605
should suppose that they were in good repair being as they are substantially built of brick and stone-the external walls being of ashlar masonry-well lighted and ventilated and conveniently arranged for storage. They were built I believe in 1887 and so would be not more than 12 years old at the time under review. In this district they would almost certainly require to have piled foundations, and taking all these circumstances into consideration I should place the value of the buildings at $60,000.
With regard to the value of the land I find that in 1897-when I probably had in my mind contemporary records which are not available now-I valued the land just a little further West, viz.. Marine Lots Nos. 188 and 189 R.P. at $3.25 per foot super. This property is very similar in character, having a frontage upon good water and being also a corner lot, with a frontage upon three sides upon Public Streets; and being almost of the same area, and covered with godowns of the same character. This estimate-I give it for what it is worth-was made two years previous to 1899, but four years later than this, i.e., in 1903, an actual sale of land in this immediate neighbourhood took place when a part- 18,000 superficial feet-of Marine Lot No. 180 was sold at a price slightly in excess of $7.00 per superficial foot.
In this case the godowns with which the site had been covered were burnt down and excepting the foundations-entirely destroyed; so that the price paid, viz., $126,350.00, practically represented the value of the land at that time. A glance at the accompanying sketch plan will show that this lot also is very similar in character to those before mentioned, it is not however a corner lot and it is rather more remote from the centre of the town.
Having then an estimated value of Marine Lots Nos. 188, 189 of $3.25 in 1897 and an actual value of Marine Lot No. 180 of $7.00 in 1903 I think I shall not be erring on the side of over-estimation if I place the value of Marine Lot No. 184 at not less than $4.00 in 1899.
From these figures I arrive at a valuation of Marine Lot No. 184 as follows:-
:-
Valuation No. 1.
32,481 feet super. of land at $4.00 Buildings,
.$129,924 ·
60,000
$189.924
In a case like the present however where the figures are upon the one hand, based upon prices that are not strictly contemporaneous with the period in question; or are upon the other hand, more or less a matter of personal opinion; it becomes very desirable to check the valuation obtained by calculations based upon the letting value of the buildings.
With this end in view I have made enquiries as to the actual rents of godowns clear of taxes in this neighbourhood and with similar water frontage in the year 1899 and have made a table which I attach hereto, together with a sketch plan.
Street No.
Lot No.
522 Des Vœux Road West. Marine Lot 189 R.P.
195
Area covered by Godowns.
3"
40′0′′ × 225′0′′-9,000 ft. sq. 43′0′′ × 225′0′′=9,675 43′0′′x150′0′′=6,450 43′0′′ × 180′0′′=7,740 43′0′′ × 225′0′′=9,675 43′0′′ × 45′0′′=1,935 43′0′′ × 225′0′′-9,675
Monthly Rents.
$ 540.00
208.34
} 275.00
524
188
35
526
188
>>
17
>
532
182
22
19
22
ร ""
534
182
77
>>
73
"
72
536
181
??
17
22
538
181
43′0′′ × 180′0′′=7,740
,
540
544
546
AAA A
55
71
"
"
180
43′0′′ × 180′0′′=7,740
225.00
*
19
כל
>>
179
43′0′′ × 180′0′′=7,740
240.00
73
"
179
43'0" x 180′0′′=7,740
240.00
"
29
"
99
270.00 240.00
85,110 ft. sq. $2,238.34
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