The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1920-11-06

capacity of this concern was SO great
| that the material could be bought for
as much as half as the retail price here
and that in some cases even greater
amount could be saved. The bubble
finally burst when it was discovered
that this Kansas City corporation is
not in the business of building houses
but rather that of financing them-for
the contractors while in course of
construction. Any one desiring to make
use of this plan could go to the Financ-
ing Corporation and secure funds pro-
vided he had ground or capital which
would represent 20 per cent of the
cost and value of the property when
the structure was completed. The
borrower obligated himself to liquidate
his obligation to the Finance Corpora
ton at the end of six months time, at
which time he was obliged to arrange
for a new loan thru a local building
and loan association or mortgage COM
pany for the amount he could ordi-
narily borrow at any time. The only
advantage being in the proposition
that he had an opportunity to dispose
of second mortgage If he had choice
to dispose of it at a liberal discount.
At the last regular meeting of the
Topeka Real Estate Board the propo-
sition was discussed from all angles,
finally resulting with recommends
ton being submitted to the Chamber
rejected. At this meeting in discuss
ing the question of housing there was
difference of opinion relative to the
actual conditions in the city of Topeka
and it was almost generally agreed
that there is not a shortage of homes
for sale, except in the class of prop
erty which may be sold from $4,000
to $4,000, chiefly cottages, and on
terms from 500 to $500 down with
payments of from s25 to s35 per
month. 1t was conclusively proved
that the only kind of properties of this
class which can be bought today are
old houses or else newer homes in I'M
desirable locations. 1t was further
proven by one who has considerable
experience in the building game in To
peka that it is absolutely impossible to
build a five-roOm cottage on u lots
and equip it with the conveniences
that are not only required but are de-
manded by the purchasers Of today
even tho they only have from 500 to
$500 to make a first payment for any
price less than $4,000 to $4,000 and
then only can this be accomplished by
eliminating all of the little extras that
usually go with a house of this STYLE
1t is unfortunate that the people of
today are not willing to content them
selves with the style and kind of
property that they are actually able
to pay for. The great trouble is that
the majority of people seeking homes
today and especially new homes will
not consider a property which is not
of the latest style, finished in oak
with all of the latest cohveniences,
and it is for that reason that the firms
who are building houses today know
only too well that if they build homes
with simply a plain finish that they
are going to have a white elephant on
their hands when the house is done
because the class of people who should
buy them are the ones who, will not
have them. 1t would seem that the
solution of the housing problem rests
a great deal with the people them
selves because just as soon as there
is q sale for the kind of properties
that can he hfiilt within the popular