Omaha daily bee., 1908-06-14
TIMELY REAL ESTATE GOSSIP
Trend Toward Suburban Lots Has
Effect ON Downtown Lots.
OMAHA VALUES SAID TO BE Low
Comparison with Other cities show
Prices for Business Locations is
Much below the Average
Here.

houses. increase in value during the next
ten years?
This is the question which is agitating
many who own such lots and many of
them are very desirable and a large amount
of money has been invested In them.
All at once the automobile and bettered
street car service made possible the de-
velopment of the suburban districts and
the fine locations down town have been
overlooked In the scramble Of home builders
to get in the country. which has been made
easy OF access by the quick means OF
travel to the city.
Many real estate dealers are asked
weekly about the outlook for the down
town residence property moving, and
about as many different answers have been
given. but the opinion which prevails
among the real estate dealers is that the
town town lots will remain stationary for
some years. They will not depreciate in
value as there is not a fictitious dollar in
them. but they will not be able to increase
in value because there are so many Of
them.
II believe the next ten years will. be a
period OF flat and apartment house building
in Omaha said c. c. George Of George
& Co. The time is coming when a large
number OF families will want thoroughly
modern apartments and homes close in
within walking distance. This Period
always comes to a growing city.
This will cause many Of the corners
and most desirable lots down town to move.
Clients some times list a lot with us and
say that 1t is such a desirable place for
an apartment house that they expect to
sell 1t almost at once. But we find by
looking over the city that there are scores
of desirable corners. Only a limited num-
Der Of flats and apartment houses are
needed in Omaha at present. The apart
ment house business could be quickly over
done II buildings were started on the down
town corners.
But the flat building period is coming
and many good corners will be sold.
Western cities cannot be compared to those
In the east and particularly TO Washington,
a city of many fine flats and apartment
houses. In some Of the cities OF the east
there are SO many families. which come
for a year or two and stay while things
are agreeable or while they have business
and then move again. For these people
the flats and apartments are needed
- (
On the other hand, property in ;he down
town district which is likely to be needed
for business locations is showing a good
movement and has shown a marked in
crease in the last ten years. w. r. era
ham, president Of the Real Estate ex-
change has this to say about the business
property:
Good corners and first-class retail To-
cations command the best price in every
city. In Omaha such location are held
at bargain counter prices as compared,
for instance. with Milwaukee's best loca-
ton at $4,000 per front foot. or Kansas
City at $4,000. or Indianapolis at $4,000.
or Grand Rapids at 81, 1000. Even Duluth,
half the size of Omaha, sales have been
made for $4,000 per front foot. The fig
ures l have quoted represent actual sales.
while the highest price ever Jaid for
Omaha property is 81, 600 per front foot.
although some locations could not be
bought for this figure now.
1T cannot be claimed that too much
is being paid in other cities, IS capital
is shrewd and cautions, but it is apparent
that Omaha real estate is held at prices
for business locations below normal
values in view of the splendid growth
and showing made in all lines of bust
ness as well as the returns which can
be received in rentals"
Discussion of values seem to be of more
than ordinary interest to the real estate
dealers of Omaha at present, and they
wonder still more when eastern clients
/ ihNNGN NAAtA AiOh ia OAiaAAN o't ~ OAAoAAU
real estate mortgages, without ever see
ing Omaha or the firms with which they
are dealing. S. p. Bostwick returned Sat
urday morning from the east, having
made an extended trip through the North
Atlantic and New England states. Mr..
Bostwick went because he wanted 10 meet
capitalists and investors who have been
sending money to Omaha for some time
to his firm. The money was invested in
- --AA - 49,
business and residence district. Many of
the clients never met a member of the
firm Of Payne & Bostwick and never saw
Omaha, but values seem to be well UNI
derstood here and some eastern investors
will have the benefit of the advance
when IL comes. And real estate dealers
say property is held too low and the ad-
vance is sure to come.
w. H. Rhodes. vice president of The In
~vestors' Incorporation, was one of u party
Of Omaha business men who looked over
values in Wyoming towns and cities, go
ing with the recent trade excursion. In
Lander he found business lots from ten
to twenty blocks from the postofflcc soil
ing for about the same as they bring in
Omaha. Such prices as $1,000 for a lot
almost one mile from the business dis
trict were quoted, while away out on the
mountainside s4OO and $500 was the
price asked for building lots. In Omaha
lots within half an hours ride from the
postoffice sell for $3.50 TO $500, while
lots within fifteen minutes ride 'ess than
two miles from Farnam street, are sold
every day at from $3.50 to $1,000,
Another evidence Of the desirabillty OF
Omaha property and the value OF the
mortgages placed on 1t is shown IN the
low rates of interest asked by the big
life in surance companies. On the want
advertisement pages Of The Bee financial
AGENTS OF these companies are advertising
money for per cent. Inquiry made by
one OF these agents disclosed the fact that
not many cities east Of Omaha are able
10 have s per cent money offered on real
estate mortgages. A special report re-
ceived from Chicago shows that while
s1.1sI,640 was loaned in sums larger than
81, 900 on real estate at 5 per cent. $780,
$50 was being loaned at So. S2,440.90S at
s per cent and s72.sO0 at 7 per cent dur
ing the month OF May.