St. Paul daily globe., 1888-07-29
Sales Made Mostly for I'M
mediate USe--FeW for
Speculation.
Spectators and Gamblers
Out of the Market--Trade
More Legitimate.
The Remarkable Rapidity
u With Which Mortgages
Are Paid Up.

1t is the testimony of all dealers ii
real estate that, while theesales of the
past week do not indicate any very
marked increase over those of the pre-
ceding week, the market is in bet
ter condition, inquiry larger and trans
actions on more liberal basis: in short
that business is better every way anG
that there is healthier tone all through
the market.
Most of the sales have been for imme
diate improvement and few for specula
ton. The market, in this respect, is
emlnently practical. 1t is shown thai
within the past twelve months more
than 10000 people have come to st
Paul and settled here, thus constituting
a part OF the population of the town
The consequence is, that these 10000
people, or considerable part of them
have bought lots and built their owl
houses. While, therefore, the real es
tate market has passed, for year OF
more, as dull market, it was dull simply
because spectators were out of the
business.
~
Notwithstanding the absence of spec
ulators and placing the market just
where it has been limited to the actual
demands OF the community, it will be
seen by an examination of the record
that, during the year past, a business OF
about S5OO,0O0 per week, or about $50, ,OOC
per day, has been going on.
All through the year this has been
called dull year. 1t was dull because
the'speculator stopped buying Oh mar.
gins, and the real estate gambler, who
bought Oh borrowed money only, quit
the business and left the market to reg
ulate itself on good, safe basis, by linn
lting or bounding the amount of the
sales to the natural and real wants OF
the people, instead of upon the inflated,
fictitious values of the Speculator.
~
Property was thus brought substan-
TALLY to bed rock, and people with mod
crate means who came to st. Paul to
live were able to obtain homes by pay
ing reasonable price for them. While,
therefore, the departure of the specula-
tor and the real estate gambler from the
market largely reduced the amount of
the transfers, the community was greatly
benefited.
The result has been, as all real estate
dealers will affirm, that the last year has
witnessed people endeavoring to pay up
their mortgages and to put their finan-
cial affairs in good shape. One single
dealer in real estate, who handled
an addition in the western part
of the city, stated yesterday that he
had, few weeks ago, a little over
S64, 900 in mortgages scattered around
on that addition that were coming due.
He had been fearful that he might have
trouble in securing the money on the
mortgages, but he was mistaken. for
when they became due he was aston
ished that they were all paid up
promptly, and to-day everything is paid
up and the purchasers own the property.
~
AS it was in this case so it has been In
almost every other one. 1t has been a
wonderful year for settling up mort
cages. Real estate men declare they
never saw anything like the present
aspect of the market in this respect,
and never saw it in such
a robust and satisfactory con-
dition. The most reliable ana reSpOn-
any great increase of business for some
time. They think it quite likely that the
fall months will improve to a certain de-
gree, and that sales may, during that
period, be somewhat free. They do not,
however, look for any'very great things,
They regard the market now as being
i'll an exceedingly healthy state. with
people paying up steadily, and think
that it is best that it should remain so
for some time to come.
~
There is an unusual amount of build.
ing going OH all over the town. com
prising all kind of structures, from the
story and half frame house to the
eight, ten and twelye-Story building
on the most active thoroughfares
The completion of these buildings
will add many millions to the
value of property in the city
Another year may see as much more
building, and on every side are evidences
of remarkable prosperity. Such con
dition of affairs cannot exist, they argue
without an increased activity in the rea
estate market, and that when it comes
it will be legitimate and on a broader
and bigger scale than has ever beer
known in St.. Paul.
Sales during the week have been fair
and somewhat in excess of the preced
ing week. They have been well dis
tributed, too. st. Anthony Hill, West
ST. Paul, Arlington Hills, Dayton's
Bluff, and East and West Seventh street
have all had their share of attention
There have been no large sales to swell
the total amount, but sales have beer
confined, principally, to moderate sums
and for actual use.