Source:Good-week-in-realty
"Good week in realty despite hot weather: Lot plans will be active this fall, several being shaped up for market: Suburbs now refreshing: Building conditions are improving—week-end sales reported by brokers." Pittsburgh Post, Aug. 18, 1907, editorial and news section, p. 3. Newspapers.com 86628835.
A better record was made in sales and exchanges during the past week than during some of the weeks earlier in the year when the real estate market is usually more active. Investors and speculators who had been inactive for several months appear as principals in some of the deals closed or articled for recently. There were also valuable sales closed and deeds passed for properties of much value, which had been articled for sale some time ago.
The volume of the business, however, appears to be confined to a comparatively few firms, while some of the real estate men usually most active in all kinds of markets, have apparently not recovered from the inactive period covering several months of this year.
In addition to the most important deals of the week are a large number of transactions involving properties valued at from $5,000 to $20,000 in both Pittsburgh and Allegheny, including both dwelling and business holdings.
It is believed by real estate men now in the city attending to business that when the brokers and investors return from their vacations early this fall, they will find conditions improved over those prevailing when they left the city to avoid the hot weather. The cool weather which has prevailed on many of the days of this month is believed to have been helpful to the market because investors were able to consider propositions in comfort and without depressing effects such as accompanies hot weather.
Lot Plans Will Be Active.
To make up for the poor business in suburban lot plans during the spring and early summer, backers of such projects propose an active campaign this fall. Preparations are being made for several extensions or entirely new plans. It is believed by boomers of the suburbs that there is a good opportunity for their properties this fall, prosperity being evident on every hand. The lot plans are marketed at such a small investment to each home seeker and there has been comparatively little buying in this class of property during the early weeks.
Reports of real estate men who make a specialty of this class of real estate, show that there is a steady buying in all of the older plans. A ride on any street car line to the suburbs will be sufficient to convince the skeptic of the rapid growth of the districts that are within 30 and 40 minutes' ride of the business section of the city.
One of the most refreshing aspects in the newer suburbs is the large number of residences that are painted white. Light, cheery colors prevail in the suburbs, showing that the people are beyond the smoke and dirt of the great factories along the rivers. At no other time of the year are the suburbs looming up more beautiful than at present.
The suburbanite is not a renter, with comparatively few exceptions, but is paying for his home and is therefore more careful of the general appearance of his property. In several of the new suburbs not a rented house can be found. Either the housese [sic] have been built by someone who intends to live there or a contractor has erected the house to sell, but not to rent.
Two Quiet Days in Week.
Despite the fact that there are two unusually quiet days at the city registry of deed office, the total volume of business recorded was one of the best of the summer. It seldom happens that less than a dozen deeds are recorded; usually there are 20 and 40 deeds each day. The business at the city registry office is indicative of the present market and the transfers recorded are nearly all new ones.
The record by days follows:
| Deeds. | Values. | |
| Monday | 13 | $ 67,302 |
| Tuesday | 27 | 267,812 |
| Wednesday | 27 | 148,067 |
| Thursday | 8 | 28,105 |
| Friday | 37 | 288,334 |
| Saturday | 4 | 3,825 |
| Totals | 115 | $803,445 |
Building Conditions Improving.
While building operations in the city appear to be recovering from the stagnation of the past few weeks, more rapid strides are being made in other cities of this section. In commenting on the conditions the F. W. Dodge Company's report says:
"Another marked improvement in the volume of business started is indicated by the figures compiled of contracts awarded throughout the territory during the last week. Of the total amount represented nearly one-third is found in municipal operations launched in Cleveland and Cincinnati. Aside from these, business has continued pretty uniformly as it has been running for some little time past. That the volume reaches such unlooked-for proportions, in the face of no little uncertainty and apprehension in the financial markets, is a matter of much satisfaction, and thereby reflects great credit on the stability of this one great branch of the country's industries. Undoubtedly the movement in the direction of greater activity is occasioned by some concessions on the part of contractors in order to force the issue and bring some relief from the July stagnation. However, the prevailing impression is that affairs as they relate to cost of materials and labor items remain substantially unchanged."
The following statistical table, compiled from Dodge reports covering Western Pennsylvania, West Virginia and Ohio, gives comparative figures on construction during the last four years:
| Contracts Awarded. | |
| January 1, 1907, to date | 48,838,000 |
| Corresponding period 1906 | 46,732,000 |
| Corresponding period 1905 | 55,186,000 |
| Corresponding period 1904 | 47,186,000 |
| Week ending August 14, 1907 | 2,406,000 |
| Corresponding period 1906 | 1,699,000 |
| Corresponding period 1905 | 1,799,000 |
| Corresponding period 1904 | 1,057,000 |
| Week ending August 7, 1907 | 2,192,000 |
Judge Arthur P. Rugg, of the Massachusetts supreme court, has issued an injunction against Merwin Gray et al., the Gray Report Company and the New England Bulletin Company, of Hartford, Conn. The F. W. Dodge Company, who are the originators of the daily building report business, has for many years past been engaged in collecting information relative to new buildings and engineering enterprises, and has expended large sums of money in developing its business throughout the greater portions of the United States.
Big Sale on First Day.
