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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Sept. 6, 1908)
THE OREGON SUNDAY JOURNAL, PORTLAND, ' SUNDAY MORNING, SEPTEMBER 8. ' 1808. - - FALL HEAL rrnrTr A ire r irnr- OiimiDTvTiO TRTFTPH EAEflfOTE ' v ' ' " - ' " ' ' ' .in ; i . ' ' V DOWHTOWn LOTS JOUIIDMRD : r-v-- .... Prices Advance Steadily and Show, No Signs of . v t; ; ; Breaking, r , v ..,'. ' TTTv ..:;;.-;.;'.,' J Th Portland real 1 estet market never looked better to me than if doe today," I .the teree summing us of the local condition by Dan 0. Stearna, an old-tlra Portland realty dealer, who waa Belling property here when a prospective Investor would gasp tor breath U naked 160.000 for the oholceat corner on Wash ington atreet, ..-.-' r'More Inquiries have' coma In my of fice from lnveatore of meana who mean bualneaa In the past three weeka . than In any like period alnce I have been In the bualneae. The inveatina- nubllo la .beginning to realise that Portland. Is a city or the nrt class ana is destined to beoome the metropolis of the entire Paolflo northwest. Two years ago capi tal late looked askance at the prlcea Hxea xor ail classes or real estate nere, but such la not the case now. Property that waa considered high two Year ago is reaauy snapped up now, notwun a tending the price has advanced as much a 00 per cent in some cases. - Prices Continually JUso, One great trouble that all dealers are now having la the inability to hold own ora dlsi each offer to buy. Of course, this has a tendency to discourage brokers and ais gust would-be investors. A prominent dealer, who for many years baa dona one Of the largest Bales businesses In this city, says that he has now a smaller list of offerings for sale than he haa had svi any urn lor a number or years. The aame operator had a recent ex perlence with an owner which correctly represents the optimistic feeling now pervading all classes of property" own ers. The owner of a north end lot waa keen to sell hla holding two .months ago at a atated price, the broker found a purchaser and tendered the owner a ' check covering the deal. The check waa refused and the price promptly raised 10 per cent, Slnoo then the price has been again advanced and a few days ago the propertv waa withdrawn from the market, with the accompanying, state ment that It waa Increasing In value i- together to last to sell. One effect of the recent heavy pur chases of inside property by local capi talists haa been to stiffen prices throughout the entire business district. Owners were quick to conclude that if choice Washington and stark atreet corners have douuled In value In the past three or four years, that the same is true throughout the retail district, and forthwith marked up their prlcea several notches. River frontage Attracts. A class of property that has not here tofore attracted very general attention Is river frontage for residence purposes. There are scores of buyera in the mar ket for this class of holdings, and very little of it to be had at any price within reason. Many of Portland's wealthy residents are turning thelreattentlon to acreage along the river bank between Portland and Oregon City with the idea of establishing summer homes. Prioes of this character of property have in creased enormously in a short time, with the prospect of yet greater advances. As far back as a year ago, whe the first signs of the reaction which after ward set in, nere noticed this depart ment of The Journal insisted that Port land real estate would never again be as cheap as it was then, and urged upon prospective investors that the time to buy was at hand. This has been said io often In the past 10 or 13 months that perhaps some are weary of the re iteration. Some have taken the advice given and no doubt have profited by do ing so. Among the dealers in residence property the same optimlstle feeling is In Evidence that has taken such a strong hold on operators in business property. w. a. spanton or tne epanton com- Residence of Andrew1 frls&ne, Elmhunt. ' ; - rany. dealers in city and suburban reel rlence sites, reports a large increase in aales and inquiries .In his line.. While dlseusslne- the local- realty situation, Mr. Kpanton had th following to say future Is Assured. "It seems that the people of Portland are beginning to realize the future of their city. They are making inquiries about all kind of property. Substantial business men who have been interested in mercantile and various other kinds of enterprises are dumbfounded on arriving in some or tne suouros wnion mj thought In acreage. Instead they find It having been laid out Into city lots and beautiful homea built on these places that were farm lands Jnot many years ago. . "There are a great many new people arriving in the city every day and in- auiry has never been heavier In Port- . . . . . i . . i land ror residence prupHrcioa. u ia al most an Impossibility to rant a desirable