence of big ones, find the market about as good as It ever was, and the records show that view to be correct. They explain that ,tlie only reason big transfers of business blocks do not fig ure Just now In dally reports is be cause. In the heart of the city, there Is nothing offered for sale. Whether or not values are held too high in that district, they say, is outsi.de the ques tion just now, for if .holders won't sell at a figure less than ruling prices for that class of realty. It does not prove values to be excessive, but does prove that owners are satisfied ' with their holdings and will only let go at con siderable advance over present quota tions. They point out that ruling rentals for store or office buHdings bring in a revenue much higher in Portland than anywhere along the Coast, and invest ments in this city produce a higher per centage than most cities of the coun try of similar importance. It is pointed out on tills showing that values can safely be advanced rather than lowered, a proceeding necessary before buyers can hope to start a movement in this . direction. Wait for Opportunity. Several real estate firms report orders for investments in Inside property, with funds ready to put into the deals as soon as suitable pieces can be secured, but that It is found impossible to find the' sort desired, regardless of valu ations. Some of the dealers, on the other hand, eay they had Inquiry for Investments in Portland realty before the late flurry in financial circles, but that recently the matter had been tTropped by their Kastern clients, who explained that their funds were tied up In stocks and slmller investments, which they find difficult to dispose of at present without sacrifice. With im proved conditions in the East there Is every likelihood that these inquiries will be resumed, for it Is explained that values here are still attractive to out side buyers, as compared with those of , other cities, and that percentage of revenue is higher on the basis of pres ent valuations than elsewhere along the Coast. In San Francisco, for instance, owners of rentable property are satisfied with 3 or 4 per cent on their investments, whereas' here 2 or 3 per cent higher than that is not considered unusual. It was a well-known fact that before the fire the owner of one of tthe big San Francisco buildings netted less than b per cent on his investment, and he has . rebuilt, or is rebuilding, his block , on larger lines. The owner of the property referred to is an Eastern capitalist who has millions invested on the Pacific Coast, ur.d the fact that he renews his investments is proof that larger returns are received here than in the East, wlti? more certainty of advancing valuations. Already there are enough new build ing projects proposed to make this year's operations assume respectable proportions. Observers note that Presi dential years heretofore have brought more or less dullness 'in real estate transactions; but the start ' already made, and the peculiarly favorable out look for continued growth of this city, lead tiiese same observers to believe that no material falling off in com parison with last year's business will occur In' tins state. As a matter of fact, every dealer seen during the past week makes Identically the same- re port on conditions of the real estate market that values are not only be ing maintained, but that, if anything, are stiffening perceptibly, especially as to inside property. Many Small Tracts Sold. This lends up to reports on acreage in the suburlui and farm lands in Western Oregon. Probahly more small tracts of. say, 10 to 25 acres each, were purchased during the past few weeks than in any period of the same duration in the history of Portland. Off to the southeast,, reach ing over into Clackamas County, these tracts, bought by people who Intend to SEW IRSMEOE II Yrti "suit Hi-iir-i-rm-Tiyn-iir i i am ii,m,m mm , f' WtfiTii i ,m ImViBV- ,t ' ' I ? T-tT J- rs' ' i m i in 1 1 "II m 'i " i " n ' i ' ' ' ' ' " It i(t t . . 2' " - ' - s-r w 1-1 N, - ' ' . : 1 :, - - - - et.,. - - - M - - - - - f - 'i' - W,- h t, J. j.,. ., 1tTfftKxU'-Ml1vinf arrriim-iMitm f wlar im nr nn niMmnii m rmrr ni iimmiiiiummiiiimii ii Tiif mir ,f.-i.j-.,3n---&. -.-fa.---..,)i-i.---. .-,. f.-.