Indianapolis Times, Indianapolis, Marion County, 13 July 1952 — Page 33

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Section Four

Real Estate |:

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Real Es

PAGE 33 Classifi

SUNDAY, JULY 1g 1952 ’

Business ..... Small Home Plan ...........48

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Nation's Realtors Are Fighting Slums

61 Moderns Planned for Fall Creek Heights

Real Estate—

The Picture Is Consistent

By DON TEVERBAUGH

Times Real

Estate Editor

DON'T BE FOOLED by the apparent contradictory

factors in the real estate and actually aren't contradictory

building market today. They at all, but fit together neatly

to form a very definite picture.

At first glance these facts are obvious—in spite of a record rate of personal savings, the mortgage market remains tight; despite this, home building is continuing at a million per year rate. With all these savings stockpiling in banks, insurance company coffers and savings and loan association accounts, why is mortgage money tight? It boils down to pegged interest rates of the VA and FHA, hey are too low, say the lenders.

This, coupled with the fact that a growing portion of our savings is not finding its way to the nation's banking system is keeping home loan money scarcé—partiéularly at VA and FHA levels. That makes the conventional mortgage more important than usual, but it also makes it tougher for the public to buy a home. These mortgage loans come at higher interest rates and demand a considerably larger downpayment. Usually, they run for a shorter span, boosting the monthly payment to be met by the home buyer. But yet, more and more of today's home sales are being financed by conventional mort-

gages. f=» ”

- COMPETITION is setting in. Dean Arthur Weimer of Indiana University’s Business School reports in the current Appraisal Review that competition is found stronger in markets throughout the nation. “Sales of higher priced homes have slowed up and older houses in all price ranges are selling in lower volume than a year ago, he says. The market for low and medium priced homes is steady with greater strength in lower price ranges. But houses are sitting on the market longer than they did 4 year ago-—or even three or four ‘months ago. = 3 # You can look for sales to stay at about the 1951 level for the rest of this year, says Dean Weimer, This is why: . Materials are in greater supply. p Costs are relatively stable. We have high personal incomes. Financing terms Have stabil~lzed, perhaps are easier. People continue to have a pretty solid amount of liquid savings.

Wenzlick’'s Trends

Fewer homes will be bought in «dhe last half of ’52, more will have to be sold. That's from Roy Wenzlick, the nation’s top realty forecaster. His midyear * forecast is out this week. It proves his January predictions right in most cases. But he missed the boat—as did most—on his guess at 1952's housing starts,

|Above Average

farms is under a year ago. This isn’t particularly true here. Average value per acre of the nation’s farms is $81.64 per acre, (but it has started to drop throughjou the West with largest drops (5 and 4 per cent) in Colorado, Idaho and Oregon.

| The average farm in the U. 8.|

{today is valued at $17,000 to 1$18,000, the Department of Agri-! culture reports.

The Wrong Info

{| Pageant Magazine in its cur{rent issue has an article telling the nation’s home owners how to sell their homes. \« The intent is good, but the advice is bad. The .article says most people who haven't sold real estate in the past 10 years will have “an overly conservative” idea of their home’s value. Ask any conscientious realtor about this and he’ll tell how “conservative” today’s home sellers are, regarding pricing their home. They're anything but conservative. i The article also says beware of an exclusive listing for your home, because if another realty agent sells your house for your broker, you must pay TWO commissions,

ss = = i COMPLETELY UNTRUE.

Should this type sale be made, the brokers split the listing broker’s original 5 per cent. The magazine article also suggests you be certain you wish to sell when you put your home on the market, because if the realty agent brings you a buyer “ready, willing and able” to buy, you're legally bound to pay the agent for his services—even if you don’t sell-the house. This again is not true—at least not in Indianapolis. It is true in other parts of the nation, however, nied -But the article’s advice to be sure of your intent to sell when you market your house, is sound. If all you want is a market appraisal of your home, don’t waste the broker's selling effort and time—most realty firms will give you a free appraisal.

Building Awards

NEW YORK, July 12—Contract awards for heavy construction, as reported by Engineering News-Record and the Construction Daily, add up to $381.7 million for the week. This was 45 per cent above the average week to date. Public construction, with awards of $205 million, was 62 per cent above average while

» » THEY LOOK like a million. Wenzlick said “maybe 825,000.” But he’s probably right in his| guess for 1955-56—about 500,000 per year, . There won't be much change in| construction costs for the re-| mainder of '52, he says. Prices of building materials will prob-| ably skid & little. Lumber is com=| ing down, Interest rates on conventional loans. will probably increase, he says. | Real estate activity, now ex-| periencing a reprieve from the “watch and wait” attitude of buyers, should rally, but end the year with less than 1951's volume. The Index for the nation has now dropped to 27.6 above normal.

