Indianapolis Times, Indianapolis, Marion County, 10 August 1952 — Page 37
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Section Four
The Indianspols Tiles
EN
Real Estate ..........37-38-52 BUSINESS ..... covrevsnenes38 Small Home Plan ...........52
- Real Estate
SUNDAY, AUGUST 10, 1952
~ PAGE 37 | Classified ..... renee 39 5!
Real Estate—
We'll Have to ~ Wait and See |
By DON TEVERBAUGH Times Real Estate Editor
REGULATION X will be tossed out the window by Oct. 1—that much is quite apparent. But how much this relaxation of housing credit will influence the market remains to be seen. The biggest change will most likely be an indirect result. The
end of Regulation X will also end buyer waiting.
Stop and Go Housing
Under the present housing credy it control setup, builders are faced And it was this buyer waiting with what may well prove to be a (for the best possible terms) that “stop and go" future. gmashed a telling one-two punch at real estate activity in June. Nationally, it was the worst flop the market has taken in four
years. The index dropped 10.4 pace for the following three points. months, Regulation X will be Locally, the effect was remark- slapped back on again. ably less. Activity dropped only about 2 or 3 per cent under a Year ago. Under the recently amended Regulation X, down payments may be reduced to as little as 5 2 ’ per cent if the June, July and National $ Newest August housing starts run under| Last week end I drove up to the 1.2 million pace. That appea®s LaFayette with Bill Jennings and certain. Guy Whiteside of the J & L| Realty Co. J & IL are National IT IS ALSO CERTAIN that Homes dealers in Indianapolis home buyers here are not going and we were going up to attend to find mortgage lenders willing the introduction of National's to make home loans on 5 per 18953 model prefab. cent down payments. They'll hold! It’s a honey—about 900 square out for at least 10 per cent, more feet of well-planned, livable~floor likely 15. space. ‘Bill Jennings tells me There's a big reason for that. they'll be able to offer the three It's solid and just plain good busi- bedroom home here for about ness, $10,500. We've just about reached the They should sell a lot of ‘em. end of the housing shortage road. | They call it the Coronet and
\ ‘yy bg homer Jor buyers rn the Price brothers think so highly already own homes. In 90 per of it that they’ll drop all present cent of the cases, these are the models and work from this line only people who can afford to I the future. buy a new home. Their equity in' National really carries through their present home swings the the idea of prefabrication on this: sale, home--even to interior decoraLenders know this and with tion. They figure it saves the builders banging away at a near home buyer about $300—enough million home pace this year to buy ‘em a complete automatic they're worried about over-build- laundry. Ing. . | And that's what they're doing. And that's the big bug-a-boo With Coronet you get a Bendix In the real estate market. washer and dryer included. » td #
Amazing Argument . | |. was "INTERESTING to
The ciirrent issue of House and tour through the National Homes Homes magazine prints an Plant. Everything possible is] amazing editorial, done by machines. Huges presses It starts off . . . “The auto- chop out doorways and windows motive industry stopped making from interior wall panels. a cheap car 25 years ago . ..’ Special machines chisel slots And the theme is this: for door hardware and mount] Home builders might be wise hinges and locks with amazing] to concentrate on offering better speed. They do a half hour's Yale n in the work in two or three minutes. ; 9 000 price range, National Homes is now turnSather than attempt to build a ing out between 70 and 80 comeap minimum house. plete homes per day. Every truck
And that's not bad advice. Big- that rolls out from the loading ger houses on larger lots,
Regulation X now is curtailing home building. If it is cancelled this fall and building soars over the 1.2 million houses per year
That pretty well scrambles the necessary long range plans a builder must make if he is to build in any appreciable volume.
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range would attract more buyers leave the production line.
to the marke | older homes Lana open up more| myer volume is now only a few
Sider income fam- |}, ,ndred from the 40,000 mark.
