The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-20
REAL ESTATE DRAGGING
ONE DEALER SAYS THERE Is THE
REVERSE OF A BOOM HERE.



said a prominent dealer yesterday. Il
know attempts have been made TO indi-
cate that there is a boom in real estate
in Indianapolis. but it is not true. Very
few properties in the city are now selling
for what they are really worth. There
may be a few lots in the north part of the
city that are good investments and that are
increasing in value, but with these excep-
tions. and business property. the market Is
indeed a drag. In the downtown residence
district very few properties have increased
a dollars worth in the last twenty or thirty
years. l know this is so because 1 have
property myself up north that 1 purchased
thirty years ago, and to-day it is not worth
one penny more than when bought it.
There are many inquiries for property,
but everybody wants to buy a bargain and
is not willing TO pay nearly what it is
worth. There are several causes for this
condition. Money is so cheap and plentiful
that if anyone owning property is in need
OF money it can be borrowed at a low rate
of interest and for any length of time.
People prefer this method to selling, an6
for that reason no one is being forced TO
dispose of his property. The fact of the
matter is, Indianapolis is still adhering TO
the customs Of a big, overgrown country
town, and conditions are just beginning TO
assume the attitude of a city. When these
conditions exist i'm any city there is the
same result, a slack market and few sales
except at BARGAINS. The people of In
dianapoliS are a homecoming people, and
property purchased is usually for that pur-
pose. The people generally have enough
money 20 live on and there is no necessity
that make sales.
$50 far as "a boom i'm real estate is con-
cerned it is likely that indianapolis VIII
never have another. As it gradually be-
comes a city you viii notice that prices be
come more stable and property offers small
percentage. In hort, the situation IS TINS:
Property owners cannot afford g sacIlilce
their property. rhiCh thcy would be COM
PEELED 10 DO IL they sold at this tine. and
purchasers VIII by Got1ilS t1at - not a
bargain. I believe small properties are the
properly located are never long vacant.
They yield q much larger percentage ard
are always Kept occupied. while ths more
expensive properties on the streets running
north arc not such ready renters and pay
no more than interest on an equivalent
amount Of money.
Yes, the transfers recorded indicate an
active market, but we cannot tell about
these transfers without looking into them.
They MAY be made in trades or under in
cumbranCeS, which are not real transfers.
What / call "A transfer is when a man payS
a stipulated amount for ii piece of property
in cash or in part payments. The transfers
t0OANNN hp int ia AAN NtAhiAAth - NAN
sale, and we have nothing TO go by except
the mere figures. which are sometimes
heralded as greatly increased prices"
Several real-estate men recently have
been active in selling small farms ranging
in price from $1oOO up to 5000. An adver-
tisement for a small farm brings crowds to
any real-estate office and sales are made
in a hurry. A peculiar feature of this de-
r,on1 q, 4hof - oonnpa11t~ M FROM
sons i'm moderate circumstances, and in
most instances from mechanics and rail-
road men who have saved their money and
want to quit their business, live on a farm
and spend the remainder of their days
quietly. The desire of this class of pur-
chasers is to get away from the city.
x
Mary c. T. Howe yesterday sold to Will
liam W.. Johnson a residence property on
Talbot avenue, near Seventeenth street,
for $500.
Mary a. Renihan decided to Charles T.
Boyer a property at the corner of Ashland
avenue and Tenth streets for $2,7Oo.
Xxx
Wilhelmina Thiene yesterday sold to Will
liam Q. Smith two lots on T~wenty-sixth
street, near Ethel street. one lot at the
street and one lot on Rawls avenue. near
Arlington avenue, for $.7O.
x x K
James NJ. Covington has purchased a
property of Harry NJ. Johnson on Ashland
avenue, near Twenty-seventh street, for
$500.
XXX
]. S. Cruise & Co. sold a lot for S. s..
Rhodes on Dearborn street. near Ohio
street, TO Harry Slough for $1,450.
A. A. Bantta purchased a property at the
southeast corner Of Michigan street and
Tacoma avenue of Robert f. Gurley for
81, 200.