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Principles Of City Land Values | by Richard M. Hurd



The material for this study of the structure of cities - including their locations, starting points and lines of growth - has been gathered from a large number of local histories of American cities, old maps, commercial geographies, etc.. The material for the study of average scales of values has been drawn from the mass of valuations of land and buildings, rentals and mortgages, obtained in about fifty cities in the course of the mortgage business of the U. S. Mortgage & Trust Co. and also from many visits to these cities.

TitlePrinciples Of City Land Values
AuthorRichard M. Hurd
PublisherThe Record And Guide
Year1903
Copyright1903, Real Estate Record Association
AmazonPrinciples of city land values

By Richard M. Hurd President, The Lawyers' Mortgage Insurance Co.

Copyright, 1903, By Real Estate Record Association.

Example of highest type of improvement of short block front

Example of highest type of improvement of short block front. A skyscraper on each corner and a low building - controlled by one or both of the skyscrapers - in the middle, giving a light well above. Broadway, between Cedar and Liberty Streets.

-Preface
When placed in charge of the Mortgage Department of the U. S. Mortgage & Trust Co. in 1895, the writer searched in vain, both in England and this country, for books on the science of city real estate ...
-Chapter I. Introductory
Economic rent, the basis of value. - Urban economic rent the residuum after payment of all charges and interest on buildings. - Intrinsic vs. exchange value. - Utility precedes value in city land. Gro...
-Chapter I. Introductory. Part 2
Even where properties are fully improved for their present use, if a new utility arises or is anticipated, since this may involve a different basis of economic rent, capitalization rate and value, by ...
-Chapter I. Introductory. Part 3
First houses in Grand Rapids, Mich. Located on river hank. The dependence of value in land on economic rent is clearly seen in the origin of any city, utility in land arising when the first bui...
-Chapter I. Introductory. Part 4
Bay City, Mich, 1837. Point of origin at first dock. Since value depends on economic rent, and rent on location, and location on convenience, and convenience on nearness, we may eliminate the i...
-Chapter I. Introductory. Part 5
St. Anthony, 1857, now East Minneapolis, on east side of river. Minneapolis itself originated as an overflow from St. Anthony, the starting point being determined by the bridge resting on the isla...
-Chapter II. Forces Creating Cities
Defence against enemies. - Commerce - Manufactures. - Political forces. - Social forces, i.e., culture, education, art, fashion, amusements. - All forces intermingled in the larger cities. - Final bas...
-Chapter III. Location Of Cities
Situations for defence originally most important. - Later trade routes located by topography create commercial cities, where break in transportation occurs. - In manufacturing, extractive Industries f...
-Chapter III. Location Of Cities. Part 2
Boston, 1777, showing how nearly the site was an island; site chosen chiefly for protection against Indians and wolves. When railroads were invented, they superseded all other land trade routes...
-Chapter III. Location Of Cities. Part 3
First map of Memphis, showing start of city at junction of Wolf River and Mississippi River. Where politics govern in selecting a city site the location is ordinarily a compromise. Thus Washing...
-Chapter III. Location Of Cities. Part 4
Osaka and Kobe, Japan. Example of city, back from waterfront with smaller city serving as a port. While we may properly speak of cities as having started from one centre, the largest cities hav...
-Chapter IV. Ground Plan Of Cities
First influence consists of topographical faults, i.e., water surfaces or sharp variations from levels. - Characteristics of platted cities, straight streets at right angles, permitting free movement ...
-Chapter IV. Ground Plan Of Cities. Part 2
The influence of topography may be summarized by saying that level land attracts business, moderate elevations attract residences, land below the normal level attracts transportation lines, and filled...
-Chapter IV. Ground Plan Of Cities. Part 3
First plat of Los Angeles. Lots around Plaza (marked P) given to settlers; also tracts between irrigating ditch and river, for farming. In waterfront cities with rectangular plats the waterfron...
