Indianapolis Times, Indianapolis, Marion County, 23 September 1951 — Page 43

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Section Four:

Real Estate

_ The Indianapolis Times

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SUNDAY, SEPTEMBER 23, 1951

2 .

Real Estate ......... 434445 | RL ENR ee Small House Plan by

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Shop

BUYERS ARE PARACH

again, *

around” take it easy, saunter and ig

pare, The seasonal sales curve is back

trained seal. And heavier clothing racks feel the insistent ug of eooleér weather, ® ¥ .

too long at last year's figures.

anxiety, Then they peeked at '49,

turned.

“Compared with consumer income, it might not look bad,” one top mérchant said. “The panick feeling doesn’t exist today, They're buying in a more reasoned atmosphere.”

“We don't expect to sell aso cs: They are the older girls.

many refrigerators, and other appliances, and white sheets, as last

10 years ago. The starting wage year. After all, they bought theniy.s “spout $30 a week. They

worked hard, got raises along the ray Today they're getting $50 to

for this year. We got the business just a year ghead.”

LAST YEAR, WOMEN went

light on clothing. And it was a younger girls.

Today +Business

Hits Groove

By Harold H. Hartley

the pink-flashed clouds of war fren#y. Merchants like. it. “Shortage raids” have folded. Shopping's “got rhythm”

: Buyers Arg. no “longer Lossip, ena, tr

Ithe way left, " as one finger price tags longer, and com-|builder put it, and take Figo profit

on its path, performing like a ‘NY CAN Make a living, why

card is its tax-fed treasury. The

ithreat is that if local builders| i A FEW MERCHANTS stared do not produce enough rental Hollow Rd., 3421 E. 34th St. and!

and low-priced houses for sale, !0t 5300 block N. Capitol Ave. They felt a slight twinge of|the government will uncork the|

treasury, mop up the market with Zionsville Rd., A warm sense of well-being re- {subsidized housing.

prices.” ‘That Young Snip?’

177.900 Sales Made Last Week

ping Vigor By Northsiders

|Adams announced. e sales:

UTING back to earth, out of Ave,

Ford Woods—5925 Pen-Mer St.

incentive out of housing.

They're like everyone else. 1f| crican Estates.

{aware St., lot 40 Golden Hill Dr. THE GOVERNMENT'S hol el

Gerdenich 45 acres unim-/ {proved Snapped a building spokesman, | “We just oan't do it at their St, two lots Hiawatha Gardens, {12 acres at Five Points.

N. Bolton Ave. TROUBLE IS BREWING

among the seasoned help im|ton St. Gregory & Appel, Ine. — 2032 Lots of them are in a huff. Roosevelt Ave. They took their jobs eight or| Knight Realty Co—1525 8. Belmont Ave.

American Estates — 7043 N.

4970 Kingsley Dr., 5801 Washington Blvd. 4242 Cornelius Ave. 4128 Carrollton Ave. 3713 Hill-

Then someone quits, o £:L 1 Re Of the) de. Ave... 3110 I, Kessler Blvd.

And she is re-

mistake. It proved to be a cold placed with a “knot-headed kid 4033 Carrollton Ave., co-operating

winter. This year they're lettingijust out of school” for 45 to themselves go. Good looking $47.50.

clothes, new lines “pinched waists

broker Gil Carter Co.; 5672 N. Illinois St., 3618-20 N. Capitol Ave. and 5001 Carvel Ave.

Fifty-two sales worth a total of $777,900 were reported last week by the “Associated North Side Realtors Chairman Willis The Spann Co., Inc.—641 Birch

Willis Adams—5315 E, 10th St.

Driscoll Realty Co.—4433 Carrollton Ave, co-operating broker

Fred 'T. Hill—245 W. 44th St.|} Fieber & Reilly—1922-4 N. Del-

L. A. Haynes—344 8. Gibson Bruce Savage Co. 3703 Spring |

Realty Co.—7200 Hawkins-Whiffing—470 Haugh:

John Lookabill — 3021-23-25-26| John Max—35925 E. Washing-|

Delaware St., 2856 Questend Dr.,|

with hips”. And they're even giving the costume jewelry counters a bang. A big merchant summed it: “We can’t be too dissatisfied with sales.” But he was having the same trouble everyone else fis having, rising costs and employee! turnover. ®-n » I ALWAYS thought the gals. blew their store jobs to” go into! the factories. But a lot of them! don't. : They go to other stores. isn't money they're after.

