The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-12
Minneapolis Growing Faster in PEG
pie Than in Places for Them
to Live.
Building for March Thus Far Breaks
the March Records for Sew
eral Years.

general complaint in Minneapolis to-
day is the great lack Of houses and apart
ments to rent. Persons are, coming to
town who must have some habitation and
places to live in are difficult to find. Only
this week a Chicago man transferred his
headquarters to Minneapolis owing to as
Segment to the northwest territory. He
wishes to bring his family to Minneapolis
but can find no house for rent. He says
he would much prefer to hunt houses in
Chicago and it is generally known that
that is bad enough employment. * H. e.
Ladd has had great difficulty lately, in
finding houses for tenants. The $40 and
$50 class of houses are very scarce. Mr..
Ladd saws that he used to advertise ex-
tensively for tenats to occupy property in
his charge. Now he spends large sums
lnGuiring through the papers for ahodes
for tenants.
Sixty-seven houses are contracted in
the Linden Hills and Lake Harriet dis
tricts already this season. The cost
ranges from low to high figure. but the
average is: good. Yet man spent two
days this week hunting around the lakes
for place to rent, and it awaited nothing.
The houses under contract are being built
for sale, or are already bought.
Cautious Eastern Owners.
What the local market needs is a more
rapid movement in properties. The chief
complaint of the real estate agent is that
eastern men are constantly withdrawing
their holdings from the market. They
blame the newspapers for the condition,
although the real reason Is that the prop
erty owners do not understand the situa-
ton as they, would If on the ground.
Go will tho o1n OF aR Unl1a
owner in Boston. New York or Rochester
will telegraph withdrawal from the
market. This is a great hindrance to
completion of trades. One agent says he
does mot understand the theory on which
these actions are based. Persons who
have held real estate for years. having
bought very high, seem TO feel That they
should get as much, as they paid FOR It.
It may be years before that can be. done,
but by selling and reinvesting in more
salable lots a greater profit will be made
in the end. Said he:
eff bought knife ten years ago for
81, I can't expect for a minute to sell
1t now at the price ! paid for It. Better
knives are now made for rs cents. ana tine
way for me to DO is to sell my 81 knife
for what it will bring and invest in sew
eral 75-cent knives. which will give me
better service and net me more than II !
same rule holds in real estate, but never
theless, the, misguided are holding on.
A remarkable circumstance which may
have happened several times without COM
ing to light indicates why foreign mold
I ers of property frequently decide that
Minneapolis. is in the throes of boom
and that it Is foolhardy to sell now. A
man wanted some sort OF improved prop
erty which was bringing in an income
Inv m
other securities He approached an agent
and made proposition which was for
warded to the owner of block. In going
about the city the moneyed man talked
with three other real estate dealers with
the view of picking up something in the
property line. Each man said he had
something fine, referring to the same
property and in turn wrote back east that
he had customer for the block. Thu
owner, receiving four offers within 8
week without knowing that comedy Of
errors was evolving, and astonished BY
the sudden demand for his property, in
stantly withdrew it from the market By
wire.
Values Are Low.
minneapolis has never been in as good
condition for an active real estate bust
ness, even in boom times as 1t is now,
said an old resident of the city, who has
are to have the same experience here.
said he, "that was witnessed in Mime
apolis in the boom days and in Chicago
where now everybody is crazy on the sub
ject. The outsider, the eastern man with
money, is coming here to get all the bar
gains, and soon the old fogtes here who
have been sitting back and smoking their
pipes will find that some one else has
taken what they might have had.
i Stories of the lack of confidence in Min
neapolis are told nearly every weekly Now
comes one about q customer of Walter
L. Badger who is free from air castle
ideas, whose judgment Is well known and
clearly apparent in matters affecting
realty. At Madison, Wis, a city of less
than rs 1000 Inhabitants, he was recently
driven about the city by a citizen Of in
tegrity who showed him on all sides resi-
dence property that was selling at 500 a
front foot Protests that he was making
an erroneous guess brought only q re.
iteration of actual fact. In Minneapolis
$40 is good average for similar property
For instance, on Clifton, swell Clifton
the average cost runs less than 500; in
the Lowry Hill district 1t runs from $dC
to 500, and in the new Blaisdell district
from $50 to $40.
Torrens System Fees Reduced.
The reduction in the land title regis
Try uuu0T.etuO IOFT0uS Jaw IfOm 9lU u
81 for the first 81, 900 value, a drop Of sc
per cent, is expected to have an excel
lent effect on the popularity Of the law,
Agents have heretofore complained Of the
high charge and that they could not con-
vince any one of the advantages Of the
law with the $40 fee in force. No class
is more anxious than the realty men to
have general advantage taken of the law,
It will expedite business and facilitate
transfers.
UNPRECEDENTED BUILDING
The Month Thus Far Has Broken
March Records.
With continuation Of seasonable
weather, March will undoubtedly come
very close to making a new record for
Minneapolis in the building line. For the
eleven days of the month ending last
night, permits had been issued for build