-jy--., . - tn imm " ' it ii I . : : ' " : li . J IteftfSs fifliff life- 'Ii feilSPltSR' , ft faag&aar S " - - - IL-k; ' . ' fiF cultivate the ground and raise fruits and vegetables for the Portland market, have been changing hands at a rapid rate lately, and others are still In prospect. In the territory back of the tracts plotted to the north and east of the settled parts of the. East Side, reaching out toward the Columbia, is also situated admirable acreage which is being taken up by the same class of buyers. These little market gardens will not long 'remain in the hands of present owners, for it Is but a matter of a few years until the land will be too valuable to be devoted to garden ing and will bring the owners a nice ad vance over present valuation- when needed for building lots. In the meantime dwellings are going up at a remarkable rate in. the plots already on the market, the permits of the past week footing up nearly 170,000, represent ing houses oosting from floOO to $4000, and located principally along the lines of streetcars. No locality seems to lead In these building operations, as there Is. a gradual spreading, out in all directions. The East Side is nearing the time when that large portion of the city will demand a higher class of business structures, in dications of which already exist. Predic tions are made that by another- year one or more of the principal streets will boast much larger retail stores than the present ones. A theater is projected and hotel ac commodations are improving so that the claims of the section, now largely de voted to residences, will attract attention of merchants, who will figure that where most people live is the best locality for establishing business. Reaching Out to Xortlt. Down, the peninsula work is progressing on the big Swift plant, which will employ hundreds of workmen who will desire to live near their work. That fact attracts OP A. I- MILLS, TWENTIETH AXD -r- ------ - w I the attention of buyers to the tracts in that neighborhood. The Swift plant, be sides its slaughtering and packing fea tures, will attract auxiliary enterprises, some of which are projected now. Demand is improving for farm lands In this part of the state, 'and the newspapers of Eastern Oregon continue to report sales in that section as well. One of the firms in this city reported yesterday that several inquiries had been received during the week from the East for improved lands in the Valley. The same concern made the .statement that more husiness had 'come into its handB during the week than for several weeks previously. PROJECT PEXIXSUIiA TAXXERY Auxiliary to Swift Plant by Sew Process Company. Among the new enterprises that will be attracted to the peninsula district when the Swift plant gets into operation is a tannery. F. J. Catteriin is said to be organizing a company to manufacture leather, in the vicinity of the plant under a new process, and that the company will in addition erect a factory for the manu facture of shoes and other goods to be made of this new-process leather.. The company Is reported to be raising a capital stock of $200,000, and when un der operation will employ at least 100 men. A tannery using the process is now in operation In Los Angeles. - Lower Taxes in Douglas. ROSEBURa. Or., Jan. 11. (Special.) Before adjourning tociay the County Court fixed the levy for county, state and state school taxes at 8 mills, which is one mill less than that of last year. . 'I JOHSO STREETS. T N5 SOW NORMAL NUMBER Acreage in Outskirts Attracts the Largest Number Of . Buyers. WILD LANDS BEING TAKEN Progress in' Building Operations on East Side Compels Extension of Street Improvements to Reach New localities. So far as acreage and residence prop erty is concerned, the transfers the past week nearly' reached normal conditions. The home-building movement on the East Side has resumed Its march, the same, as it was in the early Fall, and its effects may be seen in all suburbs, .in some. di rections being more pronounced than others, and has started up in suburbs which had been" .dormant- Along the Woodstock and Richmond railways there lias been better movement. In the Waverleigh Addition, the owner an nounces .that 20 lots have been sold since December 1, and during November 23 lots were' sold, the average price being $375 per lot. Improvement of the streets in the Ladd Addition with hard pavement has stimulated the whole of tiie southeastern section, and property owners are prepar ing to make -extensive street improve ments, many contracts having already been let for this class of work. It is esti mated that south of Hawthorne avenue, including work to be done and now under way In Richmond-Waverly and ICenil worth, and in the Williams tract, streets Improvements costing- 25G.(M will be un dertaken this year. These Include an ex tensive eystem of water and sewer mains in the Waverleigh Addition. Gladstone and Francis avenues are to be improved at 'once. The former will run from the Southern Pacific carshop. to Ivanhoe, a distance of nearly two miles, reaching a fine home-building section. All the streets south of Powell street out to Ivan hoe have been changed to conform to those in the Waverly-tlichmond tracts, o that improvements may be made along harmonious lines. Looking south from the new dormitory of the Odd Fellows' Home, it can be seen that in the home building line Portland is extending in that direction in a mast 'satisfactory manner. On the high ground in -Ivanhoe and Woodstock an excellent class of resi dences are being built. This bunding area Is rapidly extending south to Jo.in son Creek and the Greshajn branch of the O. W. P. Railroad. . . . Build Xear Country