-Chapter IV. Ground Plan Of Cities. Part 4
While early platting is generally made to conform to the needs of the period, in some cases attempts were made to foresee later needs, as in the plat of New York laid out in 1807 from Houston, Eighth ...
-Chapter IV. Ground Plan Of Cities. Part 5
Original plat parallel to river. Black line marks change of platting to conform to U. S. section lines. Denver. Tokio, Japan. Example of star-shaped city, normal type of growth. SALT...
-Chapter IV. Ground Plan Of Cities. Part 6
DAYTON. O. Fig. 7. Lots face Main St., the most valuable frontage, an exception to the generalflat. HOUSTON.TEXAS Fig. 8. Lots face all four streets in proportion to value. Land clo...
-Chapter IV. Ground Plan Of Cities. Part 7
Modern utilization of high-class residence block. Note increased area covered. (Shaded surfaces represent houses.) city is generally preferable. Such a system need not necessarily lead to small holdin...
-Chapter V. Directions Of Growth
External influences. - First lines of growth of water-front city parallel to water front; of inland town, along intersecting turnpikes and of railroad town, away from railroad station along principal ...
-Chapter V. Directions Of Growth. Part 2
In their methods of growth cities conform always to biological laws, all growth being either central or axial. In some cities central growth occurs first and in others axial growth, but all cities ill...
-Chapter V. Directions Of Growth. Part 3
Cincinnati in 1810. First houses along the river bank. Chicago in 1820. First houses at the mouth of the river. The restraining effect of railroads, whether main or belt lines, varies ac...
-Chapter V. Directions Of Growth. Part 4
Washington about 1840, looking up Pennsylvania Ave. from the White House to the Capitol. The first and simplest form of central growth is that of aggregation or adding of buildings one after anothe...
-Chapter V. Directions Of Growth. Part 5
St. Paul in 18(58. City started at deep water and high bank, making good steamboat landing. Climbed hill to Seven Corners, then grew east on lower level towards railroad station. Water fr...
-Chapter V. Directions Of Growth. Part 6
Fine old Southern residence separated from its neighborhood by railroad cutting. Value of land and building destroyed. Montgomery, Ala. Factories create sub-centres, most distinct when on the. outs...
-Chapter VI. Distribution Of Utilities
As city evolves, continual specialization in business and differentiation in social grades. - Classification of utilities and locations sought. - Distribution of business utilities, economic of reside...
-Chapter VI. Distribution Of Utilities. Part 2
Manufacturing follows similar lines to wholesaling, the production of articles of great weight or bulk and small value seeking the waterfronts or railroads away from the centre of the city, both for e...
-Chapter VI. Distribution Of Utilities. Part 3
Turning to the main central growth of cities, a successful business at or near the city centre which requires more space can secure it either by acquiring adjoining ground, by building higher in the a...
-Chapter VI. Distribution Of Utilities. Part 4
Clark Street, Chicago, in 1857. Showing raised buildings and sidewalks, as city level was altered. Exceptions to this progression are due chiefly to topography, business remaining on a level if pos...
-Chapter VI. Distribution Of Utilities. Part 5
Cost of excavating high bank has made a break in business buildings on traffic street. First floor of new building shown excavated 60 feet back, which upper stories run 120 feet back. First Avenue...
-Chapter VII. Currents Of Travel
Regularity of daily travel the basis of its effect on city structure. - Chief daily movements between residence and business. - Shopping habits of various classes. - Retail stores chiefly located by c...
-Chapter VII. Currents Of Travel. Part 2
Other factors are sometimes strong enough to overcome the advantage of shade, such as proximity to a section of customers, as in New York on Sixth Avenue, between 34th and 59th Streets, where the east...
-Chapter VII. Currents Of Travel. Part 3
The main effect of daily currents of travel is on the location of retail stores, increasing traffic being certain ultimately to change any street into a shopping street. As a corollary to this is the ...
-Chapter VII. Currents Of Travel. Part 4
Street railroads have wrought a revolution in the structure of cities, scattering population over a wide area, adding value to the circumference by rendering it accessible for residences, and to the c...