house. This makes It necessary for the nannla to buv homes. Bulldlnr con tlnues unabated and what doea this mean to the city of Portland it means that our city is steadily increasing In population and that it Is bound to be me areaiest city iu uuiiuwwi un doubtedly, there will be a great move In real estate In a very few weeka for the opening of the north bank road will surely have the deserved effect of an Increaae In value on Portland real es tate." . By war of illustrating the Immense Increase In realty valuea that take place in a city after It reaches a position of freat commercial importance, Mr. Span on called attention to the Franklin Na tional bank property at the corner of Bros a ano mestnui streets, fnuaoei phia. Thla property formerly belonged to the Olrard Trust oompany, and waa reoently purchased by the Franklin Na tional bank for 12,500,000. In 188 thla property waa purchased for 1259,000. The GFIrard Trust oompany Improved It with a building valued at 1275.000. By the recent aale the Olrard Trust oompany clearrAd up a profit of $1,886. 000, or . (SO per cent. ''This aounda al most unbelievable, said . Mr. Spanton, "but- In a few yeara Portland's best bus iness property will be vleldlng just such nrofits. in fact I believe that it can be shown that In the paat It yeara real estate In thla olty has made ad vance equally as phenomenal." ': Besidenoe Property Sold. On of the larsrest transactions re ported last week was the sale of the John Klernan residence property, at the northwest corner or sixteenth and nor- J I son streets, to a local investor xor 33,500. The property Is a quarter block and was formerly owned by w. W. Tay lor. It was purchased as an investment, the name of the buyer beinr withheld lor tne present. M. J. Holbrook closed a deal In the early part of thla week with the city of St. Johns for the sale of four water front lots in St Johns for $23,500. The property has a river frontage or 00 feet and on it will be built the public docks which "were ordered built by -the St. jonns voters at toe last city elec tion. The sale of the quarter block at Everett and Sixth streets by Dr. A. C. Smith to John B. Teon for 165.000 was olosed up last week. This waa one of the largest transactions in north and realty that haa been made In several montns. . . Dan J. Malarky sold to the Security Saving A Trust company, hla residence property on Marshall street, between Twenty-second and Twenty-third street for is. woo. xne Dank took uue to uua property as. trustee, the real purchaaer being Major Can by, paymaster In the united states army. Charles I. Burton nas closed a deal with J. K. Locks for four corner lots on Seventh Street Terrace, paying there for $7,500. Uu Sarah A. Merrill has nurchased from Robert Lulke a part of block 263? city, for $7,000. The property Is In the icinity or Tweirtn and jerieraon streets. Other Besides oe Bade. 8. M. Beard, a former Vancouver, Wash., banker, haa purchased from L. C. Wlghtman a bouse and lot on Broad way, between East Nineteenth and East Twenty-first streets; consideration, $6,-' ooo 1 W. J. Clemen haa sold F. N. Gilbert a quarter block In Villa Heights over ; - 'A:. WW V , r-rrj,?' j ' '83 n'- " -t ' ' -' ' - - i 1 Residence of I M. Heads, EHnahunt. f,,:, : : I " ( , , ? V. " 5 : 1 I I DERI OROfflDE H H li iSi 1 till -"LrM t Ml 4, A- :-;-si;.:- 'i $200,000 iii -m KEHWODDHDHES Dozens of Houses to Be Erected on Site Adjoin ing Swiit Plant. Boraethlnr near $300,000 will be ex pended in the neat few months in the erection of stone and frame dwellings at Kenwood, adjoining the Swiff a pack ing nous site on the peninsula. iue buildlnas are to be used aa residences by the officers and employes of the packing plant and will all be completed In advance of the completion of the big Residence of Henry E. Hort&church, Elmnurst. QUESTION OF CONCRETE OR STEEL FOR BRIDGE lnnklnsr tha Willamette River' for $6,004. The property is at the corner of East Sixth and Haworth streets and is oc cupied by a two-story rrame residence. Emll R. Pltalkau has purchased from Robert Gardner a 60-foot lot at the southwest corner of Overton and Twenty-fifth streets; consideration, $6,150. H. A. Stowe has sold to Adolf Grass an improved quarter block in Highland Park, for $4,800. The property Is lo cated at the corner' of East Eleventh and Howe streets. ; Tha number of residence lot sales valued at $2,600 to $3,000 was much larg er than usual and covered a wiaer ex tent of territory. LATE EEALTY SALES OF JlEEjlDEyCE LOTS Mali A Von Borstal report the follow ing Bales for the paat week: - For the Oregon Savings A Trust Co., the northeast comer of Kast Twentv- slxth and Tillamook streets to F. R. Sanke. Mr. Hanke lntenda to Improve e property. From the Hawthorn aetata to L. N. Hula, a lot on East Davla atreet be twaan Thirtieth and Thlrtv-flrst streets. This property will also b Improved im mediately. From the United States National bank to E. T. Falting. a lot on