selling qock carries a new number—the in the $10,000 to $13,000 Price homes are numbered as they
Homes In 2 Bridges Additions
TA I ET AN mE
5
6234 TUXEDO ST.—You may see it from 2 to 7.
Modern Methods Shown In 'Parade of
Doors across the nation will be thrown open during the week of Sept. 14-21, welcoming Mr, and Mrs. America to the world’s greatest “home show.” And the doors will be thrown open by experts—the-members-of the National Association of Home Builders. The group is again sponsoring National Home Week, known here as the “Parade of Homes.” Special celebrations are being planned in nearly 100 cities in all parts of the country, in addition to the national observance. Several million people are expected to see the new homes on display. “Sidewalk superintendents’ will have their day, too. In may areas special accommodations will be provided for those who want a
good look at modern costruction methods used today in home building. (Central attention during the week will be focused on the enormous production of new
homes in recent years, according to Alan E. Brockbank, Salt Lake City, president of the NAHB. Also getting headlines is the fact that home buyers in ’52 spend less proportion of their income for housing, yet receive
Two
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‘out a product that costs less for overlooks the rear
-Bedroom Homes Are Open
Millions of low income families! Color is important in the houstoday drive cars. They aren't new ing. market and the Price __ cars, but they generally are far Prothers know it. They've hired J better than a car built to meet One of the nation’s top color ex- fag their pocketbook could ever be, |Perts—Beatrice West. She did all The same situation would also the color planning for the Levitt be true in housing if there was Prothers and the huge projects. a more adequate supply of homes| And Miss West will be planning being built for people of mod- entire subdivisions for National erate incomes. {Homes dealers all over the &% That's the big frontier for to- country — as far as color goes. fi morrow’s home builder—a big- The effect integrated color has ger, better planned, more attrac- on an entire subdivision is amaztive new home for Mr. Average ing. Wage earner. And it can be done.
The Mortgage Future aon Reports
mer of Indiana University says
about the mortgage market: t “It is not expected that there! ) A es
will be major changes in mort-
The Sheehan Construction Co.
will offer seven houses for public
inspection today from 1 to 7 p. m. in the 600 blocks of S. Butler and S. Spencer Aves.
hese 700-square foot homes
EBs SINS nditions in the The Walt Veon Co. Realtors, have two bedrooms, a modern | “Total applications for FHA report the sale of 27 properties kitchen, a living-dining room
worth a total of $409,200 during *ombination, full basements, hardis i loan applications have dropped June and July. Wood -floofs. and 4isalbearing
Pears 10 have been a rising voljsars Mr. Yeon. 1¢ keeping 2breass oil. Other ah of the homes bi BLUVHY 12 Wore recent oe ann Pace. of ihe lap include 30 gallon gas-fired water
: heaters, complete screening (inSavings and loan groups have Demand “is still there,” says cluding basement windows), fiberupped their volume about 20 per Mr. Veon. Some buyers are follow- gjass insulation, a kitchen fan, cent for home loans and 15 per ing a policy of wait-and-see, but papered walls, weatherstripping cent for construction loans, he they are still in the market for and storm and screen doors. points out, but life insurance com- a home, he added. panies have tightened up on their The Veon sales staff includes purse strings. Bob Sturm, Virginia Leitz, McCord, Bob Durham, Wayne {, fit the room size. Dunifon, M. R. Davis, John 1p addition to latge bedroom Roy Sanders and Charles K. Hall. ¢losets there are four others, inSales include: 5805 Oxford St. cluding a linen storage space in sider the replacement housing 4465 Winthrop Ave. 3201-3 Gull- the bathroom. This room has market. ford Ave,"4901 E. 38th St. 4120 typ and shower with tiled walls, More than 80 per cent of the Pleasant Run Pkwy. lot Westfield Prices range from $11,150 to nation’s non-farm families live in Heights, 5140 Primrose St., 5329 $11,750. It'll take a down payhouses at least 10 years old. Many |Crestview Dr., 539 E. 37th St, ment of $2250 to $2650 to swing of these families cannot afford a 1812 E. Kessler Blvd., 6185 Nor-'a FHA loan for purchase. Monthnew home, but have enough money waldo Ave, 9286 College Ave, |y payments run about $58 per to modernize and rehabilitate, he 3917 Devon Dr. month, including all taxes and points out. Also 2215 Durham Dr, 5920 insurance. Particularly if the work can be Ralston Ave. 849 Berkley Rd. — financed over a period of 10 to 6059 Garver Rd. 6145 N. Tuxedo . 15 years. > St. 4849 Hillside Ave, 740 Sher. Builders Meet Construction costs, says Mr. wood Dr. 5383 Evanston Ave. The next regular meeting of Wenzlick, rose ahout 2 per cent 6116 Winthrop Ave., 724 S. Worth the Indianapolis Home Builders this year. You may be pretty sure Ave. lot 94 Beverly Heights, 1015 Association will be held at 6 p. m. there will be little change for the E. 60th St., 7924 Barlum Dr., 847 Tuesday at Fox's Steak House, rest of 1952, he adds. W. 64th St. the group announced today.
