Source:Buyers-are-balking
"Buyers are balking at the values: Will not take Fifth avenue property at unreasonable prices unless well improved and near court house: Many small sales have been made." Pittsburg Press, Mar. 19, 1905, p. 24. Newspapers.com 141919516.
The million dollar mark was passed again last week when with a registration of 155 deeds, the values recorded were $1,200,000, a slight advance over the previous week. As the previous week's record showed, the market is still one in which small residences are being transferred and from all accounts the majority of the large deals are closed for a couple of months on account of the disposition of the holders to bull the market too strongly.
The chief center of action is the hump district and there is nothing like a certain value for this territory. There is a record of a man who has a holding on Fifth avenue not more than 20 feet wide and inside of three days the price which he asked for the property went from #30,000 to $50,000 and it is not at all desirable property. From the outlook it would appear that the most choice holdings were those adjacent to the court house. The consensus of opinion is that the nearer that institution the property, the more valuable it is.
There is in the block beyond Stevenson street a piece of property which was held for a long time by a man who sold it at $3,000 a front foot and at this valuation it is figured that good Fifth avenue holdings nearer the court house are worth more than this if the improvements are anything like productive. Of course if a man has a property which is not well improved he cannot expect to receive as much for it as though he had a revenue producer located upon the site, and this is a disturbing element of the trade.
Many of the holders want to exact a $3,000 figure from their property when there is no sign of a revenue in keeping with the values of the land. As a consequence, the buyers have become discouraged and there is an indication to stay out of the market until the holders realize that it is not essential upon the part of the traders to take a holding merely for the glory of owning it. Let the values be measured with the improvements and the location and the investor will do business in that territory.
As a matter of fact there is a great deal of latitude in the section referred to for value making. Take the property which fronts along Old avenue and Diamond street and some a block further on and it is better investing material than that further out on account of the three frontages. In addition, there is an indication that the city will take a couple of those triangular strips to form plazas and if this is done with the removal of the hump, it will certainly make the best values for the district.
The interest aroused through the taking over of the West Liberty Baldwin township tract upon account of the Freehold-interests has not abated and now there is a rush to suggest names for the popular section which will be developed by some of the strongest men of the county. Varous names have been suggested for the tract but there has not been a selection as yet. When the selection will be made, H. P. Haas, vice president of the company is unable to say, but an effort will be made to get a name in harmony with the surroundings.
The Schenley Farms Co. has been incorporated with a capital stock of $500,000, F. F. Nicola, Charles Donnelly, O. P. Nicola, A. G. Nicola and G. M. Seaman. The officers are F. F. Nicola, president; Charles Donnelly, vice president; O. P. Nicola, secretary, and G. M. Seaman, treasurer.
The deed from the trustees of the Schenley estate in America will be made direct to The Schenley Farms Co., which will operate the property in the future. The office of the company is at present with Nicola Brothers Co., in the Farmers Bank building, but after April 1, will be located in the double house, which is at the end of Oakland Terrace, known as Casey's row, is on the corner of the proposed extension of the Grant boulevard. The Schenley Farms Co. will have their plans completed before April 1, and expect to spend $400,000 this year in street improvements.
The Aronson Realty Co., in the Aronson Building, Fifth avenue, have consummated several good sized sales of outer Fifth avenue property in the hump district, as follows: Attorney A. C. Stein has sold the property known as 1817 Fifth avenue, consisting of a lot fronting 44 feet on Fifth avenue, opposite the High School, and running back 195 feet to Colwell street, improved with a three-story brick dwelling. Mr. R. Trauerman, well known local attorney and a new investor in the hump district, purchased the property and paid $32,500 for the same. Mr. Stein recently purchased the property through the Aronson Realty Co. from Anthony C. Dean, of the firm of Taylor & Dean, Market street, for $28,000, and makes $4,500, less the broker's commission of about $650 on his holdings of only four or five weeks. Hyman Saul delivered the deed to John Kelley, of the firm of Weldon & Kelly, for the property known as 1345–47 Fifth avenue, consisting of two three-story frame dwellings on a lot 43 feet on Fifth avenue, and running back 90 feet to Our alley. Mr. Kelly paid $55,000 for the property. Mr. Saul had only owned the property about two months, having purchased it from Louis Susman, through the same brokers, for $45,000. Mr. Saul netted $10,000 profit on his purchase during the time he owned the property. This goes to show with what rapidity hump property is selling, and the good profits the investors are making on their holdings.
The Aronson Realty Co. have sold the property known as 1612 Clark street, to Louis Cohen, for Jacob Sloan. The property consists of a seven-room brick dwelling on a lot 21 × 130 feet to Rose street. Mr. Cohen buys for investment and pays $5,500 for the property.
Mr. H. H. Dillon has purchased from John A. Porter a nine-room brick house on Graham street, near Friendship Park, on a lot 30 × 95 feet, for $9,000. Mr. Dillon will occupy the premises for a home after April&nsp;1. Mrs. Anne Phillipps [sic] has purchased a 12-room reception hall house on Stratford avenue, and running back 103 feet. The price paid was $13,000. Mrs. Phillips will occupy the property for her home. Joseph Moskovitz purchased an eight-room brick house on Franklin street on a lot fronting 20½ by 60 feet, for $4,500, from Isaac Friedman. The purchase was made for investment. Charles Guidinsky has purchased a lot fronting 35 feet on Clark street, near Fulton, and running back 50 feet. The purchase was made for an investment and price paid was $5,200.