East Twenty seoond street near Holladay avenue. Mr. Falting Intends to build a home there. From Rosa Bell Zeller to Dr. Fiord B rower, a lot on East First atreet near Holladay avenue. Mr. B rower bought for speculation and baa already been offered a higher figure for the lot. Spokane municipal authorities are in the midst of a warm dlscuaalon over the relative merits of steel and con crate aa the material for the construe' tlon of several new bridges which the city la about to build. Partisans of both materials have produced figures and. authorities which go to prove the superiority of each. The city" Is about ready to proceed with the erection of bridges that will Involve an outlay of Close to $1,000,000. One of the city commissioners dis cussing the relative merits of the two materials gave out the following- fljr- ures: Brldae authorities claim that the averaae yearly maintenance coat of a steel bridge is 7 per cent, and at this rate a steel brldee costlns- S300.000 Rn,l lasting 60 years would require $1,050, 000 far maintenance and there would be no bridge at the end of that time. On a concrete brldre It Is 'admitted that the maintenance cost Is practically nothing and it will last forever. Argue With rignrea. "If we go the proposition of main tenance cost one better and say it is I per cent per ygar. the cost f main talnlna- the steer brldee for one vear al 6 per rent would be 116.000 or for the 60 years of lire would be $760,000 and at the end of that time the . bridge would ne out or commission. "If we go the maintenance rate still one better and say if will De Dut 2 fer cent per annum, tne annual mam nnuiM paat woiilil be 17.600 or 117S.. 000 In the 60 years of the life of the bridge and there would De no bridge at the end of that time. "On the bonds on a $300,000 steal bridge at 6 per cent the annual Inter est would be $16,000 or $760,000 in the 60 years or the lire or tne structure were the bonded indebtedness not re duced, and this with the maintenance . t-. , r , vi. - y , i ' r i w . I . ' cr - : BeW,-;..!. " INI mm i ... III a I f. l ' - - . l- 1 '' - Ceraett Plork Rre4rtVnc cf A, S. Thopon, TiodionC would represent, a total of $1,050,000 for interest anu maintenance during the ou years' nie or tne Dnaee; ana tnis, would make a total expenditure of $1,800,000 at the end of the 60 years and there would bo no bridge at the end of that time. Concrete Xrftats forever. "Were a concrete bridge built the only expense to the city would be the interest on the bonds and the bridge would last fbrever." The chief trouble seems to be the great difference In the cost of bridgea constructed from the two materials. The city engineer has estimated that one of the longest of the DroDOsed via ducts will cost, if built of cement, about 1800,000, while tne same structure built , of steel will cost not to exceed $300,000, As a result many or the tax payers are up In arms against the con crete proposition, and are bombarding the council with petitions and eloquence In favor of a steel bridge. William R. Rov. ex-Dresldent or tne Sookane board of nubile works. In a re port to the council covering the cost of maintaining one .of the city's steel bridges, had tna following to say: "It cost more than $3,000 to paint that brldgei and we are told that a steel bridge to be kept in proper con dition should be painted every two years. -"The last ttmfMhe flooring of the Monroe street bridge was repaired only the upper layer of planking was re paired and the expense was more than 64,000. Were the entire flooring re paired the coat would have been more than $8,000. Object to flooring. "Flooring on a bridge like that at Monroe street deteriorates rapidly, be ing damp underneath from the spray of the river and scorched on top by the sun. - Such flooring should be replaoed at least onoe every two years. We should also recall that In the lifetime of the Monroe street bridge It wis often closed to all forms of traffic has been closed to streetcar trafflo during a large part of the time. in expenses or rerioorina- and re- patntlna- are but part of the senersl expense. The oridve musk oe rreauen: lr cone over br experts. Bolts mail be tightened or-loooened so as to keep the bridge In proper alignment and this work ahould be don bv an expert If a number were tightened too much the entire snogs asignt oe injured ny oeing. tnrown out or proportion, uperience has demonstrated, that there is constant expense.of on kind or another on steel orliges. The oartlsans of steel construction are la no wise dismayed bv the array of facta and ftrurea produced by thoee favoring concrete, and are busy work ing up sentiment In favor of steel con struction snd nlannlna to overwhelm the council with eel it loos favorta their aide of the cocitroveray. GRADE CONTRACT LET FOR EL3IIIURST STREETS SUBURB SHOWS STEADY GROWTH Oregon Electric Line Hearty Stimulus to Building: in Tigardyille. . Building In progress and contemplated shows