The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-11
MARKET FOR REAL ESTATE
Considerably More Active than Usual at,
This Season of the Year.
Some Notably Large Transactions During the
Past Week-Gossip Among the
Dealers in Dirt.

The last week brought several surprises
in the real estate market. The biggest. of
course. was the sale of the Vance Block, at
the corner of Washington street and Vir-
g1nia avenue, the price paid being $780,
600. 1t was an advance of $50, 600 oyer the
price paid by Mr.. Long, several years ago,
and IT goes in proof Of the assertions that
are repeatedly being made that Indianap-
oils values are forging to the front rap
idly. William S. Hubbard was the pur-
chaser.
Less than q week after its purchase for
5000 Charles f. Sayles sold the block on
North Pennsylvania street, now occupied
by Frank ii. Smith, the stationer, for $685.
600. He bought it of John NJ. Butler and
sold il to Charles Becker. 1t is Q reminder
of some of the fairy" deals in real estate
In some of the mushroom Western towns of
which the whole country was Informed at
the time of their happenings. For instance,
at the time Wichita. Kan. grew to be from
Q nonconsequential town of fifteen thou
a Inhabitants to one of sixty thousand
within q few months. q block on one of
its principal corners sold one day for
$50, 900 and the next tor $500 A year lat
or the property could not be sold for $50. 600,
out. IL indications pointed out and asser-
tions made by men who watch the real
estate market because their living depends
on 1t. be true. such o depreciation in value
will hardly await the purchasers of In
~dianspolis property. Several transfers of
less value than the ones named have been
made during the week. the whole having o
tendency to make realities present q very
shining front, and has made the market
Wav in advance of ANYTHING n has aeen for
several years.
A party of Eastern capitalists were In
the city q few days ago Ell route homeward
from . tour Of the West. They we're en-
tertained at the Columbia Tub to dinner.
after having viewed the city, and
were as o unit in the expression
of their belief in its future prosper
lty. They had visited St. Paul, Omaha,
Kansas City and several other Of the SUI,
posodly booming places, and they said
that, with no exception, Indianapolis had
q better outlook than any of them. They
based their assertions on the city's advant-
age as to location, it's cheap fuel. the sta
bllity OF its industries and the sound basis
of it's realities.
There are at present q great many sales
being made of property for building pur-
p0ses-not large sales. but those ranging
from $4,000 to $1,000. on which will be built
residences and homes. 1t is these sales,
more than the ones of greater money con-
sIderatlon, like the ones spoken of, which
have more of a speculative purpose than
anything else, that indicate the true
state of affairs. The fact that new
m are going mp means that
people have come to stay. and people do
not locate where there are equal chances
of doing" badly with one of doing well.
One real.estate firm has six sales of this
character during the week, and have others
on tapIs. All dealers say that never at this
time of year before has there been SO great
q demand. While 1t is for the most
part confined to the inside districts.
whore there are good street-car facilities
moving in It's orbit with its wonted
sprighthness.~ Some houses are being built
in the suburbs, and many owners are but
waiting for the imagininRs OF plenty of
grass and cool breezes, not parboiled by as.
phalt furnaces, TO become facts to increase
tho list.
There is a great deal of talk among real
estate men and capitalists as to what dis
position will be made of the corner at Ohio
and PennsyIvahia streets when the Public
The matter has even been the subject
of conference among them. MIR. L. (. Clay
pool Is the principal owner of it,
conjunction with several other men, was
to build a ten-story offs e structure on the
most modern plan. Mr.. Claypool was ep-
preached on the subject by a Journal rep
resentative. and while ne said that
euCto hou pCCA q tuoukut VI buCu
q thing, nothing had as yet
taken any definite shape. He
said that it might not do so at all. The
time of the library's removal is yet some
time away, and Mr.. Claypool seemed to
think that there was nc hurry in deciding
what will take the old landmarks place.
1t 10 but q question of time until Ohio
will become a retail street, and it has been
suggested that the corner would be a better
location for . big retail house than for an
Off &C building.
Col i. N. Walker said to the Journal:
"The people of indianapolis cannot at
tach too much Importance to the coming
g. A. r. encampment. If arrangements for
it are carried out so that it will be q success,
and visitors 90 away feeling that they
have enjoyed themselves and have been
well taken care of. 1t will be the greatest
advertisement the city has ever had.
The city will be visited at that time by
many men of prominence and means-Sen-
ators. Governors. Congressman and the
like-and if we please them 1T is bound to
be returned 20 Us fourf0ld. Real estate
advanced in value fully 20 per
cent in Columbus. o., after
the encampment was held there, and there
Is no reason why we should not rave q
corresponding increase here, OF even more
so. i think that the future for realities in
this city is brighter than ever before"