Indianapolis Times, Indianapolis, Marion County, 6 August 1950 — Page 37
i
SUNDAY, AUGUST 6, 1950
Essex House . . .
SPRETS
-
ade by JER, F. WEBER, JATMAN, AND
&e sipany
AS
of your house.
“Real Estale—
Show Where Taxes Hide in Home
Builders Say Levies
Grab 3d of Price ]
By LARRY STILLERMAN Times Real Estate Editor When you talk about hidden taxes, take a look under the eaves
___Some are lurking there. Rap the wall, too. A third of the echo is well-padded with taxes. Builders say about 30 per cent
On Vacation Harold H. Hartley, Times Business Editor, is on vacation. Mis authoritative column,
[their
of the selling price of houses to-
on each of the items that go into the dwelling. : " They've got the Tax Foundation, Inc., of New York to back up their charges. a 4 This private
your pocketbook. About 50 taxes are tucked away in home A building, the a. Foundation Mr Stillerman Those .are taxes paid by subcontractors and passed on to the builder. These levies were sent along to the subbuilders by the a
vest
coco ANd grain market reports ap. lo...)
pear inside ‘this section.
manufacturers who picked them up from the raw material sources. Besides there are additional taxes tacked on by the bank, insurance company, real estate] agent, architect and builder. They “paid ‘em and now you pay ‘em. -- It's-the old axiom coming right into the living room to roost. The consumer ultimately pays for all the taxes of the article he buys.
know, Bud, there's a war . . . etc. My purse just feels a little limp, How's yours? Mie
Taxes, Continued
a $35 million duwniown.apaviment house for Indianapolis.
New $3.5 Million Building To Be Most Modern Type
14-Story Structure Will Be Indiana's First All-Year Air Conditioned Apartment
Early one day this week, workmen will begin clearing ground here for perhaps’ the most modern apartment house in the Middle
| West.
And
most urgently downtown.
That's residential property, for permanent -as well as “semi-
permanent” tenants. 3 This will be contained in a 14-
iatory, .390-unit apartment hause
at ‘Pennsylvania and Vermont Sts, The structure will be known as Essex House, the first all-year air-conditioned apartment house in the state. The building will cost well over $3.5 million. ; It’s the planning of two young Birmingham, Ala. veterans, developers of similar projects in
|, hey and his partner, Joseph H. Kanter,
Apartment Specialists ‘They are specialists in apart-ment-type construction. Separate corporations of Cos. have a smaller Essex House nearing completion in ham and another Essex House, almost as big 3 dianapolis, plann
26. day help defray part of the taxes
ome town and St.
Louis,
arner, 31,
Warner-Kanter frming-
the one for Ined for St. Louis.
Besides, Warner-Kanter have a
£|$9 million garden-type apartment ¢ project booming in St. Louis and = |similar two-story residences under ¢ way in Cincinnati and Omaha, Neb.
Their project here began mov-
ing last December when negotiations were begun for purchase of the building site. That was fol-
oe ‘second -1
lowed by architectural plans; negotiations with Federal Housing
Administration and banking house h , civic commission, zoning
ocal co
XL HEX
FHA late Friday approved 90
Warm Air Experts Launch | ‘Hof’ Push in Home Heating
Stress Consideration of Filtering, Control
Of Temperature, Humidity in Sales Quest wo Wo Hh 0L 8 squawking? Don'tehal ..... The. hottest story .of .the year isn't: t
per cent mortgage insurance on a
wy the push in the home-heating market, now hitting seasonal stride.
Warm air experts are fanning the sales fire, eying- the ment market and new homes installations here. They're talking about indoor comfort, warm air in the winter,
‘H. R. NORTHUP of the Na- cooling breezes in the summer.
tional Retail Lumber Dealers Association had another way of put: ting taxes. 3 4
{And that's contained in the heat- duce that type of comfort, the ing unit and how it works. "It's an all-year fight to pro- what the neighbors seek in Flori-
Prior to the Korean war, Mr. dute air at satisfactory temperaNorthup blasted burdensome fed-|tyre filtered, humidified, circu-
eral levies as a debt-digger .and ated and in the right amount. easy fo have with coal, gas. or {That brings permanent indoor
said relief would help the busipessman in the building industry!