{secretary is around 30 years old,

They|

want new surroundings, a change!

THAT'S TOO CLOSE to the older girls’ pay. Beyond the boss’ ear, in the rest rooms, they|Dr., 239 N. State St. 6000 N. Olcomplain, “That young snip’s get-{ney St. co-operating broker ting almost as much as I worked American Estates, 7996 White 10 years to get. I'm looking for a {River Dr. 1423 Brookside Pkwy. new job. 2432 Catherwood Ave. 910-12 E, Gayle Eads at National Per-|46th St, 1215 N. Tuxedo St., 222 {sonnel Service tells me the ideal|{N. Richland St., 966 W. 32d St. 3259 Nicholas St. 2331 W. 60th ‘efficient as an electric clock, and (St. co-operating broker Minton {is pleasant to be around. Co., 513 E. 10th St. 5221-23 E. Well placed, she is getting in 10th 8t., 577 Migaié Dr., Woodruff ‘Indianapolis from $60 to $65. But|Flace.

Jack C. Carr, Inc.—44-46 8S. Catherwood Ave. lot 64 Lakeside

private builders were to be given

of scenery and people. “And,” “often when they find their | new job is just like their old one, they come back.”

How Tight?

INDIANAPOLIS sat on the fence alone last week. It has squirmed, pushed, and wailed itself into a Critical Defense Area. Local housing minds spun. Did it mean the government was coming in to build low-cost housing? If so, how soon? Or did it mean

a chance? 3 Builders had just 90 days to quiet the screams from out-of-town workers who could find no place to sleep. And the same time to ease the blood pressure of personnel men who had coaxed in labor with higher wages, but couldn’t house it. . ” # » HARDEST PRESSED is the northeast, industry-studded wedge of the town. There were jobs but no houses to rent. Workers are driving long distances to work.

They're beginning to wonder If cogt of their labor has gone up.

the extra wages are “worth it.’ Some grumble about “quitting” and “getting their old jobs back home.” There are homes. But workears say they can’t afford them. They can’t rake together the down payments, or sweat out the higher monthly payments, - They ask: “Why can't we rent?” = - » BUT RENTAL HOUSING will be tighter than ever. The “critical defense” label thickens the ice on frozen rents. Push-ups for landlords will be next to Sanpossible. Rents stay at the May 1 1950, level. And the government is far from trigger-quick in putting roofs over the heads of its own personnel, The Naval Ordnance Plant wants a 10-unit apartment for its Marine guards, Korean veterans, The government seems agreeable. But it takes e for the wheels to turn, the right nods from the right heads. Then will come the fight for materials.

said an employer, |

[bottled water,

(living,

{there aren't many eof these jobs. It Employers who pay it are hard to please, insist on the best. rk b Th Bottled Water I TALKED WITH Loren | Houser, regional director of the [, CIO. And he was bothered, about We talked about the cost off how it keeps dancing! around in the inflation wind.| That's how the water came up.| “The farmers aren't getting too! much. I'm not for putting price| ceilings on them. I think labor! and the farmer ought to un

derstand each other a little better anyway. 2»

= “IT’S THOSE MIDDLE GUYS who haul and process, &nd package and promote who are ] getting the dough.” Then hell thought of the bottled water], again. “We got . notice that it would go up 2 cents a gallon néxt month. Nobody can tell nie the spring is getting any

more. It's the people who handle it. » ” » BUT THE BOTTLED water GEORGE STARK — To tell

people would tell you that the meat industry.

But I'm not getting into the

there. Loren Houser did tip me off to|lected by the American Meat In-| next year’s labor contracts. stitute for the key address at its They'll all have merit raises in|4gth annual meeting Tuesday. them, or else—plus the cost of] The young. packer will succeed living - as industry spokesman such men So if you've got a union con~lay John Holmes, president of tract, figure that in. It'll Dbeigwirt & Co, and Jay Hormel, of about 6 per cent. And I think, |p. Hormel Co.

