The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-19
THE EALESTAT MARKET
BULK OF TRANSACTION In MODER-
ATE-PRICED PROPERTIES.
-ompnrntiveIy Few Sales OF Large
Properties, but Increasing Actiy.
fly fn Home Buying.

The shows at Festival Field and bad
weather checked the ardor OF real estate
dealers and investors to a considerable ex-
tent last week, but even with the horse
show and festival attractions the market
was not poor, for the aggregate considera-
tons reached SOC, 5S2.45. The fall business
has been good. and the future for the re-
mainder Of the year is bright. The real
estate men Of Indianapolis nave never en-
joyed a better trade and better prices than
this year. The transfers only fell below
the million-dollar mark two months this
year. which surpasses all previous records
made. The transfers for September reached
S1.134 ,5l0.s4. and at the present rate there
seems to be no doubt but that October
transfers will represent more than 81. 900, 600
OF business.
The dealing In real estate this year is
marked by a particular characteristic. With
few exceptions. nearly all of the sales have
been moderate priced property, so that the
showing is not padded by a few large sales,
but indicates a steady and increasing activ-
ity in the market. Most of the sales nave
been small. ranging in price from 81, 200 to
5000, and residences have been the prop
critics sold.
hNhS OA Ia PROPERTIES nave Deen
sold on payments, to be used for no other
purposes than TO establish homes. The
other residence purchases have generally
been cash considerations. These purchases
represent investments and home buying.
Cheap money Is perhaps the main factor
and stimulent TO the real estate market.
The money rate has really had a double
effect on the market; first, that it has made
money available for buyers to purchase,
and. second, that persons having money
have preferred to invest in real estate
rather than loan it at such a small rate.
INVESTMENTS ACTIVE.
The sales for investment purposes in the
last year show that percentages ranging
from 6 to 10 per cent. have been realized,
while the money loaned direct would not
bring over 6 per cent, and some loans have
been made as low as 3 per cent. There has
really been more loan money available in
the last year Than could be placed. and
many real-estate men are now holding
sums Of Eastern money sent here to be in
vested or loaned.
ltNis a noticeable fact that there have
been comparatively few sales of large bus
mess properties this year. This fact is also
traceable to the money market. The hold
ers OF business properties have more money
or can borrow it cheap. so none nave been
forced into selling. On this account bust
ness property has been held at such fig
ures that the percentage on the investment
would be so small that 1t offered no induce
ment to buyers.
Last year was the banner year in build
ing operations; hat is, the aggregate of
permits. issued was unprecedented. But
these permits represented several very
large buildings and flats. The permits this
year are likely to fall below those of last
year, but they really represent a better
condition. The permits this year have gen.
orally been small and have been prin-
cipally for residences. The showing is an
other indication that indianapolis is pass
ing through an era of home buying, the
most substantial prosperity in the real
estate business, and that people have more
money to invest.