(Continued on Page 39, Col. 1)
To i = will pre
comfort.
When the
. here a furnace in-
ires around. angle rods forced into the vent the duct from fl } 5 4.
ating when concrete
-
heating unit can pro- .
loan granted by the First National Bank of Boston, Mass. A building permit was filed at City Hall after the developers purchased the 20,000 square foot site from the Indiana Insurance Co. and Richard F. Hoberg.
The land, now a parking lot and filling station site, was bought for $175,000 with Paul
senting both parties. Essex House here will be the argest--Indiana housing development approved by FHA under the now-defunct “emergency housing” provision. This law granted high government mortgage insurance rates. Only the sprawling Meadowbrook Apartments exceed the new downtown structure in development size approved under what was known as “608” commitment,
Materials Ordered
“Assurance” that the proposed structure will be completed is contained in the expired “608” ruling. Emergency housing always drew priority over other goverment-insured projects. Besides, the developers say they have prior material orders for the project, Of course, they admit completion is tempered by further and more serious war developments, 5 In construction, the apartmént will be of ‘reinforced concrete with’ exterior, buff brick A
3 greenstone. here will be gli-tile.Baths. in the 26 “one-bedroom = units. and
(Continued on Page 38, Col. 5)
replace-
house and its occupants have
a in the winter and Wisconsin and Maine in the summer, The warm air boys say this is
Sites Today
. along Delaware and Pennsyl-
193d St. north to the county line.
before the end of 1951, Indianapolis will have what it needs
Starrett of Klein & Kuhn repre-
‘estate brokers. :
FN : Er La Ty J
College Crest Opens 21 New
Put. on Market
- Home builders leading the residential parade into the county can march to the top-of-the-town today.
| They'll have 21 new build-|
ing sites along Washington
96th Sts, iy This 1s the opening street in the second section of College Crest addition. Fifty more -home sites will go on the market later this year
vania Sts. right at the tip of Marfon County. Opening the first street in the
-Hast -half-of -the Crest-was_-an--
nounced late yesterday by F. M. Knight, president of the landowning corporation ' and the Knight Realty Co. 80 Rolling Acres The Crest holds more than 80 rolling acres between College Ave. and Pennsylvania St. from
It was first platted for 140 building sites in 1946. Nearly all of the sites in the first half from College to Central Ave. have been purchased for erection of single-family dwellings in the $15,000-up range. Fifteen lots are still open for]
There are 12 residences completed and seven going up among the 55 building sites bought by individual builders and potential home owners since the post-war opening. Other homes are oi the drawing bo. ds. ” Builders in the area include
Kistner, Mr. Knight said.
houses in this initial acreage. |
Map drawn from blueprints by
College Crest . . . Washington Blvd. opens the second section Yor erection of homes in the $15,000 and up range.
Builders, Sellers Prepare ‘Report’
Will Be Made During September ‘Parade’
Marion County home builders
Glenn George & Son, John Bauer, and sellers spruced up their maR. Howard Hockett and C. C.lterial stocks, sales slips, front
door latches.
