The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-23
ACTIVE REALTY MARKET
HIGH PRICE PAID FOR WASHINGTON
STREET PROPERTY.
Some Big Deals Pending That VIII
Ran Into High Figures-The
Weeks Transfers.

There was more than usual interest In
the real-estate market the past week, and
a great deal for gossip, as some large deals
were closed and others predicted. The fact
is there are several transactions pending
running beyond the hundred-thousand
mark, and the price per foot is large, show
Ing a stability in the market that attracts
buying for investment. Much inquiry comes
TO all the agencies for good propositions
running from to 10 per cent. In some parts
of the center OF the city ground cannot be
bought at any price because the owners
are content with their profits and cannot
place their money 10 better advantage.
Every real-esJate man in the city and the
community in general has had the sale Of
the Schurman lot where the Brosnan fire
took place last Sunday, on the tongue, and
all kinds OF guesses as to the purchaser
and their views as TO the size OF the sky
scraper that is going TO be built, and es-
pecally the doubt that the 81, 42S.57 per foot
was not paid. This fact will be established
before long when the transfer Is recorded,
but the friends of Mr.. Schurman know that
he had held his building and lot as worth
as much as $4,000. and it is further under
stood that the insurance held on the build
ing went TO the purchasers, which would
equalize the cost of the building destroyed.
The price paid is not so large when the
location is considered. for it is on the square
where the multitude passes. or in COM
parisOn with other buildings not so desir-
ably situated. Messrs. Harry Millgan and
George Yandes bought In March Of 1901 the
building on the north side of East Wash
ingtOn street four doors from Pennsylva-
mia street, with frontage Of twenty feet
and depth of 40, for $4,000. This was at
S3,4O0 foot. The building has stood many
years, is brick and has five floors, but there
are no modern improvements, narrow steps
being the entrance to the upper floors.
In July, 1893, the building North Penn
sylvania street occupied by Fred Heron
was sold by Arthur Grover for August
Kuhn to Alexander Taggart for $4,000, or
5000 foot. This building is twenty feet
frontage, with a depth of sixty feet.
1t has no rear outlet. There have been a
number Of sales, especially on Massa-
chusetts avenue, where in two years about
$4,000 in property mas changed hands. AS
an Illustration that figures rule high the
Doney agency sold the past week TO the
Marion Realty Company from Mary II.
stanton twenty-five acres above Thirty
eighth street and Central avenue for $40, rs.
This Is Sl,OSO per acre, and yet the location
street.
ks
Local architects are engaged in planning
for the opening of the building season
which will begin in another month. There
have been many inquiries, particularly in
regard to residences. but some business
buildings and flats are under consideration
The next four weeks will likely determine
the number and nature of these larger
buildings to be erected this year. The
building permits for the week amounted &c
Sz0950. almost double the amount for the
corresponding week last year, which goes
TO substantiate the judgment Of the archi-
tectS earlier in the winter that there will
be more building this year than last
Many real-estate agents are now inter-
ested in selling residence lots for building
purposes. There has been greater demand
for home property the real-estate mar
ket during the last few weeks than at any
other period during the year. The Install
ment plan of building houses for working
men, requiring a small cash payment and
nominal monthly installments, generally
not to exceed the price of rent, is gaining
in popularity and many are taking ad-
vantage OF the plan 10 establish homes.