Club. Toward the grounds of the Country Club, along the Sandy Road,' through Rossmere and Rose City Park Additions, there is substantial progress. The Rose City Park Improvement League has adopted a unique plan to promote home building that promises results. It has a committee at work communicating with owners of lots regarding erection -. of dwellings, the object being to promote a general building movement in the Spring.. This committee reports, that replies have been received from 48 owners of lots, and most of these say they will build. The league also has undertaken to secure loans for men who own lots and have not nough ready . cash "for the purpose, so that the question of money will not stand in the way- of lotowners putting up dwell ings. This step is in advance of any yet taken by any Portland civic club. At the last meeting of the league it .was an nounced that a loto,wner witti 5500 wanted to erect a 2000 residence. Following the announcement came the .reply, "We will see that all such men get the money to build." It is proposed to open several streets to the grounds of the Country Club, and a special committee has been appointed to confer with the directors of the Country Club on this matter. It is desired, to have two or three streets - opened to connect with Tillamook, Hancock and Thompson, or some of t-.e other streets through Hol laday Addition. It is probable that if the Sandy Road be changed to a street, it will be named Rose City avenue, as it Is destined, to become an important high way. Tom Richardson, of. the Portland Commercial Club, said in his talk be fore the league lavt Monday night that he liked the spirit shown by the people of that suburb, and he was sure it would result in substantial growth. He partic ularly commended the decision to promote home-building in the neighborhood as one of the best means Of securing sub stantial progress. Fast of Mount Tabor a large area of KKS1DEMK OF LEWIS wild lands is being cleared. 1 At the pres ent time the Reed state is having 70 acres cleared, a Japanese syndicate, 20 acres; Lembert-Whltmer Company, 20 acres; Reed, Fields & Tynan Company, 10 acres: C. X. Ronkin. 20 acres; C. Mc Donald. 20 acres. Part of this land is being cleared -with two donkey engines, which pull out the stumps and roots with a powerful hook: the Japanese clear by hand. The land cleared will be used for growing fruit and vegetables. This land, before it was . cleared and In the wild state, readily sold for from $150 to $2S0 per acre. It costs between $40 and $00 an acre to clear. There is no heavy tim ber, the land being covered mainly with brush and logs. Cleared the land sells for $."iCK an acre. Extend Down Peninsula. The march of improvement" is no where so marked as on the peninsula through St. John to the confluence . of the Willamette and Columbia Rivera. The Swift Packing Company is making constant progress 'in excavating Co lumbia slough for a ship channel to its ground. During the week the com pany placed an order for eight more pontoons with the Supple, shipyard. Originally the company had 25 pon toons built, but as the work has ad vanced it has become necessary to carry the material a longer distance. Good pj-ogress Is being made by the dredger. As one result of the oper- e result of the oper- ations of tue Swift Packing Company there has been a constant forward movement on the peninsula, and no uttUABiv"". ccch iiiuiuijo tagu rj. pur chaser bought an acre on the peninsula i MOJi'l'eOKUV, EAST TWENTIETH for $1000 and last week received $1500 for it, shdwing a 50 per cent increase.' Sibary & Hart, real estate men at University Park, say: "We notice a steady' improvement in conditions on the peninsula. It has been more pro nounced 'the past few weeks. We have recently made several.- sales, one of $1900, three of $1200, several of $350 and have one in prospect of 76000. There is no reduction of real estate values at University Park, but on the contrary there has been some advance. A piece of property sold for $1100 a few weeks ago was resold for $1200 this week, -and this is the way things are going all over the peninsula. There Is. considerable building in progress, and. much more in' prospect . in this neighborhood. I expect to build oh the corner of Dawson and Flske streets, if the arrangements can be made. The upper floor may be used for a branch Y. M. C. A. The best of feeling and confidence prevail in this neighbor hood and the impression is that i&'e shall have a good year on the peninsula in spite of the backset of the last three months. . Transfers All Directions. ' . The most important residence sales range up to $5000, and are widely scat tered, there being scarcely a suburb that cannot show transfers the past week. At -University . Park, Rebecca a. Sherer sold four lots to A. S Nar- mey for $250.0. Five lots in Patton i avenue in North Albina were sold by j Stephens Shobert to Minnie Bratchi for (Concluded on Page 4-) A!U SALMON STI?EETS, LU :