Farm Values Intjecse | Farm real estate es rose

nationally an average of 2-per cent during the four-month period’ ending Mar. 1, the U. 8. Depart-|

ment of Agriculture announced... 27 pér cent under the aver-| There are now more than 7 mil- had manufactur{age week. H\ghway awards were lion homes in the United

this week. But this increase was only one-

fourth as great as that of the No-|

vember-March period a year ago. Indiana ranked above the national average with a 4 per cent| increase. However greatest gains|

awards for private construction totaled $176.7 million, 29 per cent above average, Boosted by a $60-million, 4800unit apartment projeét near the Pentagon in Arlington, Va., private mass housing contract awards shot up to $122.5 million, 110 per cent above the average week. On a cumulative 28-week basis, private mass housing awards now total $1.63 billion, 50 per cent above the comparable 1951 period. A $32-million propellant powder plant at the Longhorn Ordnance Plant, Karnak, Tex, -and a $6-

Sixty-one modern, custom designed homes are planned for the new Fall Creek Heights addition, developers North Eastern Homes, Inc.,, announced this week, A model home will be held open

a week from today. The addition is at 7200 E. 56th St. The area is located just east of Brendonwood, south of the new Triangle Shopping Center, and close to Ft. Harrison, Western Electric and the new Dodge plant. : It includes 61 lots of approxi mately a half acre each with a minimum frontage of 130 feet. Adjacent are Lawrence Central High School and grade school, the St. Lawrence church and parochial school and a new shopping center, The latter includes a super market, bank, barber and beauty shops, apparel shops, a drug {store, and a laundry. Additional shopping is available in nearby Lawrence, the builders point out. Hundreds of Plans The homes to be built are custom designed for buyers.and the! builders have hundreds of plans! from which selections may made, Prices range from $17,500 to $22,500 in the addition and all homes are FHA approved. The subdivision is zoned for, homes of at least 1200 square feet! of floor area under Marion Coun-| ty regulations. {

for inspection at the subdivision

displayed from 1 to 8 p. m. next cabinets, a tile bath with shower-, be tub, seven large closets, an at- a |] Crandall

Local Law

ciation of Real Estate Boards

“City ordinances that establish adequate modern housing standards, and that .are strictly enforced,” Mr. Lund said, “provide the most direct and equitable ap-| {proach to ridding our cities of] isubstandard housing conditions. “We decided at our convention | {last fall to renew our efforts to iget systematic enforcement of ‘these ordinances. We laid this in the lap of an aggressive commit{tee, headed by Harold 8. Goodirich, of Springfield, Ohio. There] are some solid gains to report. | “When realtors of Corpus Christi found their problem was) ‘not in getting a good ordinance, but in getting enforcement of the one already on the books, they, llaunched a drive for enforcement that used radio, press, speakers before civic groups, and caravan, tours through neglected areas to press home their point. The result has been a careful enforcement policy leading to more than 1200 law enforcement actions and more than 100 complete demolitions.

FALL CREEK HEIGHTS—A typical modern home for this new addition,

Price of the model home to be complete with snackbar and metal

Sunday is $20,500. It is constructed of Bedford limestone., Tne heating plant is automatic! Purchase requires $8100 down and forced air oil. Other features «Heads U monthly payments of $91 which the home are redwood solar air includes taxes and insurance.

{flow picture windows with con-| The home has three bedrooms, cealed screens and storage wee FlOME Show

a living room, dinette, a kitchen in the attached garage. .

tached garage and utility room.

Block by Block “Realtors proposed the out-

Suburban

45 New Plans For Brick Homes In New Book

lished by the Structural Clay Products Institute. Plans for 45 homes, representing a cross-section of modern

in the new book. Most are de-| signed to be built for less than| $15,000 building market. Reflecting the trend in American home owner's tastes, 42 of

these homes as built in various parts of the nation. i Designs call for the new cavity wall construction, assuring max-| imum comfort and weather re-| sistance, and permitting use of | beautiful ‘exposed masonry in-| teriors. They were designed for! the use of modular building ma-| terials, but can be built of nonmodular materials as well. i The new book contains sug-| gestions for modern and traditional fireplaces,. and how-to-do!

