The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-03-26
PACE TOO SWIFT.
Not Enough Rental Properties
to Supply Demand.
Real Estate Men Say That Their
Lists Are Small.
KEEPS ON. GROWING.
One Thousand New Houses in
Past Year.
Still There Are Not Enough to
Supply People.

A talk with the real estate dealers
about the city indicates that they are
about out of business on account Of
inability to keep saleabIe and rental
properties en- their books on account
OF the unprecedented enan nd unon thepl
OF late. ITO what do you ascribe this
condition." was asked F.. E. Barnes Of
the Partnership Real Estate company
wen, there are a number of reasons
lor the present conditions" he replied.
IN the first place the purchasers are
az oemanoirg new and modern or near
Houern properties, and although
tnefe mas been a genuine building boom
IN progress in Topeka for the past year
1t mas not Kept pace with the demand
anu now we are compelled to turn peo-
pie away who want certain classes of
rental property.
Just at present we are short Oh the
smaller properties of say five or six
rooms which are modern. and this
seems to be the case with other real
estate dealers in the city. ore reason
for this, L think is the fact that a
great many people are coming TO To-
peka from western Kansas and expect
10 make their homes here.
They come from the class who have
stuck 1t out through the drouth and
hard times since the boom and have
just sold to good advantage and are
preparing to spend the remainder of
their lives in ease. Topeka Eas the
reputation of being a good place IN
which to invest at this time and they
are coming here with that expectation.
Some OF them rent when they first
land in the city. but this is only tenn
porary while they are looking over :he
city for a home. Then they commence
TO buy up rental properties for an in
Vestment. We have sold to eight or
ten people within the past few weeks
under these exact circumstances and
are looking for properties for half 4
dozen more who have money to buy
anything which looks like good in
vestment to them.
Topeka is a fine city in which to
invest in rental properties and this is
particularly true just at this time while
the demand is so great for properties
of all kinds for residence purposes. We
find that 1t Is next to Impossible to
get hold of residence properties for
rental purposes, excepting houses so
large that they are not in demand.
I'VE are now figuring with several
prospective purchasers from out Of the
city who spent some time here while
the legislature was In session ami who
have become convinced that Topeka is
the place in which good rental proper
ties will always command figures
which win give good returns on their
investments.
Last week we sold a western kansas
man who has just turned loose of his
holdings in that part of the country
something over 100000 worth of To-
peka real estate. We expect to be
ready in short time to open one Of
the prettiest tracts of land near To-
peka that has been placed on The mar
ket in many a day and will be IN
shape to erect cottages for tenants
or sell lots outright. F. w. Williams
of Burlingame. who is we'll known
over the state, has recently become a
member of our firm and we expect to
keep business hunming."
Can't Keep Up With Pace.
Just at the present time" said Mr.
E r. Barnes of the Barnes Real Estate
company, I'VE are having wonderful
demand for large houses of from six to
ten rooms and which command from 500
to $40 per month rental.
I'VE usually have a list of from rs to
100 properties from which our custom
see we have less than 80 properties list
ed; quite a number of them are unde-
sirable, being either in poor locations
or old and not modern 1t is the excep-
ton for a prospective tenant to offer
to look at anything which is not mod
ern.
Rental properties of the modern
class in good locations command about
any price the owner cares to place on
them and that in the face of the i'm
mense amount of building which has |
been in progress in Topeka during the !
past II or IS months.
There never has been a time within |
my memory when property of all kinds
has been in as great demand it is |
Just at this time and l have not even |
tried to figure out reason for the boom !
but am willing to admit that it is here" !
No Winter Slump.
1--WE have done our share of the real |
estate business of the city I should |