Through the rent department of the Aronson Realty Co., J. C. Schroeder & Co. leased for a wholesale notion house a three-story building on Fifth avenue, near Stevenson street, at $1,800 a year for a period of two years. They have also leased to the Union Electric Co. the upper floors of the building at 824 Fifth avenue for a number of years at $2,400 a year.
Through the mortgage department of the Aronson Realty Co. a loan of $6,000 for 3 years at 6 per cent was placed on three brick houses on Wheeler street, Thirty-seventh ward; one of $4,500 for three years at 6 per cent on a 10-room brick house on Chatham street, near Wylie avenue. A mortgage of $23,000 at 5 4-10 per cent on property 1817 Fifth avenue and a mortgage of $9,500 on an apartment building on Locust street, near Magee.
W. L. Scott & Co., Allegheny, have sold for Joseph F. McNeely to S. J. Saxton, two houses of nine rooms and improvements each at Leetsdale, Pa., fronting on the Beaver road 60 feet, running back to the P., Ft. W. & C. R. R. Consideration $8,900.
Geissenhainer & Lamb have placed the following mortgages: $2,000 on dwelling in Ingram, $2,000 on dwelling in Crafton, $4,000 on two dwellings in West Pittsburg, all at 6 per cent.
W. F. Weitershausen, the Allegheny broker, sold for Christ R. Weller to Charles Irwin lot No. 16 Sunnyside plan, 50 × 150, corner Rodgers and Bayne avenues, Bellevue, for $3,000; also sold for Jacob Mutzig to Simon Oberhofer, two houses, 7 and 9 Pike street, Allegheny, 30.5 × 53 feet for $2,750 cash. The same firm sold for Peter Straub the property at 152 Lowry stret [sic], 2-story frame house, 16 × 85 for $1,900 cash and sold for Reineman estate to Vincent Kocac, 1-story frame house No. 4 Ravine street, Eighth ward, Allegheny, for $950; also placed a mortgage of $8,000 to run five years at 6 per cent on an apartment house in Bellevue.
H. M. Berman, of Merchants Savings & Trust Co., sold for Morris Kaufman to Dr. J. J. Buchanan the property located at No. 1414 Fifth avenue, adjoining the Merchants Savings & Trust Co., fronting 25 feet on Fifth avenue by 112 feet to Ann street with a new three story brick building, for $35,000 cash. Also for Isaac Kaufmann to Mike Supowitz the property located at No. 1017 Wylie avenue, size of lot 24 × 106 feet and having a nice there [sic] story brick buildings [sic] erected thereon, for $16,000 cash. Also to Seeman & Tannebaum for John Kean, the property located 1822 Bedford avenue, size of lot 20 × 120 feet, improvements are two nice brick dwellings, for $7,800 cash. Also to S. Landman for N. Levenson the property located at No. 1806 Center avenue, size of lot 20 × 100 feet, the improvements are two-story brick store room and dwelling, for $8,850. Through the same office Dr. X. O. Werder has leased his entire building at No. 1029 Fifth avenue to Herman Kamin for a term of three years. Also the new building that Dr. J. J. Buchanan is erecting on Fifth avenue to Messrs. Wilkofsky, Wolfson & Goldberg for a term of three years. The yearly rental of this property amounts to $3,500.
S. E. Hall has sold to Mary E. Carr 20.06 × 100 feet on the east line of Dinwiddie street, near Colwell street, improved, for $6,000 cash.
H. F. Robinsteen has sold to B. S. Felldman through J. A. Young 35 × 120 feet on Graham street, near Coral street, improved with a dwelling, for $10,000 cash.
Mrs. Amanda Llewellen has sold to E. W. Houston the large plot bounded by Lincoln avenue, Meadow street, Winslow street and Turett street, 243.54 × 409.96 feet, unimproved, for $35,000 cash. The intention of the purchaser is said to be the erection of a number of high-class apartment houses.
S. A. McCaslin has sold to E. B. Dure 31 × 108.42 feet on the north side of Graham street, near Coral street, for $9,000 cash. S. W. Barnes has sold to William Barnes a property in the Thirty-ninth ward, 50 × 147 feet, for $4,200 cash. The property is improved with a dwelling, and will be occupied by the purchaser.
The Real Estate Savings and Trust Co., of Allegheny, sold for Frank S. Stalder to William P. Fritcius a new eight-room modern brick house, No. 117 Hawkins avenue, Tenth ward, Allegheny, with lot 21 × 100 feet, for a consideration of $4,500 cash. The purchaser bought for a home.
Samuel W. Black & Co. sold for Hattie E. Hepburn, of Tucson, Ariz., her two-story and mansard frame dwelling situate on the northwesterly corner of Linden avenue and Dunlevy street, Twenty-second ward, Pittsburg, lot 45 × 120 feet to Lacy alley, for $5,800 cash. The purchaser will occupy same as a home.