a steady growth at Tlgardvtllo, the enterprising town on the Salem line of the Oregon Electric railway: Mate rials for a new station and express of fice for the Oregon Electric oompany were recently delivered on the ground and construction work U1 begin in a abort time. . Extensive additions are belnar made to the new town, among them many new dwellings by recent purchasers of acre age. The new hotel recently completed will have an addition of 40 feet at the rear, to provide a public hall and addi tional rooms. rThe building Is a three story structure, the lower floor being occupied by stores. The main building required 86,000 feet of lumber. L. F. Coon haa established a small nlanins: mill in response to a demand for dressed lumber and moulding. The machinery has been Installed and the plant la reaay ror operation. . A parsonage Is being built for the German Evangelical Lutheran church, to contain stx rooms. Dr. MacCreedy will build an eight room house on the four-acre piece re cently bouftht by him. Samuel Behnke, meat dealer, is build ing a five-room cottage. Dr. Laldlaw Is building a seven-room dwelling on his three-acre property re cently purchased. D. Root is Duiiaing a rive-room aweu- Dacklne establishment. L. D. SteDhenson. auoerintendent of construction in tne employ or tne tswirts Dconle. arrived in Portland last Wednes day and will proceed with the work Of Dunning up and developing ttenwooa For the present ths building operations will be confined to the erection of about Z0 two-story cement brick nouses, the cement blocks to be manufactured on the Kenwood tract. Following this under taking, tne company win proceea witn the erection of about 300 frame cottasres. The cement block houses will contain seven rooms and will cost about $3,600 each and the frame cottagea will be five-room structures and wlil cost about $1,860 each. When completed these dweillna-s will bo offered to employes of the packing plant, although other ten ants will not bo barred from ranting them. The manaaement of the Kenwood Land company the holding company for all the neninsula realty owned by the Swift Interests contemplate the estab lishment at Kenwood of a model pack ing house town, such aa ta found In the vlclnliy of the big packing establish ments at Denver, Kansas City and Oma ha. An ample aewerage system will bo constructed, oement sidewalks and ma cadam streets laid and electrlo wire strung throughout the townsita. Mr. SteDhenson haa not aa ret de cided Whether tne nouses wm no erected under the contract system or unoer nis personal supervision or aay lanor. Mow ever the work will begin as soon as the material can be assembled on tho ground and a good portion of in em wui do com' pleted before winter sets in. FINE NEW HOME TO GRACE PIEDMONT Another of . the recent newcomers to Portland, W. & Smith, formerly of South Dakota, la preparing to erect a beautiful residence at Piedmont. Mr. Smith has purchased a quarter block in that district and haa commissioned Architect Kroner to get up tho design of a modern two-story home, which he will build there. The building will cost about $6,000, and will be an attractive addition to a section that already boasts many handsome private homes. log and barn. T ini be Investment company la construct- two cottagea on tta Tigararuie lands, which are to bo completed be fore October 1. E. C. Davis, with the Butler-Schutxe Co., Portland, will build a bouse of six rooms on hla three-acre holding at Tl- gardvluek Two other houses are under construc tion by recent settlers in thla part of the Tualatin valley. Tlgardvllle has a four-room graded school, churches, stores, repair and blacksmith shops, and other advantages that go to make a town. It ia the lo cality where the two lines, steam and electrlo meet and where both havo sta tions, and In this parlcular has an ad vantage not enjoyed by towns on either line. Ttgardvilte ta developing some boosters. A contribution of $100 toward the fund for a booklet descriptive of Washington county was recently made. FOB SEPTEMBER Building Permits for Class A Structures Reafh , $i,50o,ooo. . ; . From the standpoint of value Septenv bera building permit will la all prob ability astabliah a new high record. Conservative estimates by well Informed architects and builders place the value of the half dosen class A buildings, work on which ja expected to commence thla month at cloae to $1,600,000, while the aame number of business houses of the mill construction type, which are about ready for the contractors figures will add another million to thia huge sum, most of which will appear In tho Sep tember totals. Thla flattering prospect in the building line la not alone applica ble to Portland, but applies to all Pa cific coast cities. Seattle and Spokane ' on the north and Los Angeles on the aouth all report a remarkable revival in the construction of boa! nose bouses of the best type. Within a stone's throw of each other, there are