it information on building out-|

million project at Memphis Depot door terraces, walks and barbecue station assembly calling for construction of sixigrills. The planbook is available Western Electric, warehouses, helped to spur thelat most newsstands for 50¢ a observed his 35th == |public buildings total to $89 mil- copy,” and also from Structural anniversary with #5 (lion, 132 per cent above the aver-|Clay Products Institute, 1520 18th the company’ to-=

age week. : f Contract awards for unclassi-| fied construction amounted to $46.6 million, 83 per cent above the average week. Industrial building awards of $41.5 million]

up, totaling $37 million, 26 per|

cent above the average week. '

Realtors Golf Thursday

Realtors and associate

mem- mendous

St., N.W., Washington, D. C. {

Seven Million Homes More Than 50 Years Old

States

more than 50 years old. In an-

|other 10 years 6 million’ more Promoted to the ,

homes will reach the 50-year) mark. “These homes will create a tre-|

replacement market,”

Luxury Home Open Today

FRENCH PROVINCIAL—This luxurious nine-room” suburban stone home is open today for in-

A. C. Crandall ‘of Indianapolis standing program in St, PetersPower and Light Co. was elected/burg, Fla., whigh, beginning with president of the 1953 Indianap-|a block-by-block survey, brought 477 corrections of code violations, olis Home Show at the organiza- spotted 83 units for demolition, tion’s recent annual meeting. and 'in addition resulted in recomHe succeeds Verne R. Reeder/mended minor repairs to 541, who was elected, . properties. in Home Show “Realtors have taken a promitradition, to the nent part in the success of Baltioffice of treas- more’s nationally recognized plan

Fuk

-{urer. of rehabilitation through law Mr. Crandall enforcement, which has. brought recently retired 16,000 dwellings up to standard.

from his post as vice president of the city utility, though stil serves in an advisory capacity. a In accepting the presidency, Mr. Mr. Crandall Crandall told the Home Show

Our members have recently moved to expand the scope of the plan by taking the initiative in establishing Fight-Blight, Inc. This is a new nonprofit corporation that aids owner-occupiers in financing housing . improvements required under local enforcement,

8000 Homes Repaired

Weapon

In Many States

| Enforcement of local ordinances to outlaw slum con \ditions is being backed by realtors in 111 cities in 32 states, ‘Joseph W. Lund, Boston, president of the National Asso-

, announced today.

Here in Indianapolis, realtors, builders and civic leaders are spurring a plan to renovate many of the city’s substandard - homes and to build new lowrent apartments. A private corporation is now being formed which will soon solicit funds from local businessmen and citizens to finance a 100-unit low-rent project. The city, meanwhile, has cracked down on owners of substandard -homes and has issued

312 notices through the Building

Commissioner’s office, ordering various improvements. To date 48 units have been wrecked and 45 repaired. The City Council is studying what tougher legislation is needed to speed the program.

reclamation program. Similar programs are being put under way by real estate boards in Philadelphia, Hamilton, O,, Colo rado Springs, Colo.,, Rapid City, 8. D., and Stamford, Conn.” “A recent NAREB market survey,” Mr. Lund said, “showed that of 251 cities reporting on housing law enforcement, ecity ordinances on housing standards are not enforced in 58 per cent of the cities. “In four of every five cases where these ordinances are enforced, our local boards are recommending this action. “Our list which now includes 111 boards supporting this direct attack on unacceptable housing has been growing week by week during the past months: We are convinced that it will continue to grow substantially as more of our boards overcome local barriers to effective housing law enforcement, notably difficulties presented by subeconomic frozen rents, and by financing difficulties that are overcome when it is understood that rehabilitation is economically sound,” Mr, Lund said. “Intense interest shown in the recent report of our committee

board: “Though I may be retired I am not tired.” “In Charlotte, N. C,, the real The new president has been ac-|¢State board proposed and backed

{an ordipance that brought apHome Shaw for 2! proximately 8000 dwelilngs up to standard and resulted in approximately 800 complete demolitions

tive with the number of years as a board representative of the Electric League of Indianapolis. During the 1952,

promises the entry of many more real estate boards into effective local drives to get housing law enforcement. The report gives 14 specific recommendations for

|Home Show, he directed the ac- (of properties unfit for rehabilita-\moving into such a program, and

priced brick homes has been pub- lic, and perhaps some of the real-

spection. Built at 7398 N. Meridian St., the home has four bedrooms, 314; baths, an activity room, laundry, breakfast room and sun deck, Bruce Savage, realtors, list the home at $79,500. ) bi