is Sites--in- the Crest-average -90 by 190 feet, priced between $1100 and $1650. However, lots on the boulevard
88 to 120 by 186 feet. They'll
Electricity is the only utility ready for tapping in the section, Mr. Knight said. - Sites Restricted All sites are restricted to 1200square foot ground floor minimums. That's rambleér-type dwellings. And the restrictions also call for front footage set backs, bigger lawns the idea. The southeastward rolling subdivision is serviced by two bus lines, Nora School and the Nora and Broad Ripple shopping centers. Officers of College Crest, Inc. are Mr. Knight, president; Harry Knight and Oral Price, vice presidents; Henry Otterbach, formerly with Knight Realty, secretary, and Mead Knight, assistant secre-
Sell East Side | ‘Home Site’ Land
Sale of more than 23 acres east of the Post Road on Washington St. for possible home site development was reported yesterday by the J. B. Miller Co., real
Mr.” and Mrs. Leland Sparks and Mr, and Mrs. Clarence J. Guinan Jr., purchased the property. across from Washington
thoroughfare will average from
fringe an oil-coated gravel street. ||
to the public, aan utility.”
week - long “Pa
tional ance of Week, Sept. to 17
M. L. Hall houses, in all phases of construction, open for Hoosier inspection, Sub-committees for the ‘open house” will be named this week by the executive committee mapping the observance. Committees will have representatives from the Marion County
This dwelling is typical of the type homes builders continued to start new houses in recor
"wae or shouldn't we build or buy?™ =
That repor!
Here it wil be/ the biggest report ever with more than 300
TY LINE
mm CC] Em SOLD FOR HOMES. NEWSITES NEXT IN LINE. J. Hugh O'Donnell, Times Staff Artist.
Pian Mortgage Shortcut Study
How to trim the paper wor
involved in mortgage procedures|latter firm. {wiil be studied by the men who
service the loans.
The Mortgage Bankers -AsSo-|t{rgnsactions: he of America announced last week a special conference to|2225 Riviera Dr. and property at run concurrently with the 37th|24th and Meridian Sts, annual MBA convention in De
They're getting ready To Teport| roit-Sept, 23-20. users of the big
More than 30 specialists |
t problems
Carr Sales Staff Increased to 33
up “largest real estate week. The sales staff was increased to 33 with the addition of Herman
firm" las
going up in College Crest. Elsewhere, city-county number last month, but the question was hil “Should
Demand ls Brisk
ee | FOBLALE
servicing procedures will explore : created by large in3 [crease in mortgage loans at the com t will 8 in the) parley. Streamlining and » | standardizing the method is the Fade of Homes,” a0 MBA President R. O. Dempart of the na observ-| Ing Jr. said. Home 10, |
The Jack C. Carr Co. spruced its position as the state's
League, Retail Lumber Deal
RS ey
the co-sponsors © here.
heads the executive
Lumber Co; Albert -L.
Real
Cantwell, -Indianapolis
Memorial Park: in. Warren Twp: No sale price was disclosed. The land, part of 60 acres platted in 1925 as East Highlands
tor David A. Coulter and Miss! Mary Catherine Coulter, real!
estate broker. The land was orl-|
1903 by his business associate, Nathaniel N. Morris.
of the Highlands development.!
NAHB Committeemen
To Map Policies
subdivision? was owned by Real-| Executive committeemen of the
National
Residential Builders, Inc, Electric
oCIEtio gn oh & the building industry, They're) the parade
M. L. Hall, president of MCRB, committee composed of A. C. Crandall of the Indianapolis Power & Light Co.; John C. McCormick, McCormick
Electric League; Bruce Savage, Estate Board; J. Frank Home Show, and Elmer Meadley, MCRB
Leeth, 2465 | Broadway, GenZen
we r-fieeth; now working from - the North. Side branch, wiil be transferred to the downtown Mr. Leeth - office, Mr. Boyd said. The Indianapolis native joined ‘the “Carr forces following sales manship- duties with Downtown Ford Sales Co., Inc. He went to {the auto firm after a two-year ill‘ness === Priorote- this -Mrheeth-was: {with Universal C, I. ‘T. Credit {Corp. for two years after serv|ing 18 months in the Navy. After graduating from Short-
¥
Association of Home ridge High School, he attended, ANACONDA NET HIGHER
Builders will meet Thursday and! Butler. University and was asso-
ginally willed to Mr, Coulter in/Friday in Washington to map
future policies.