“per year” al He will talk in the Palmer Gotta Nickel? House on “The Giant Is too SOON, WHEN YOU get on a Small.” Long a prophet of an exPennsylvania train, yowd better panded meat industry, he has pre‘have a pocketful of change. dicted that, based on pepulation The Pennsy is going into the growth, the meat industry in 39 Autonriat business. A nickel, or a years will have to step up its outdime, you get coffee with or with- put three billion pounds a year, or out cream, milk or soft drinks, [13 Per cent over last year's pro-

0.» duction. YOU CAN PUNCH the button| Known in the industry for his for ham on rye, or cheese, fresh, energy and genius for expansion, too, and you're almost sure to get/he has been chosen to tell the the one you find everywhere else|seasoned old-line packers what ~—ham salad. they need to do about price controls, earnings, livestock sources, Hear Harold ¥ Hartley with he excells— “The Human Side of Business” and the Seid in which

That'll be slow, too.

at 3 p. m, today on WISH. Selling.

National Homes Has Record Sales

LAFAYETTE, Sept. 22 — National Homes Corp. largest of . [the prefab nfanufacturers, reported record sales of $28 million , during the fiscal year ending June, 30. “Although housing starts for the nation declined about 25 per cent during the first six months of 1051, our sales are up 31 per cent,” announced James R. Price, {presiden !

Grinslade to Tell |Of European Trip | Thomas

_ifor home building. But it may;

_'permit private builders to obtain

George Stark, aggressive presi-| middle of that one. I'll drop it{dent of the $30 million-a-year | Stark, Wetzel & Co., has been se. New Fi rm

15 Miles From the Circle—In Clover

FROM A CLOVER FIELD—Maurphy Meadows now sprouts prefabs at Brownsburg. The public} is

| invited to look ‘em over today from 10 a. m. fo 6 p. m.

‘Critical’ Indianapolis—

A Challenge Via Weshingien

i

area” credit for housing is sup-/™

lance companies has stepped gin-

PAGE B| Classified Si

Morgue Money Is Now Loosening

Insurance Firm Move Points to Changes

In Home Loan Trend

Get your mortgage signing arm limbered up, all you would-be home buyers, for chances are you'll get an oppor«

tunity at that dotted line.

At least that’s what the signs indicate to many seasoned

bservers this week.

continue to And now that Indianapolis has|ety of New York wil con i been declared a “critica’- defense|offer 4 per cent loans for home

posedly headed for greater decon-

log jam will burst wide open— it won't. But credit is loosening. Here are some of the signs: One of the nation’s top insur-

gerly back into the VA insured home loan field. ‘The FHA reports an upsurge of applications for committments— the largest in recent months.

i 1 i

Suburban Site Is Open Today

A quiet spot in the country--that’s Murphy Meadows a new section of one of Indianapolis’

nicest suburbs, growing right up in the midst of a sweet-smelling

gauntlet and do a job that needs to be done. If we don't, Washington will do| it for us.

rent a house. And it is true builders are not erecting Tental units But why aren’t they? during the war. - ” »

bankers and mortgage lenders?

sider this, first. Under Federal regulations, a savings and loan ‘bank may borrow additional capital to lend

not borrow. an amount greater 15 per cent of the bank’s wn deposits. Most Marion County

; banks have been operating at this/

limit for 10 months.

Other banks are limited by various other regulations issued by the Federal Reserve Board, including down-payment demands under Regulation X. They can go so far and that’s all. Well, they've gone that far. “Whose fault is it, then? : One way of making up your mind is to consider this factor— The federal government is quite willing to finance 50,000 or more units of public housing and accept an annual loss on these projects.

But the government refuses to

similar financing for the construction of rental units which will guarantee a black ink return {for the: investor. { It fs just that simple.

Cleo L. Taylor, a member of the Indianapolis Real Estate Board, announced this week opening of his new realty firm with offices at 3749 W. 10th St. A veteran of several years’ experience as a real estate salesman here, Mr, Taylor will deal also in insurance with special attention to South Side, Southwest and West Side

Mr. Taylor

properties in the residential field. Mr. Taylor is also a member of the National Institute.of Realty

By DON TEVERBAUGH Times Real Estate Ktitor

TABBING INDIANAPOLIS as a “critical area’ is a direct challenge to the builders, bankers and home owners of this area. A challenge that we cannot afford to ignore. Whether we like it, or not, we'll have to pick up the

A lot of people blame home: al builders for the fact they cannot{CO: office — not

They did of salesman, and if you'll pardon

THE REASON is lack of credit.!sure he won't be Then we may blame theld

Don’t jump the gun, now. Con-|

For New Homes

home ownership is greater today

Partlow Salesraan

Frank Ranger is the latest new tace in the Paul Partlow Realty

counting customers.