Use Plain English, Real Estate Men Told

Real estate is a jungle of techni- | A new planbook of modestly cal terms which the general pub-

|

/{ty salesmen, do not understand, reports one expert. ! | Frederick J. Bashaw, Palm| [Beach, Fla., real estat econsul-/ tant and former president of the: Boston Institute Graduate School

architectural styling, are included | . Real Estate, urges realtors to! lar commission rate set by the

tivities of the important General| “oD lis available on request to Plan and Model House Commit-| In Los Angeles, he gs tn Committee on Rehabili-

\cessfully backed a drive to get aitation, 1737 treet :

|Co. was elected first vice pres.| Ie luepestar 1g veg 2 daw -n

dent, stepping up a notch from] lings v Sie the second vice presidency he held 2TInEIng 60.000 o well a nD Lahr A i Is : for the 1052 Home Show. Mr. beriod. A similar move to get Hall, representing the Marion 5 equate enforcement funds was County Residential Builders, Was|g,ccesstully backed by the Kan-| Another person seeking a li- lone of the judges who selected 4 City, Mo., Real Estate Board. 0 or e cense defined a “conveyance” as the 1952 centerpiece house. He pr.’ pir ham N. C, the city’s| :

the automobile the salesman »2° al%0 the bufider 67 the 1050 rginance on housing standards The Lahr Advertisin enc Jlome Show house, is the work of realtors and as- g Agency,

uses to take his prospects to in-/ | {Ine., is host for the regular sums Spec the property.” according lof tne 1953 Snow. wae secet a pecieery rgb hied fields, BUIEO rir’ meeting of the Midwest Ade Mr. Bashaw, and another de- the second vice presidency. Mr. [city officials and elvic groups on | vertising Agency Network in Ine scribed “fee simple” as “the regu- Schnitzius, who heads the New a get of modern standards to go dianapolis this week end. SesAugusta Nursery, is a veteran on into a new ordinance. sions are being held in the con

M. 1. Hall of the Hall-Hottel|

“

in' the average home the public.

these plans are for one-story It is so specialized that even be-| ranch style designs, but there are inners in the business fumble owes the money.”

a few modern designs too. The With it for a long time. ibook contains photographs of]

meant “do unto others as you'd|that are fully understood only by

|chief in 1943, he was

| N the Home Show board from the, “In Pasad Cal ordi-| avoid the use of technical trade local real estate board. {dn vasadena, La. an fms on Donessdeming wi Te ae ene Sp EE A es Toe a a oF lamination, sa r. Bashaw, the| ’ Not only is the public confused definition for an “easement”| The Jegtetaly's post went to/its operation, 726 corrective jobs| by much of the terminology of given by one prospective sales-| EO win Cor Senjos Siree and 26 Jetiiolions. real estate, said Mr. Bashaw, but man was: “when the mortgage BF '¥ arden Clubs of In- 9 Closely SOlloWing recommends” holder eases up on the man who . ons of realtors in Summ » doy p the city is launching a rehabilita-| tion program co-ordinated with, private new construction of low

| It may be hard, said Mr. BaBy way of illustration, he said, shaw, but it would be much better State Nurserymen there recently was a candidate all around if salesmen and bro- Visit Local Businesses rent houses. When family taking an examination for a real kers could explain what they are! moves from a sub-standard dwell-| estate salesman’s license who was|doing to the laymen in clear, Indiana nurserymen will visit ing into one of the new units, the asked to give the definition for simple statements instead of re-/local nurseries as part of the pro-owner of the sub-standard prop-

“equity,” and he replied that itsorting to words and phrases gram arranged for the meeting SECITY Will ve seguired rine i {the Indiana Nurserymen’s Asso-| P 4 Ent t : Liw Enforcemen

ciation in Indianapolis on July | 8 30 and 31 { “The plan of rehabilitation un- ’ der law enforcement being The Indianapolis Landscape As-|/launched in Winston-Salem, N. C., sociation, host organization, has will include personal contacts

WE Celebrated : larranged a demonstration of tree with property owners by realtors, Total. housing production In moving machinery at Hobbs who will advise them of available

Stanley J. Peterson, a section June probably will show Some Nursery immediately after regis-/financing for improvements

supervisor in the miscellaneous increase over May as a result of the apnual ‘Public Housing| THD on Wednesday, the 30th, (needed to meet requirements of department at | A tour of Holcomb gardens on'the city ordinance.

like them to do for you.” other real estate men.

