The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-26
ACTIVITY In REAL ESTATE
MARKET WAS DULL LAST WEEK,
But PROSPECTS ARE GOOD.
Eastern Capitalists Have Large Deal
ON Here-Trnpsfers for the Week
90 Amounted tn $649,1O7.

Real estate transfers for week $500. s64s. l07
Mortgages recorded for week ........ lO6,36l
Building permits for week.............. $3.50
Real estate was dull commodity all
week. Brighter prospects, are in store for
the coming week. according to a number of
the East Market-street brokers. The dull
ness hast week was due partly to the natu-
raj slump that comes on the market nearly
every year at this time, and partly 10 the
fact that many OF the largest brokers and
large number of citizens We're busy with
political affairs. incident to the Democratic
convention. This latter factor against
tivity in real estate will subside for time
now, and it is thought the coming weeks
will see a better business.
The transfers last week were swollen to
very large total by the deeds of property
at the corner Of Illinois and Market streets,
recently bought by the indianapolis Ter
minal & Traction Company, being recorded
Friday. These transfers represented some
thing like $4,000. Most OF the other trans
fers last week were small. The mortgages
recorded last week amounted to Sl06,361.
Building permits for the week amounted
| to nearly $4,000. This is an increase of
| something like $4,000 over the permits is
sued the pervious week. The largest build
| ing for which permit was taken out last
week is the new six-story brick structure
being constructed by Fahnley & McCrea on
louisiana street, between Illinois and Meri-
| dian streets. This building will cost about
/ 600. The work of removing the old build
1 ing is now In progress
TERMINAL STATION
! The wreckers are making fast work of the
| old buildings at Illinois and Market streets.
| where the new terminal station will be
built. In one week the wreckers have torn
down all the buildings facing Illinois street,
| from Market street to the alley, and ex-
cavations for the basement of the new
| nine-story structure are in progress. The
indianapolis Terminal & Transfer Com
pany is very anxious to get the construc-
| ton of the new building under way, and
the contractors clearing the site are in
structed TO make as rapid progress as posi-
| ble 1t cannot be told yet just when the
first work on the building viii be begun.
The noticeable activity in real estate the
| past week was in West Indianapolis and
Columbia Place. A good many small build
ing lots and small houses and lots were sold
in West Indianapolis and the building lots
| in Columbia Place, which is located north
OF the city on the car line to Fairview Park
continue good sale. These lots are being
offered at $3.50 and $500 and the New York
are having no trouble In dispOsing OF them
The continued activity of West indianapolis
property is the result of the new factories
and Industrial enterprises being located
there. One thing that indicates that the
real estate market is not liable to remain
as dull as last week is the fact that there
was considerable inquiry for good classes OF
property i1 all parts of the city all week
This Is always good indication.
LARGE DEAL ON WEST SIDE.
An East Market-street firm has in prog
ress deal by which a number of East
ern investors will likely become the owners
of large. tract of high-class land alone
the western line of the corporation limits
The purchase of this property will involve
very large expenditure, and If the dea
goes through 1t will be one of the largest
of the kind this year II the Eastern cap.
italists succeed in getting the property al
the right terms they will plat it and sci
act of the General Assembly the city ha,
authority over all land within mile of thu
city limits when it is bought up for add
tons to be plated and sold in ordinary
sized building lots.
Low STOCKS.
Several of the representative brokers ar,
looking for the increased dullness of tn,
stock market to have a tendency to increas
the activity of the Indianapolis real estat
market within a month or two. and the,
think this factor will certainly be seei
plainly later in the fall, when it is time TO
the real estate business to become activ
without the assistance of outside influence
Stocks continue to drop lower and lowe
every week, and at the end of each montl
the owners see that their investments ar
becoming less and less profitable the longe
they hold them. Many people who ordi
narily have several gOod-sized blocks o
railroad stocks have unloaded these invest
ments, and the continued breaks I'm stock
are causing more and more investors L
take this action all the time. When peopl
take their money out of stocks the larg
: majority of them usually seek real estat
investments And many brokers say the
see this condition ahead of the Indanapoli
market.