The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-13
LOOKING OUT
FOR The RUSH.
REAL ESTATE MEN SAY TT Is
SURE TO COME.
The Thing to Do Is to Get on the Band
Wagon Beforehand, They Say, and
Then Be There When the Process
sion starts-Big Business Conf
IDENTIFY Predicted.

Speculative conditions in the Min
neapolis realty market are coming,
| sure, say the real estate men. When
that condition comes, be t,next year
or sooner. the people will be just as
crazy to buy as they are now reluc-
tant to buy.
Speculation is expected to. bring
property up to its real value in the
market atleast. On the basis adopted
! by some investors that inside property
is worth for a front foot $1,000 for
every 100000 Of population, real
estate In this city is on low values.
| The best price PAID nery
been about $4,000 a foot fora good
corner. This is not a fair criterion,
however. for many properties are
leasing on a much better basis. Small
| corner offices are renting at $4,000
and $4,000 year. Property sold on
this basis would indicate much better
prices than really exist here.
An agent said this week that he
expected to make his fortune in real
estate when the break comes. He ex-
pressed the opinion that man with
few hundred dollars at some near
future time will be able to make thou
| sands of dollars if he Is wise enough
to buy the right property at the right
time and sell at the psychological
moment.
This prediction has been made so
many times that it is hard to make
the public believe that it is true one.
The prophets have simply been mis-
taken in the length of time 1t would
take Minneapolis real estate to re-
cover from the <backset it sustained
thirteen years ago. The city is firm
~ established, is growing in popula-
ton and in commercial Importance.
If there were no other factors these
would insure an increase in land
values.
Skeptics would find something to
think over If they should try to buy
some down town property in Mime
apolis. It is not to be had for the
asking, even when a good show Of
cash is made. Several corners could
be named on Hennepin, Nicollet and
First avenues which could not be
bought at any price, the owners wait
ing for the rise which is sure to come,
If indications do not fail.
Property owners are still little
suspicious of labor conditions and are
Stun bling at the continued firm price
of materials. These considerations
will block some building still another
year. One firm which made a long
lease on a good corner and which ex-
pected to have a large building up by
fall will postpone building for a year
or two. The list would be made quite
toned. These are in cases where the
concerns do not have to have more
room at once. "a.
For instance the Minnesota Linseed
OIL Paint company has to get room
and will build a plant at once to cost
a big sum of money. Foundations
which were laid last year for winter
ms will be covered in most cases.
The George Peavey. aPillsbury, Turn
blad and Crosby houses will be COM
pleted, as we'll as the Robinson Miller
implement company. warehouse, and
the Walker building for the Pence
Automobile company the city hall
entrance, the addition to the public
library and the Calumet conpanys
elevator.
At the university will be built a
100000 archaeological building
Northeast Minneapolis is slated for
Greek orthodox church and the Lowry
Hill territory for a new Baptist
church. Possibly a women's building
will be built at the university and
preliminary work may begin on the
Nicollet House. Local contractors
have secured a lot of work outside in
Guiding Fort Smelling in this county
A good many small jobs are on the
string, but with the big contractors
not much is doing.
The usual lot Of moderate sized and
low priced houses will be built Some
extensive residence homes are
planned and a good lot of construction
will go on but to date the record Of
last year for actual and prospective
building is not equaled.