35 Years at Public Housing Starts Increase

[Administration rush to put - [| “2 ber of FHA projects a “con. the Butler campus later in the| Arlington, Va. realtors photo. afternoon will be followed by a 8raph neglected housing, contact owners to -encourage bringing it up to standards of the local ordiProgram as an- ance and are joining with buildes Maschmeyer, larg to form a nonprofit corporathe arrangements {inn to construct private low-rent committee, includes a tour of local houses on sites which have been nurseries with a picnic at Hills- acquired. dale to finish off the. day. “In Norristown, Pa., .realtors ” a {worked closely with city officials, {made a survey locating all property below standard, made propse i The Lem T, Glidden Realty Co. erty nshestions, 2 Tie ow. : reported their June sales to in-/ers urging tha ey bring their transtefrea Women Realtors Dine include the following properties: properties up to standard. Serv-

to Indianapolis in 1948. Lady members of the Indianap- 3130 N. Capitol Ave., co-operating ices of all real estate board memMarried and the father of three olis Real Estate Board will have broker os any ola bers were offered, gratis, to these

ga Gio:

istruction. | About 10,000 public housing banquet in Butler Union Building. {dwellings were started last month! The Thursday {to bring total output up to the | nounced by Jam {ceiling of 50,000 units set for fis-| chairman of {cal year 1952. { In the coming year, production will total about 35000 units, 15,000 less than the total for the i -— past 12 months and way under & the 110,000 authorized three years Glidden Realty Sales ago by Congress. Peterson —

day. i] Starting as a £3 process inspector = at the company’s 4 Hawthorne® Works, he has ing and inspection experi e n ce.

rank of section

were recorded by the belt of states bers of the Indianapolis Real Es- according to A. Naughton Lane, children, Mr. Peterson lives at a special dinner at 6 p. m. Wednes-! Kingsley Dr., co-operating broker owners in working out problems in the Great Plains area, Dakotas tate Board will hold their third |national president of Producers through Texas, and in Maryland golf tourney of the summer Council, organization of building

and Delaware. Nationally, the demand for

|Thursday at Hillcrest Country material producers, writing in the/of the Telephone Club. Tee off time is noon.

Ohio Architect Magazine,

AUDUBON GARDENS—Norman L. Kohls, executive of the Dodge plant, is the new owner of

fhis three-bedroom frame and stone home at 3729 Layman Ave. It was sold for Richard Colister

®

and wife by Butterworth & Co. Realtors.

sad &

{

3927 Parker Ct. He is a member/day at the Highland Golf and!A, H, M. Graves, Inc.: 5718 Hay- infvolved in complying. of the Hoosier State Chapter 16 Country Club, Reservations may erford Ave. 269 Buckingham Dr.,| “Pittsburgh realtors Pioneers v !

teamed

of be made at the board offices..and a 179-acre Jennings County with the Civie Club of Allegheny County, are launching a housing

America. farm,

ithel Bromert is chairman.

’ —-

BEECH GROVE—Raymond L. McCarty is the new owner of this two-bedroom, landscaped home at 335 N. 13th St, Beech " Grove. It was sold for Roy M, Johnson by the Edsel Realty Co. The home has automatic oil heat. |

rr.

were Mr. and Mrs, Harold Kirch and Maurice Bertram,

SOUTH SIDE—This attractive modern brick rancho at 65 W. by the McClanahan Realty Co. after a |-day listing. It was purchased by Robert Beeson. Sellers

ference room of the Lahr agency and in the Trojan Room of the Graylynn Hotel.

MAAN was organized in 1948, when a group of advertising agency principals from midwestern cities got together in Chicago, for an informal interchange of methods, procedures, experiences, and general information that would be interesting and beneficlal to the operation of their lagencies. | The network was organized and has since met regularly four times a year for a two-day session in one of the member cities. Fred W. Lahr, president of | Lahr Advertising, Inc., one of the founders, was the first president of the group. Melvin F. Roman | Advertising Co., 8t. Louis, ‘is {president of the Network this lyear. { In addition to the personnel of the Lahr Agency, and Mr. Roman, other agency principals in |attendance include: | Paul A, Kelly and Gladys Lamb, Kelly & Lamb Advertising, Columbus, O.; Allan J. Copeland, Chicago; Ted Brown, PerryBrown, Ine. Cincinnati; Harold Seigel, Advertising Associates, Louisville; Barton Alexander, Toledo; Vie Gelt, Ohio Advertising Agency, Inec., Cleveland; N. W, Mautner, The Mautner Agency, |Milwaukee; Kenneth B. Crawford, {Whipple & Black, Detroit; Roy Goettsche, Advertising Associates, Saginaw, Mich.; George Decker, F. H. Faber Advertising, {Ine., Minneapolis, | Informality and round-table idiscussions are highlights of all {meetings, but outside speakers have been called in for the pare {ticular sessions.

Maxwell Road wescsold reasitiy