-Chapter VII. Currents Of Travel. Part 5
Where stations are ten blocks apart there is no such overlapping of streams of travel, but if there were sufficient travel to demand it there would be additional stations, in which case the beneficial...
-Chapter VIII. Types Of Buildings
Suitability to location. - Proportion of cost of building to value of land. - Effects of skyscrapers. - Table of business buildings suitable for various locations. - Table of residences suitable for v...
-Chapter VIII. Types Of Buildings. Part 2
The economic error here consists of placing ornamental columns in front of the offices on either side of the entrance - especially the column on each end - causing vacancies and low rents, represe...
-Chapter VIII. Types Of Buildings. Part 3
Planned for a bank building. The solid wall of stone and brick ten feet high throws away the ground floor frontage, from which the chief income should be obtained. Berlin Building, Tacoma. Subject ...
-Chapter VIII. Types Of Buildings. Part 4
The error consists in placing entrance to three-story building on principal street instead of side street. These 10 feet would have yielded from $1,500 to $2,500 per annum for the past ten years, ...
-Chapter VIII. Types Of Buildings. Part 5
TYPES OF BUILDINGS. 109 A repelling approach to a store. Liberty Street, near William Street, New York. The natural tendency to erect continually better and handsomer buildings is an added f...
-Chapter VIII. Types Of Buildings. Part 6
The five-foot strip on the corner, yielding a large income for a saloon and advertising, illustrates the high value of a good location, even though the area is small. Broadway, New York. The bu...
-Chapter VIII. Types Of Buildings. Part 7
Good store front. Great width between piers. Low show windows with prism glass above. Summit Street, Toledo. Recessed front with piers utilized for show cases. A good plan for so narrow a s...
-Chapter VIII. Types Of Buildings. Part 8
Change of utilization of building. Church converted to stores and offices on desirable retail street. Madison Street, Toledo, O. First Presbyterian Church located back from street. With gro...
-Chapter IX. Rentals And Capitalization Rates
Basis of gross business rents, what the property earns for the tenant; of gross residence rents, what the tenant can afford to pay. - Deductions from gross rents in properties of different character, ...
-Chapter IX. Rentals And Capitalization Rates. Part 2
Explaining this difference is the fact that in office buildings and apartment houses, from 20% to 25% of the rent represents the payment for services, such as light, heat, elevator, janitors, cleaning...
-Chapter IX. Rentals And Capitalization Rates. Part 3
Expenses. Net rents. Low retail or wholesale buildings ........... 10-25% 90-75% Residences ............... ...
-Chapter IX. Rentals And Capitalization Rates. Part 4
Substantial buildings from which rentals and value have departed. Land and building would sell for less than half the cost of the building. Front Street, Portland, Ore. Example of financial...
-Chapter X. Scale Of Average Values
Starting with no value in city site, average values of acreage on outskirts, mechanics' residence lots, better grades of residence lots and business lots. - Tables of average values for best business ...
-Chapter X. Scale Of Average Values. Part 2
Atlanta, Ga Business section. Figures represent value of corners for lot of average width and depth, in dollars per front foot. Toledo. Business section. Figures represent value of corners, for...
-Chapter X. Scale Of Average Values. Part 3
Table I City population. Best business, per front ft. Best residences, per front ft. 25,000 $300 to $400 $25 to $40 ...
-Chapter XI. Summary
Review of evolution of value in city land, economic rent factors of attraction and repulsion. - Value by proximity and by accessibility. - Reactions of utilities. - Scope of individual inquiry. - Prob...
-Chapter XI. Summary. Part 2
Salt Lake City. Residence section. Figures represent value of corners, for lot of average width and depth, in dollars per front foot. Seattle. Residence section. Figures represent value of ...
-Chapter XI. Summary. Part 3
Kansas City, Mo. Residence section. Figures represent value of corners, for lot of average width and depth, in dollars per front foot. Minneapolis. Residence sections. Figures represent val...









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