The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1925-10-05
FLORIDA HAVEN
FOR ALL CROOKS
Continued From Page u

cannot be developed along the lines
promised by the promoters because
the location and physical condition
are unsuitable.
Losses Result
"A number of instances are known
where people without even an option
have offered large acreage for sale
through newspaper advertising in
the hope of lining up the property
il a purchaser could be found. That
kind Of dealing has done more than
anything else to disrupt orderly sell.
ing and may result in losses.
I'VE have been notified to expect
a large migration this winter of
high pressure oil-stock statesmen and
promotion fakirs, who will try to
short-change the public. One of
these experts has boasted he could
make cleanup in three months and
get away before his scheme is dis
covered by the suckers"
This situation has Florida bust
ness men worried. They foresee a
reaction which may kill their boom
and hurt their State for years to
come.
Many Schemes Used
But the illegitimate swindler is only
one Of the many hazards In the way
of sound investment. There are
many within-the-law schemes which
will never pay out. Chief among
these is the cheap lot game. There
are scores of so-called subdivisions
now being sold which are nothing
more than sections of worthless acre
age, far removed from possibilities
of resort or home development and
often miles from the nearest gro
Gerry store.
The promoter may have paid SIS
an acre for the land. That repre-
scented perhaps a 800 per cent profit
to the original owner. 1t is then di-
vided into small lots at from SIS to
$500 each.
Blocks Of lots go to selling con-
Germs in all parts OF the country.
Their agents get the clerk, school
teacher and the farmer to put his or
llGi savings III lcLhlhf va tAAO oA b u
ment that anything in Florida is
bound to be good"
Buyers UnOrganiZed
Perhaps the land will be near
village of a few hundred people and
be called a suburb of that city"
1 know Of one subdivision 100 miles
from Miami which was advertised as
a suburb of that town and also
within easy reach of the exclusive
bathing of Palm Beach," which was
actually 100 miles away.
But even were it near a big city,
1t would still be worthless to the
purchaser because its development
would depend upon its use for
homes. But homes will not be erect
ed unless such improvements as
lights, water. sewers and the like
are installed. And, unless enough
of the land falls into one mans
hands in one readily accessible block,
these improvements will not be in
stalled because the cost would be
prohihitive for any individual to I'M
dertake for Just one house.
That means that the land never
will be developed because it is held
by owners in all parts Of the coun-
try, holding for speculation widely
remote from each other and unable
to join hands in the venture. There's
no one to organize them.
Promoters Uncertain
Any real estate man can show you
how that very thing has happened
near your own hometown. I know
the choicest piece Of land in Wash
ington which has been undeveloped
for fifteen years because It was sold
to buyers throughout the country
as a speculation at $4,000 a lot. The
buyers grew tired of making their
payments. carrying the taxes, etc.
This year enough lots were fore
closed on and sold to local people at