five buildings,, work on which ia Just e-ottinf started, that will Involve aa outlay of closo to $1,000,000. , , , . . . ' Oomplote juoavattons. . .'' ' ' Exckvations for the foundation of the Meier A Frank structure, - at Sixth arid Alder treats, tho Charles K. Henry building, at Fourth and Oak, and the Lombard office structure at Fifth and Stark havo Just been finished, and a crew of workmen are tearing out tho frame shacks on tho tVUcox lot at Sevan th and Stark streets getting ready for tho steam excavator which will bo moved ud there early this week from tho Henry corner. Tho concrete foundation of the xVM. C. A. building at Sixth and Taylor streets waa completed last week, and workmen began , maklns; tho forma for the first story Of the superstructure. As was said abov close to $ 1.00. 000 will bo invested In then five buildlnga by tho time they are completed and ready for occupancy. Tho loweat esti mate yet Disced on tho cost of tho Meier ft Frank building or tho proposed annex to tho Imperial hotel ta $20,0 00 each. Charles K. Henry structure will prob ably cost $160,000, while tho. Lombard building as now planned la good for another $100,000 outlay. , Add to those figures $200,000 Xor tho T. M. C. A., building, which Is probably under what It will cost, and tho total Is within $50,000 of tho million dollar estimate. Tne zuu-roo! square, xour-siory cunn ing to be erected immediately tor tns . WV P. Fuller company in the north Port land warehouse dietriPt will call for tho expenditure of $109,000, while the seven -story building to Too erected by ths Pa cific Paper company at Fourth and . Bornslde s Vests mean tho outlay of about $100,009. In tho north Portland warehouse district are a number of warehouse buildings which have not pro' gressed neyond tno excavating; atage, hut on which actual construction will begin before October 1. ' Eight story at Sixth. There is a reasonable cert slaty that Theodore B. Wilcox will make such arrangements with tho present tenants of the buildings on the Lab be property, at Sixth and Washington recently pur chased by Mr. Wilcox as will permit him to out uo an elrht-story office bulldlnr. there. Mr. Wilcox is known to be anxious to proceed' with this Improvement and the only thins? that will prevent his starting tho work this fall will be his inaotiity to come to an agreement who the present tenants. Another first class building project on which work la more than likely to begin thla fall ia a now commercial hotel on . tho quarter block at the northwest cor ner of Fourtn ana Aider streets. B. IX Crawford, a Vancemver, Wash., . banker, who recently nurchased tho southeast corner of Fifth and Ankeny streets. Is getting figure on a Whole- ' ale business house for that corner, which will oost in the neighborhood of $70,000. The corner just east of and adjoining the Crawford property was recently pur chased by a syndicate of local capital-.,. Jsts; who have announced that the prop erty will bo at onoe suitably Improved. It Jias since been announced that a 70.000 brick building will got up on tho . site this faa . This immense volume of new construc tion means work for many hundreds of men, members of tho varloua building trade throughout tho fall and winter and well into next year, and will of Itself go a long waya toward reostab-llflhlna- ths rrosteroua ' conditions that obtained la Portland up to H months.' . agO. PARK STREET REALTF " SELLS FOR $25,000 , Emll Pittalkan. owner of tho Portland restaurant on Washington atreet, haa sold to a erentleman from Olvmnla. Wash., whoso name is withheld for tho present, tho lot covered by a new one story brick building.-located on North Park atreet, between Davla and Everett streets, and occupied under lease by Graven aV Col aa a storage warehouse for music and musical instruments. Tho consideration for the sale was $16,004 nil ia the first transfer that haa been consummated in thla neighborhood for soma tiro. - . - ; . Considering the class of Improve ments covering tho lot tho price I eon sidered to be a vary reasonable on. Whiting A Rountree made tho sale. Liverpool makes nearly f $00,00 m yettr by municipal trading. - . The contract waa let yesterday for the grading of the streets ia Elmnurst addition, t'ndev the enntrart Tillamook street la to be complete! ty sptmar I a. to be mav ror tne opening. tamoer 11. or tne ( mm try nee. nita snook street Tnae already ha opened and - graced throws a ell the additions tt sf Rom City Park, and Wheo tn wer torotish Klmhsret Is completed It will h a continuous tborooshfere from tie Illametto rivey to the Krontry Club snd a lock sow t let ton e rroands. Othlach a JorHn kav the trt rredlns cor tract In tJsilrorot mn4 are to move net Imw thaa . yards ft aerth a Boost; aiut tto work as nnlsaod. A patent fcss bn granta te aa at- lifhniMt a a rockme cKalr it operate a fa tt cool the eerapoat while wy-l-t to ar.l fro. 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