The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-04
REAL ESTATE MARKET
NO LET UP IN THE DEMAND FOR
APARTMENT HOUSES.
IL Is n Mystery where All the ena
Come From-sPrfnE building out
look Improved.

Early in the spring the indications were
that the building season in indianapolis
would be dull. but the permits issued in
April change the appearance Of the situa-
ton. The permits issued last month ag-
gregate $14.1sS. which is a little over $4,000
short OF last year. The permits for March
were over S1Oo.00 short OF last year and
they gave a discouraging outlook. Now that
the wage scales OF the labor organizations
have been settled and the price Of building
material has become about fixed. activity
has begun and IT Is expected that the sea-
son will not fall far short, il any, of last
year.
The increased price in building material
OF all kinds seems to have been the prin-
cipal drawback at the opening OF the sea-
son. Materials have advanced about 10
per cent. in price over last year. The in
crease last year, In some materials. ranged
as high as 70 per cent. over the last few
preceding years, but the advanced price
then did not stop building and il seems
The increased cost will nave little effect
this year. Many persons. however. and
particularly those who build for investment
purposes. go no further than the archi-
tect's office after the plans have been pre-
pared and the cost estimated. Unless the
architect is able TO show that proposed
investments are good for at least D or I
per cent. there is no building. 1t Is not an
easy matter 10 show such a percentage,
so that most of the buildings now being
erected are TOR personal use. Inc desire
for flats shows no abatement as II Is
believed that they are the oest-paylnS IN
vestmSnts.
Perhaps the greatest proof that flats are
paying Investments may be seen by glanc-
ing at the rental lists In rea4-estate Of
noes. 1t might be said that there has been
no decrease IN the price or hats since tney
began 10 be a factor in housing the people
of indianapolis a few years ago. New
flats are being built ana occupied as last
as they are completed, and yet there seems
TO be few vacant houses. Where the people
come from 10 MI up the flats and occupy
the houses vacated by those who prefer
apartment houses, is a mystery 10 arcnl-
tects and real-estate men, but since the de-
sired result is brought about, neither give
the matter much consideration. Inc only
reason that can be given for this condi-
ton is a rapidly increasing population.
Improvement is being made IN the con-
structiOn Of flats. Most OF the Hats tnat
have been built have small apartments,
generally not more than five or six rooms.
Nearly all of the flats now being built Will
be more ample and the apartments Will
contain six or seven rooms.
The basement construction work for a
fat at the corner of North Capitol avenue
Eld Pratt street, TO be built by i. T..
Griffith. was begun yesterday. The build
Ing Is TO De three Stories nlSn With DdSS-
ment and Will contain six apartments Of
seven rooms each. The cost Will be over
$20.O 600 and when completed 1t will be one of
the finest flats in the city, being finished in
American mahogany and oak. Architect
Hendrickson prepared the plans
Mr.. HendricksCn has also finished plans
for a residence for William +. kOepDer, on
Illinois street, between Twenty-hrst and
Twenty-secOnd streets. 70 cost $500; a
double house for Turner ID. Bottome, on
Walnut street. near Massachusetts avenue.
10 cost $4,000; a double house for j. Il.
Mccoy, on Twelfth street. near Central
avenue. TO cost $500: double houses on
New Jersey and Tenth street for Inez
Howe and Lucy Oyler. 10 cost 5000, and a
double house Cor Samuel Ashby on New
Jersey street, near Sixteenth, TO cost $500.
Most of these houses are TO be heated by
the system.
j. F. Wallick is erecting an apartment
house at St. Joseph and Meridian street as
an annex TO the large residence that
stands on that corner. The building will
be three stories high and divided into
twenty-eight apartments Of two rooms and
a bath each. The building will cost $1,000.
When the building is completed Miss Tai
bOt:. who has had charge of the Delano,
will take the building and conduct a high
class boarding house. The plans for the
new building were prepared by Architect
Herbert w. FOltz- He also has plans for
a $500 residence for Albert 5. PieTsOn on
New Jersey street. between Twentieth and
Twenty-frst streets.