The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-03-12

The demand for real estate is grow
ing stronger. It has first been felt II
what are termed bargains and cheaI
residence lots. People are building
houses, as will be shown by a glance a
the building permits issued during the
present year. The idea Of securing 6
home Is brought about by the prevail
ing high rents, and the man who has
saved little money sees a chance tC
save considerable by having a home OF
his own. While the value of real estate
has dropped In the past few years from
thirds to three-fourths of what ii
used to be, rents have only dropped
from 20 to 80 per cent.
There Is very little idea of speculation
anywhere along the line at present
and will not be until the bargains and
cheap lots are disposed of, which, at
the present rate of sale, will be inside
of six months. The best indication of
the stability of the market is the fact
that the investors are almost entirely
local people. There is very healthy
demand for inside business property
paying fair income, and some Eastern
money is being introduced into the
channels of realty business. Eastern
men have even frmer belief in the
business prospects Of the West than
the Western people themselves. but as
yet they have not backed their belief
by any heavy investments. The boom
in stocks has had a good effect They
have risen until there is little re-
turn and many are selling and invest
ing in other lines Of business, and no.
ticeably so in real estate. The real es-
tate men Of st. Paul are all in a hopeful
frame of mind, a condition which can
not be brought about by the mere talk
Of better future, but by some SUBJ
stantial showing.
COMPARATIVE TRANSFERS.
The real estate transfers for the first
two months in 1898 were:
'January 1o6 transfers -. s.$ $244s21f
February 151 transfers ............. 197,67t
For 1899 a-i;A sr@- --H 5ez r. .e4-e
January, 156 transfers .............!. $685., 66G
February ia transfers SIC
AS will be seen from these figures,
$110,638 more property has been sold
this year than during the same period
last year; nor is it a fair test, as. owing
to the internal revenue law, requiring
stamps on deeds varying with the con-
sideration, the real value of the prop
erty sold has not always been inserted
in the deeds.
Several prominent real estate men
were interviewed yesterday as to the
prevailing conditions. with the follows
ing result: -s,.r
IL 81 TALKS WITH DEALERS. ~ slE
Thomas Cochran !, said: Il just re-
turned from the East on Thursday.
While there 1 found that all business
conditions were exceedingly hopeful.
The spirit there is extremely sanguine,
not only for their particular section.
but for the prospect of the whole coun-
try. What the best ard most con-
sentative business men believe is that
the phenomenal advance in stocks and
bonds will be extended to other invest
ments and Is eventually to affect the
real estate market in all sections Of
the country. All through the hard
times in New York city central bust
ness real estate has been he'd sitter
chiefly because of the large amount OF
rebuilding by which the old structure
have gradually been giving place to the
Sky-scraper.
The market in real estate has al
ready widened in New York and other
large cities on the Atlantic coast, al
though 1t has not yet taken on any
thing Of a speculative character. One
opinion is. present there, that the West
and especially the Northwest is in
good business and financial condition.
and city real estate will certain
ly resume in one or two years. at
furthest, it's normal value. Eastern
men have more faith in the future of
cities like st. Paul than many of our
local investors. Such faith has not yet
been made apparent by nonresident
purchasers appearing in our local mar
ket, but such buyers will surely come
in time and their advent will be hast
ened If local investors will show con-
f1dence by themselves taking advan-
tage of the opportunities which exist
for buying improved property at the
low prices now current.
1.-The only feature of the market that
strikes me on my return is the evident
spirit of interest In inquiry which
exists on the part of those buyers able
and willing to invest moderate sums.
It Is to be hoped as spring opens such
inquiries will result in actual invest
ments. 1t Is par excellence the time,
in my opinion. to buy land and prop
erty centrally located in finished parts
Of the city, where it can be gotten as
far below its real value as the inflated
prices, at which 1t sold in boom times,
was above"
y. l.. Frye said. ST have found cool
demand for income bringing property
by our own people and but little outside
demand. I have also found that there
is but little demand for outside prop
erty except for building purposes. L
have solo since the ist Of January
properties to the amount of Sill 800
which, by the way, is about SIPS, 900
more thar I sold in the same length Of
time last year, and all but about $25,-
600 of it was in fiat buildings and bust
ness property. I have deals on hand
now amounting to 100000 and a con-
summation of them In the next thirty
days is very favorable. That looks like
activity, and all except one are to our
homie people.
There Is a strong demand for improy-
ed property It started in strong at the
first of the year and so far has been
kept up. In ninety days there will be,
very few, what are now called snaps
left in the market. Generally speaking
there Is little advance yet, but by the
time spring opens there will be a raise
and as soon as the cheap pieces are
zone prices will stifen. Stocks are
high and there is little monay in them
at the present prices and may are
selling and going in for permanent in
vestments. People are not looking for
as high returns as formerly either they
are content now with and per cent
where before they wanted and g."
G. r. Smith says: Real estate is
Frightening and there is a strong de-
mand for cheap homes. We are build
ing half a dozen houses on St. Anthony
Hill at a cost of about 81, 900 apiece and
expect to sell them ALL Yes, there is a
constant Improvement all along the