St. Paul daily globe., 1889-02-10
ST.PAUL REAL ESTATE
Dealers Report a Steady Mar
ket and Indications Of
Improvement.
Sales in Summit Park Addi-
tion and Other Desirable
Localities.
Money Invested in Mortgages
Proved to Be Well
Placed.
Inquiry Continues for Inside
Property, and Trades Are
Impending.

Nothing of importance occurred dur
ing the past week that calls for special
mention. While there have been a
number of transfers, most of them have
been for moderate sums, with very few
that ran up among the thousands.
Dealers have been doing some business,
but 40 amount of industry among the
real estate offices was sufficient to de-
Helop any transactions of unusual di-
menSi0nS.
80
The feature of the week was the eX-
curSion of the members of the real
estate board over the 500 road. The
day was cold. but the eXcurSioniSts en-
jOyed themselves very much. OF
course. everybody had to give his
ally a good many bits of local real
estate information were scattered
around quite literally. Mr.. Hendrick
son told the story of how cheaply he
bought his farm, and how rapidly it in
creased in value in few years. IL. S.
Fairchild furnished large amount of
information. The territory through
which the eXcurSionists passed was all
familiar to- him. He had many times
been over it with his team. Prices
were compared and the general pros
pects of business discussed. 1t is
learned that several trades are likely to
result from the trip.
Messrs. Davis &, Brown report a little
more inquiry, mostly for purposes of
improvement; also that there has been
an increased inquiry for houses. These
gentlemen say that the people on the
flat are very firm indeed, and that in this
respect the market IS as firm and steady
there as it is Oh st. Anthony hill OF any
other point in st. Paul. Several par
ties who are looking for soft snaps, and
around through the fats hunting for
cnoice things for investment.
Messrs, Bushnell & Bushnell report
an increased inquiry, and the sale of
two lots in Summit Park addition for
$500, one in Terrace Park for $1,000,
and two lots and house at Inver Grove
for $500. They regard the outlook as
encouraging for good business.
1t is with considerable pride that st.
Paul can point to the remarkable record
made here in the payment Of purchase
money mortgages. No city of its size
has fewer foreclosures of mortgages.
Purchase money mortgages were made
jill large numbers during the years 1885,
1895 and 1887, when property was being
transferred rapidly. Most of the mort
cages secured notes maturing i'll one
land two years, and Oily small per cent
lremain unpaid or were fOrecloSed. One
iof the largest purchasers Of such mort
IgageS, the London and American Loan
company, of this city, has handled over
ES2, ,000,000 of such paper, and has had
Ebut few cases of failure to pay, and
Inone where the parties owning the
property were wiling to let it be sold
dor the mOrtg ges.
~
! The payment of so many mortgages is
ia sure indication that st. Paul will soon
WITNESS great activity in real estate.
These mortgages being paid put the
can make terms that will suit purchas-
ers, While the prompt payment of so
many mortgages argues well for st.
Paul property. 1t shows that owners
have confidence in its worth. 1t also
sindieates why the holders of property
i,in this city have maintained their prices
so well under market that has not
been active for year. The banks have
large amounts OH hand, and il will take
hut short time for the parties who let
1heir money lie III the bank unproduct-
i've TO become convinced that no better
Investment of it can be made than by
purchasing few well-located lots.
-
= &C. Fairchild reports a moderate
business. with better inquiry than the
week before.
Clark & Bryant report number of
sales at West st. Paul and on the flats.
They say the market appears to be
strong, With prices firm and improving.
Josiah Fairchild & Co. have had
good deal Of inquiry, and rather better
sales than during the preceding week.
Messrs. Smith IL Taylor, who have
been in the real estate and loan bust
ness on Jackson street, will move into
the Dfficein the basement of. the Ma
tiofiai Gerhall-American bank. recently
vacated by MeSSrs. Clark & Bryant.
Rothschild- d Thufston have had some
sales in Sanborn's Midway addition, and
further over towards HamIine. Some
houses are HOW building and spriug
will show up dozen or more houses in
that Hicihity. There is an undercur-
rent prevalent that University avenue
is sure to have transportation facilities
in the near future. Business is i'm
proving. Sales picking up.