Sheffield Terrace was opened with success yesterday, the first opening sale being attended by hundreds of home seekers, especially those interested in securing building sites near the new mills of Jones and Laughlin, at Woodlawn, The large lots on wide streets, and the general lay of the ground apparently were satisfactory to the people. Scores of the lots were sold, the first payment closing the deal.
The plan was opened by the Greater Aliquippa Land Company, and the big sale will be continued to-morrow and Tuesday. A large crowd of prospective home seekers are expected at the property to-day. But the sale will not be open until to-morrow morning when the fine lots will again be on the market.
A large number of salesmen of the Greater Aliquippa Land Company could hardly accommodate the number of people who were looking over the property yesterday. By Tuesday night, when the opening sale will close, having lasted three days, the company expects to have sold a large percentage of its holdings, and that the home builders will be mostly employes of the Jones and Laughlin mills.
Week-End Sales of Brokers.
The Hood Realty Company sold for Walter R. Fleming to William N. McDonald, 40x130 feet, improved with new 10-room frame dwelling, at 2726 Pioneer avenue, opposite Brookline, West Liberty, for $6,000.
Henry S. Fisher & Co. sold to John S. Cole, a lot in the Seibert Orchard plan, Beechview, on which the purchaser will erect a $7,000 brick veneered dwelling which he will occupy.
J. J. McAllister sold for Robert J. McCaughn a two-story frame dwelling on 30x107 feet in Arch street, Twelfth ward, to Walter R. Fleming for $2,000; also sold for Mr. Fleming to J. W. Westhead, of Westhead & Evans, a 10-room brick dwelling on 33x100 feet 492 California avenue, Allegheny, for $7,500.
B. F. Duncan, oft he [sic] Land Trust Company bought from Julia Lynch, a frame cottage on 20x20 feet in Augusta street, Duquesne Heights, for $700.
Sel [sic] Houses and Vacant Lots.
The Land Trust Company, through its representative, J. S. Billings, sold for the Federal Realty Company, McKeesport, six-room house to John C. Malin, Reynolds avenue, for $2,800; six-room house to Nellie Kearns, on Reynolds avenue, for $2,800; five-room house to Olive V. Shallenburger, on Manning avenue, for $2,400; a lot 50x110 to C. E. Burke on Monterey avenue, for $900; a lot 25x110 to Carl Wisener, for $550; lot 25x100 to Stephen Hovarth, for $450; lot 25x110 to S. Warbecki, for $250; lot 25x110 to E. A. Crawford, for $550. The four lots sold are located on Archer avenue and will be improved at once.
The Aronson Realty Company report the following deals: sold for W. H. Simmons and Peter H. Codd to Frank Scott, 20x104 feet, 131 Penn avenue, Turtle Creek, for $7,500; sold to Morris Grodstein, the property at 2634 Webster avenue, for $3,200; sold to Joseph Goldberg for E. B. Mahood, 288 feet of vacant frontage in Center avenue, for $28,000, purchaser intends to erect several dwellings on the frontage; sold for I. L. Aronson to Mrs. Rebecca Frankenstein, two dwellings, 2527 and 2529 Wylie avenue, for $12,500.
Preparing New Lot Plan.
A new street will be opened from the acreage which W. A. Avey and F. C. Irish recently purchased in Mt. Lebanon to connect the property direct with the end of the Mt. Lebanon car line. The street will extend from the switch at right angles with the Washington pike and give a ready access to the new lot plan. The street will also be of benefit to the property of Attorney Smith and the Mt. Lebanon cemetery.
It has been decided by the new owners of the property that the lots to the left of the Castle Shannon macadamized road going out will be offered to the public first. The opening sale will be fixed for an early date in September, by which time that part of the acreage will have been graded and prepared for home building. Arrangements have been made with the water company and gas company to lay pipe lines through the property.
The property to be offered first fronts 1,250 feet in the Castle Shannon macadamized road, being a gradual slope overlooking the entire plan. The lots will not be less than 50 feet front, and a part of the property will be laid off into half-acre and acre lots, for the benefit of people who have inquired for such size lots in the Mt. Lebanon district, where there are churches and schools.
Corner Sells for $10,200.
Thomas McCaffrey sold for the Reich heirs to Peter Sauer 60x100 feet, improved with two brick stores and dwellings and one frame dwelling, corner of Penn avenue and Edmond street, Twentieth ward, for $10,200.
The deed has been delivered, through the office of D. R. Deely to John R. Largent, from Mrs. Nettie Clason for the purchase of a two-story frame dwelling in South Sharon avenue, in the Beechwood, West Liberty No. 4, plan, for $2,450. Mr. Deely also reports the sale of 52x77 feet in Broadway, in the Beechwood, West Liberty No. 2 plan, to Caesar S. Lombardi for Joseph A. Cook, for $1,700; also 30x100 feet in Fifth avenue, in the Beechwood, West Liberty No. 5 plan, to Emma K. Butler for John N. Brandt; also 66x100 feet in Ninth avenue in the Beechwood, West Liberty No. 3 plan, to Charles L. Schaum, for $1,200; also 60x165 feet in West Liberty avenue to James Stickel for $725.
The Diamond Real Estate Company sold for William S. Haynes for $1,500 the four-room frame dwelling with three lots thereon at the corner of Clarion street and Gray alley, Twenty-third ward. The purchaser will occupy the same at once for a home.