|clated with Douglas and Lock{heed Aircraft overseas as a techinical representative on loan from
St.,
Real Estate ... 00000 3739 3 Business ‘addsananesi 3139 ; Automobiles ......i... 39 Classified .....c00.. 40-52
Building Site
14 of 42 North Side Sales are Lots
Sale of home building sites {marks the continued high trend
in North Side property transac-
tions. The Associated North Side {Realtors yesterday reported 14 {lots sold among 42 transactions, Sales dollar volume for the week ending July 20 hit more than $379,000. The list, submitted to-the Real Board for computation, also reported a corrected sale of property of 5936 Ralston Ave. The Jack C, Carr Co, was named cooperating broker with A. H. M, «| Graves, Iné. in. the sale originally’ K tabulated as a single sale by the
Chairman Warren M. Atkinson land Secretary C, Scott Padget listed the following North Side|
Willis ‘Adams—3025 Broadway,
.{ EK, E. Brodbeck—25622 N, Illinois | St, { vo " n Jack C. Carr—47 67 acres in Eagle Village, tract 45 in Kessler View, 1149 Tecumseh Sta J E. 21st 8t,, 2609
1 n!
acres in Warren Township,
County, 1907 N. Park Ave. and 5356 Boulevard Place. The latter was a cross-sale with Willis Adams, ; Fieber & Rellly—33 E. 30th St, in a cross-sale with American Estates Co. Gerdenich Realty Co. Carvel Ave. Hall-Hottel Oo. — 1420 Leland St. and 4190 Central Ave. Norman L. Hammer<-3220_ Hovey St. and 1135 Lexington Ave. Forrest B., Kellogg — 1054 - Knight Redlty Co. Kealin Ave
- 5301
t
?
niois “St. and lot 21 in Weéllington' Park Heights. { Bruce Savage Co. — 3300 N.| Emerson Ave, lot at 28th and Delaware Sts. and lot 6 in High- | woods addition. i. The Spann Co. Ine~-1236 Eu|gene St. “ia x | { Walt Veon Co.—5702 Haverford | TAve., D538 Haverford Ave, 2441 KE. |58th St., 6137 N. Delaware St., lot | lat 116th St. and 6484 Park Ave. | THe Tatter was ; ] the Fred T. Hill Co. i | Ford Woods & Son—331 Flem-| i
| NEW YORK, Aug. 5 (UP)—An-| {aconda Wire and Cable Co. today
‘raced into their 17th consecutive boom month, smashing July construction records. ’
hi backs; Loan Guarantee—Officer——
y ) B. 11th 5 N, Irwin Bt, 3521-23 Graceland Ave, 241-43 Eastern Ave., 2008-10 N. Tilinofs St., seven |Crease in number of new applilots 16 cations for insured loans in the & 17 in Northern Wood Beach, a/ * lot at 112th St. in Hamilton Was blamed.
aia — 1202 8.
lot in 7500 block Nn Pennsyl-| “Tvania Bt. Jot in 7400 Block N. 1li-|
{Dodge Corp,
Sales Surge On Homes Sought
Before Fall School Opening
‘But Some Tightening
By Times Real Estate Editor Residential ¢ on struction
\roared on in Marion County |despite some “fence-sitting” |among builders and buyers.
The county - city builders
Realtors also reported interest
still high, the rush on to get shelter ‘hefore September school and snow,
There were some signs of ree
{luctance to build and buy.
Mortgage recordings here were
still up. But federal agencies underwriting home
some brokers reported a dip in mortgage applications. All pointed to the Increasing uncertainty spurred by the “‘serious” Korean situation. That uncertainty came in material shortages, some items becoming shorter, others still as scarce as they were last Spring. It also came in credit tightening, spotty but confusing. ome ‘Shortage Fear —— County and city statisticians in building offices here said the rush to start new houses also reflected the “shortage” fear, the possibils ity of allocations and more strinSome mortgage brokers said the greatest hedging came among potential service eligibles hunting omes. Veterans
=
Administration said
{mortgage applications dropped
from the 1020 peak of a steady climb in June to 547 last month, Although the drop was attributed to confusion in VA law anges and new credit draw.
