The Indianapolis journal., 1902-12-14
THE REAL.ESTATE WORLD
ARSENAL GROUNDS APPRAIsEMENT
OASIS FOR VALUATIONS.
John j. Appel Explains Reasons
$152,O0O-week's transactions.

The appra!sement of the arsenal grounds
is regarded by many real-estate men as
landmark in the real-estate map that will
serve as a basis for east end valuations for
many years to come. The area OF this
property has caused a misconception to the
inexpert In realty problems as TO its
actual valuation. The board Of appraisers
examined twenty-seyen men, most OF whom
were qualified to testify as realty experts
For this reason the variation between the
general public's idea of the value Of the
arsenal property and the expert valuation
Is explained.
John ]. Appel, who was one OF the realty
experts before the appraisers, fixed the val
uation at s152,O00 This was figured by him
as a cost price. ain Woodruff Place. di-
rectIy east OF the arsenal site." said Mr..
Appel. lots eighty feet by 10 feet are sell
ing at from 81 200 to 5000. This means
complete, with street improvements, water,
gas, electricity and sewer connections all
paid for. Admitting that this property
would be available for a subdivision, / be-
price fixed by the appraisers, to make
profit on the transaction unless every lot
should be disposed Of inside of two years.
six forty-foot lots to the acre, which would
give 45s lots. In addition to the cost OF the
land there would be the cost of removing
tnc DullQlnSS d0Q at l6dSL 3f0,VUJ lOE SllCCl
improvements which would be needed 20
make the subdivision attractive and profit
able.
MARKET A FACTOR.
IF the market were not prepared for this
quantity OF lots at $500 or 500 each, the
charges for taxes and interest on the In
vestment would operate to the absolute
loss Of the enterprise Besides this the
west portion of the Arsenal grounds would
be practically unstable because OF its
natural defects-Pogues run runs through
ft-and an additional investment would be
required to bring this TO marketable
condition
I'm this connection 1 call to mind a
large North Side addition that was plated
eleven years ago and was regarded as one
OF the choice additions of the city. 1t was
purchased by syndicate with the expecta-
fion that subdivision would bring its i'm
mediate sale in small parcels. one OF the
members of this syndicate kept eighteen
lots at the price originally decided upon
until this year. The taxes and the inter-
est upon the investment on those lots for
eleven years almost equaled the amount OF
money which this man received when he
disposed OF them, and he sold them at a
price less than was originally proposed.
They were very much like the horse that
eats his head Off The same man said he
would not accept the Arsenal property at
$4,000.
"In making up the value of the Arsenal
site all things of this character affect the
intrinsic value Oh tie property. All lucdi
appraisement would be of no value, the
area of the land under the circumstances
already described would operate to lessen
rather than increase the price per acre.
WEEKS BUSINESS.
Last week in the real-estate business was
marked by many transactions cf small
money values. Many lots were sold, the
majority Of them being sold in patches Of
four and FIVE or more and evidently sold
- t1lI Is,,er
them until spring for sale to the purchasers
who always appear in. the springtirne. but
are reluctant to carry the property over
the winter. Several large transactions were
recorded, but none except those which have
been anticipated and are known TO only
a. eoEne detail to the trade. During the
week NJ pieces OF property were trans
ferred. the total value of the property
being placed at 1s2,313.0S. Yesterday twen-
ty-two more deeds were added to this
number. with money value to the prop
erty OF s20509.30.
there was an indication early in the week
that more property would be released from
mortgage than pledged to IT, but Thursday
several large mortgages were filed in the
recorders Office, which spoiled the pros
pect. The tabulatton at the end of the
week showed that seventy-fve mortgages
their money value being $50. $50 released and
$110.66 added to the Indebtedness on real
estate.
Among the sales yesterday were those
OF several lots in the 8. K. Fletcher addi-
ton, from the estate of Chauncey Kilmer
to Marion p. Crist. for $4,000. A purchase
by George Wysong from the Railroad
mems Building and Loan Association OF
property at Cottage avenue and Twenty
second street was at $4,000. A smaller sale
OF property on South East street, near
warsaw. by wilhelmina Metzger. brought
q price of s.. 500.
@. w. Herpeck sold to Agnes Pressler
the residence at S26 Camp street for con-
sideration of 5000. The purchaser decided
to Mr.. Herpeck her dwelling at GLIB North
Liberty street for $1,000. The sales were
made through the j. w. Friday agency.