{the pun — we're Lone Ran-|

I'm sorry, but} I couldn't pass} that opporunity. He'll spécialize in the sale of ‘residential ‘property in and around {Broad Ripple. He is a member of the Broad Ripple Masonic Lodge, Scottish Rite, Shrine, and the Broad Ripple High School Fathers’ Association.

Less Lumber

Less lumber is going into new homes, a survey by the HHFA indicates. Here's the picture: Only 69 per cent of the homes built in 1950 have wood window frames and sashes, as compared to 91 per cent in 1940. Only 76 per cent used wood joists, as compared to almost 100 per cent in 1940; wood floors were in 99 per cent of 1940's houses, but slipped to 81 per cent in 1950; wood shingles covered 36 per cent of 1940's homes, but faded to a mere 10 per cent last year.

still a Market

wr

Mr. Ranger

NEW YORK, Sept. 22 (UP)— George C. Johnson, president of the Dime Savings Bank of Brooklyn, takes sharp issye with those economists who contend that the market for homes Is nearing the saturation point.

He bases his dissent, he said in a statement today, on the fact that all attendance records were broken during National Home Week at the Library of Homes and New Home Buyers’ Exhibition, which is maintained Jointly by the Savings Bank and ‘the Long Island Home Builders In-| stitute. Pointing out that more than; 6500 persons visited the display in a five-day period recently, he added. “This indicates that interest in

than ever. Economists who have told us the house market is near-

Brokers and the Indianapolis Chamber of Commerce.

ing the saturation point must be mistaken,” he said.

Public Invited

Today

# 13536 N. Grant Ave., 4750 E. 64th | Bt, 3607 Chester St., way, co-operating broker Joe Ber-

clover field. Located at the northwest edge of Brownsburg, two blocks north of UJ. 8. 136, this development of Gunnison prefab homes {zs now about half filled out. When completed it will house 128 families and have its own suburban shop-

Larger Loans Another large insurance com{pany which makes direct loans to home buyers at 4 per cent has upped its loan maximum from 1316, 000 to $20,000. And finally, the Federal Reserve System has requested that money lenders relax credit regulations on the sale of dld houses even beyond that of the amended Regulation X specifications. . That specter or the housing UP! market—the GI insured loan—is becoming a reality again, Throttled. down to about half

obtaining a GI insured loan are the brightest in the past six or seven months. But the GI loan has changed. They'll be handed out on a selec

tive basis only. That means the The entire subdivision has the|lenders will be picky and will approval of the FHA and Veter- probe into ‘fhe applicant's backans Administration, developeriground to determine his merit as Donald E. Gray reports. a credit risk. $8900 to $11,000 And there'll be no mortgage

ping center.

Prices for the homes and lots range from $8900 to $11,000 and include all city utilities, paved streets, a crushed stone side drive and landscaping. Lots average about 50 by 140 feet in size. One of the big attractions of the development is its availability for natural gas service for cooking, heating, air conditioning, or any use, The homes, fabricated at New

money for inferior housing, for the GI approved loan specifies that the house must appraise at its sale price. This protects everyone; the buyer, the broker and the big lender, No other large insurance firths have made the GI jump yet, but some are crouching. This one in~vested about $1 billion in VA mortgages last year.

. (fects of Regulation X, the volume

§ make 1951 another 1,000,000-unit & |year, federal spokesmen say,

Reports 11 Sales

§ |during ‘the

Railroadmen's Albany by Gunnison Homes, a £ - subsidiary of U. S. Steel, come in| Railroadmen’s Federal Savings ‘two and three-bedroom models 30d Loan Association which rewith about 20 variations of stan-|/cently has done the vast majority dard floor plans. of GI mortgage work in Marion Among features of {hese homes County, estimates that about 34 are steel casemept windows and per cent of its assets have been in{screens, double hardwood floors, |vested in this field. jautomatic gas heat, built-in wall] Fermor Cannon, president of