Robert Mitchell said it was too early to interpret the effects of new rulings. Federal Housing Administration reported a 850 per cent de-
[last 10 days. Credit tightening
However, Administrator R. Earl Peters sald further reductions are not anticipated. | “There may be fewer with the necessary and larger down payments, but the need and the urge {for housing is still around,” he
said. , 1 | Applications for FHA insured-
loin committments dropped from.
{a June high of 1420 to 1058 last
| (Continued on Page 38, Col. 2)
w. Construction Jumps
Pct. in Indiana
construction award
52
OUTICH YL BURN hE Lowe Although total construction dipped 1H June under May's High six-onth- figures revealed. build-. ing in the state 52: per cent greater than the corresponding half-year total for 1949. The report, issued by the F. W. showed the June construction picture hit $41.5.mil-
itioft, “three percent lower “than
the May figure of $42.7 miftion;—— This brought ‘Indiana's total for the first six months this year to $169 miilion. Residential contracts of $20.8
a cross-sale with million were five per cent below
the May figure, but 100 per cent ahead of June, 1949, Six-month
ng St. . {totals in this field were 91 per , cent ahead of the same period
last year. The marketing. specialists also reported six-month non-resi-
ireported that net income for the dential totals for 1950 as 21 per
{first six months of 1950 rose 12|
cent higher than a year ago.
The emergency meetings super-| Allison's division of = General per cent to $1,927,049, or $2.28 a Public and private works and
The real estate was vacated in cede the regular session slated 1937 after being platted as part for Sept. 7 in Colorado Springs,
Colo.
oil. In Indiana, warm air advo-
cates say more than 79 per cent of all single-family dwellings use these fuels to warm the home air through central heating systems. That's better than the national average. 3 The types of warm air heating systems are the key to permanent indoor comfort. Primarily there are two methods of circulating warm air. One is by gravity, where nature pulls the warm air er outlets. The other is forced air.
That's where mechanical aids do _ the work of nature, better:
Basement for Gravity Circulation by gravity requires a basement in which the furnace is located centrally below register outlets. The heated air rises through metal ducts, circulates in the room and falls to a return unit when it cools. Long twisting
runs ‘can- take the “heat” from.
the warm air. [ The forced warm air system
{uses a blawer; contains dust-col-!
lecting ‘filters and employs concealed, flat ducts, eliminating the
sloping pipes of the gravity sys-|
tem. ‘
Circulited room air, panel or.
radiant, and perimeter are three methods in the forced air system. The circulated roam air pro(Continued on Page 39, Col. §)
Jick
along to prop-.
New Owners
ge
i
Two Northeast Side 'neighborhoods. welcomed new resi--dents last week. iy The Daniel Z. Marsh family purchased he N. DeQuincy St. house in. a transactiqn' closed Tuesday, :
3646 Caroline Ave. Their new five-room bunga- ° low was the home of Guy W. Marshall, driver with the Ace Beverage Co. Mr. Marsh is associated with the Indiana Bell
Teich
’
are Welcomed In T
Motors. Mr. Leeth is 30 years old, married and has two daughters.
The transaction was handled by W, W. Bassett of the Allison Réalty Co. ; iy The other new home owners are Mr. and Mrs. Jogn W. Kessler. They sold theif residence
(share, from $1,722,383, or $2.04 |a share, for the like period of last | year, :
utilities showed a 47 per cent increase over the first six months of 1949,
wo Northeast Neighborhoods
at 1158 W. 20¢h.St. and then purchased the Caroline Ave. house last month from Mr, and Mrs. John Dunham.
. 2118 N. DeQuiney St.
Realtor Service handled the sales,
’
loans and
i
'
2s EN i