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
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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,
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