closets, including one off the/per month volume, entry hall. But the new low down payment The living rooms vary from 17/minimums on GI insured loans to 22 feet in length and are 11% feet deep. Walls are of mellow- appears little that tone pressed wood and give the mortgage money will be lent with appearance of wood paneling.(jess than 10 per cent down with This means a minimum of house ns yment periods of 12 to 15 years, cleaning for Mrs. Housewife, All most lenders say. they require is dusting. FHA money is also loosening, Location Desirable reports Earl Peters, director of The subdivision is only 15 miles the Indianapolis office. from the Circle—about 35 minutes by bus. And it is also a cations, totalling more than af, short hop to West Side industrialihalf million dollars,” Mr. Peters sites, including Allison's mainisaid, It was the biggest day since plant, and eight miles to Speed- last March. way. | But the mortgage brokers are Both public "and parochial walking softly. They refuse to be schools are only two blocks dis-‘juoted, or to commit themselves tant and churches of Protestantisn credit prospects. and Catholic faiths are also! However, nearly all agree that nearby. :. eventually credit will loosen up. Mr. Gray, who with his brother phe only question is when, they James Gray has planned the sub- gay, division, completed another sec-| mqhe mortgage market isn’t tion of 24 homes in Brownsburgigsing to be the rich bonanza it in 1949, was 8s late as 1950. Both FHA and VA financing! “people are not going to buy a are available for homes In Mur-ly a without a sizable down payphy Meadows, Mr. Gray reports.\ment And these are not likely to

: be at the minimum set by law, 85,000 Homes

most mortgage men felt. But it will probably be easier ' to buy an oldér home. Begun in August The Federal Reserve System has requested mortgage bankers HO ler Haste vay to relax credit for the purchase ine arm ! units in August, a slight decline aid to hres ry from July, according to prelim- appraised value of a home. inary estimates of the U. 8. Labor | Department's Bureau of Labor 4 Per Cent Loans Statistics. For example:

the gain was more than offset bY much as $14,000. This means a a drop in the number of publicigown payment of $11,000, as comunits started during the month.\naredq to the required $12,500 for Virtually all sections of the coun-/3 new home costing $25,000. try showed some rise in private housing activity.

{cabinets, double sinks and four the firm, reports about $500,000 28

aren't going to mean much. There|..

through its Indianap-

olis office, but has upped its maxs

trol. But that remains to be Tum from. He.00 to $20,000.

8 factor, BAY is de-

cidedly better. Not that the credit

the 1950 volume, the prospects of wise.

stairs, turn on those on n the second floor. A

in good condition. Look for discoloring of basement. walls and be sure that the condition causing it has been remedied. A wet basement may indicate decay throughout the house, Tap timbers of a frame house at the foundation. line,

ing rot or termites, which may

already have done extensive damage.

Realtors Announce

Essay Contest Plans

The Indianapolis Real Estate

Board today announced its annual essay contest for high school students. is “What the Bill of Rights Means to Me."

Subject of the contest

The contest is being held in

conjunction with the realtors’ national association. in the national contest is a fiveday, all-expense trip to WashingShould a $25,000{ton, D. C. Second prize will be a Private housing starts increased, ..s6 have an appraisal value of|$50 U. 8. Savings bond and third by about 3 per cent to 84,600, butiga; 900, the banker may lend as|prize a $25 bond.

First prize

Local awards are: First prize,

$50; second, $25, and third, $15.

To enter, merely drop a postal

card to Essay Contest Committee, And this fact, most realtors|Real Estate Board, 704 Inland agree, should make older homes building, Indianapolis 4, Ind. List

In spite of the restrictive ef easier to buy and sell.

name, age, address and phone number.

Equitable Life Assurance Sociof housing starts during the first|—— eight months of 1951 (758,500 units) has exoceeded that of the comparable period of any year on record, with the exception of the peak year 1950. The continuing high volume of residential building activity and the recent relaxation of credit restrictions make it seem likely that the . government's original goal of 850,000 housing starts for 1951 will be greatly exceeded to

John Max Co.

The John Max Realty Co. reports a total of 11 sales made past 60 days. The sales: 5925 E. Washington 8t.,

45 Broad-

, 1012 E. 61th 8t., a double at St. and | Guilford Ave. lot on| Ada 5925 Winthrop hve and by

flow of water . “Last Tuesday we had 96 appli-| pore will indicate that pipes are