Omaha daily bee., 1909-08-08
TIMELY REAL ESTATE TALK
One Bad Feature of the Woodmen
Deal Mentioned.
PRICES ON PROPERTY INFLATED
Efforts 20 Effect sale ut Fictitious
Figures Likely TO Have Unde-
sirabie Renex on Real
Estate values.

The handling Of the woodmen Of the
World real estate deal IL a very excellent
example OF how such things should not
be carried on" said an observant and con-
servative owner Of downtown property dur
ing the week. Naturally, the Woodmen
wanted to get all the advertising possible
out OF the erection OF their great building.
II is a mighty big card for the order and
the enterprise the executive council Is dis
playing In its erection Is most commend
able. But when the decision to build was
reached, II the council had proceeded to
quietly acquire a site before making known
the intention Of the order, much worry and
vexation could have been spared. As 1t
was. as soon as word came from Detroit
that the woodmen Of the World we're Zig
uring on spending El,OcO,G0 on a building
in Omaha, all owners Of available sites
and all Interested real estate dealers began
TO plan to get as much Of that money as
possible. Options on possible locations
were secured and values began to rise.
Then came on the game of bluff and coun-
terbluff. The woodmen people didn't care
to be held up, although they had prac-
tlcally invited the attempt, while the real
estate men wanted to get all they could.
And the game was played out to a finish.
Now, in a way, It is nobody's business
outside the order what is paid for the site
or what steps we're taken to secure it, and
in a way II Is. The Woodmen have finally
secured a site that is satisfactory and have
probably purchased It at about what II is
actually worth. Yet values in other parts
of the city have been unduly inflated as
a result of the transaction and owners
are given a false notion Of the worth of
their holdings. This in turn will reach
TO prospective purchasers, and II the news
gets abroad that Omaha inside property Is
being held at fancy figures, many invest
ment buyers are likely to go elsewhere
for bargains. Omaha is enjoying a period
of growth, healthy and encouraging, and
is in no need Of the advertising It may
get from fictitious real estate values"
Omaha real estate is going ahead at a
fast rate, but it has not quite attained the
values Of New York, Chicago or London
realty. An acre near the Bank Of London
sold at the rate OF $40, 900, 900 and New York
real estate has touched the rate Of Sl4,.
100000 per acre. No local owner is ad
vised to hold for similar prices.
Vice President c. d. Armstrong Of the
d. V. Sholes company is building himself
a residence at the northeast corner OF
Thirty-fourth and Woolworth which will.
attract much attention. 1t is being con.
structed on the pure Spanish mission
style and will be Of cement coat finish
The roof will be OF tile. nj wide caves
and the arched windows will seem a nov.
city in residence building, as will tn,
vaulted ceiling in the large living room.
Mr.. Armstrong is an enthusiastic auto.
mobilist and his provision for the garag,
is unique. 1t is built into the house anC
entrance to the car can be gained from
a vestibule without going from under
roof. The idea is a sort OF modernizatior
of the port cochere. The lot on which IN,
house stands cost 5000 and the resldenc,
will be finished at an expense OF $40, OoC
A sun parlor and a sleeping porch ar
two infrequentiy met features which viii
be incorporated in the dwelling.
The week over was not an exceedingl!
active one, outside of the Woodmen sale