loans are above a year ago, GI
Tailored Cabinets
: Kitchen cabinets are all tailorBill made for the homes and designed
Replacement Housing
Real estate economist Wenzlick suggests builders con-
FOREST HILLS—Salesman C. J. Corbin of American Estates Co. sold this attractive threebedroom brick home at 5845 College Ave, for Carl B. Randall. The home includes a ment social room, 75x175. well landscaped lot and two-car garage. New owner is Richard Watson,
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Homes"
more for the money than in any period of history. Family income has
home is built in the newest sec-
increased tion of the firm's attractive Syl-
faster than construction costs, van Estates addition. although both are up, and financ- Five other. homes selling at ing. on long-term basis makes it more modest prices will be diseasy for the average American played in the 5800 block of N. family to own its own home, Mr. Rural St. in the Brockton AddiBrockbank points out. tion. Three aditional homes are The private building industry, now underway along Kessler he reports, has swung the na- Blvd. east of Rural St. tion from a “drastic housing A long. low brick rancho, the
shortage into the biggest burst new house at 6234 N. Tuxedo St. of home building on record. Close offers 1650 square feet of livabilto 7 million new homes and ity. apartments have been built in Just off the front entrance is the last six years. They have pro- a spacious living room with the vided comfortable, more-livable- new type paneled windowall. than-ever-before shelter for Walls are papered in ‘sandlenearly 25 million people. wood.” A marble fireplace and Most of these homes have been built-in bookshelves throw in a built at ‘“middle income” prices little spice. with the home builders turning! The full room, which yard may be monthly payments than the entered from ither the living average automobile. This fact room or Kitcher®and also has an and the new knowledge of de- entry from the recessed, knottysign and improved mass produc- pine paneled porch in front. tion techniques have stimulated! a home ownership until it has Attractive Breastfast Room reached the greatest heights All women will like the modern ever known. cabineted kitchen and adjacent! “It is this great fact of build- breakfast room. Wall cabinets ing accomplishments and the are wood and have sliding birch spread of home ownership that doors. Included in the Kitchen National Home Week celebrates,” are formica-topped work cabinets, Mr. Brockbank said. a built-in electric dishwasher, an
Today
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ERE TTY es
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Home Building | Builders Name Spurts in City; Drive Chiefs Gary Still Leads | A. H.M. Graves and Robert E.
Wirsching have been named to Home building starts in Indian- head the 12th annual membership
- . drive of the Marion County Resiapolis spurted during May, but dential Builders, John KE. Bauer,
Gary still ‘topped the Hoosler president, announced this week. state in housing starts for the Mr. Graves. who will act as first five months of the vear, ac- chairman of the membership comcording to U. S. Department of mittee, has appointed the followLabor statistics. ing team captains in the camAdding 230 starts in May, In- Palgn: : dianapolis climbed from 50th to Warren 2XM.c Atkinson, Joe F. 41st rating among the nation’s Goldsmith, Murray Bliss, Martin cities in home building with a A. Blunck, Milo R.
Dean Gaskill, C. W, An-
total of 716 starts—40 per cent Havill, over 1951. drew H. Jorgensen, Marvin 0. Gary with 840 starts was again Kirts, John C. McCormick, Louis 29th among U. 8. city home build- Moller, Edwin J. Murphy, John » O'Donnell, Robert Potter, Ray-
ing.
South Bend ranked'third in the mond F. Sayles, Eugene Sims and
starts: John Wilson.
Hoosier state with 417 Evansville had 281 and Ft. Wayne 273.
State NPA Offices to Close
Apartment Owners The Indiana State Office of the
Par Hold Summer ty National Production Authority
The annual summer party of wij] close Aug. 29, according to the Apartment Owners Associa- Wm, F, Rightor, district manager. tion will be held next Saturday The functions of the local NPA afternoon and evening at Forest office will be absorbed by the ChiPark in Noblesville, cago Regional Office, U. 8. DeThere'll be entertainment by the partment of Commerce, National Continental Trio and group sing- Production Authority, Room 1763, ing. A chicken dinner is planned I.aSalle-Wacker Building, 221 for 6:30 p. m. North LaSalle St, Chicago 1, IIL
SHEA SL A RY
FF
EAST SIDE—This. three-bedroom ranch home at 3507 N. Grand Ave. was sold recently for Dr. Robert V. Hill by the Barth | Realty Co. The home, now Qwned by Paul A. McNeely, features an all electric kitchen. eo.
By DON TEVERBAUGH William L. Bridges & Son, Builders, today will display six homes ranging in price from $20,000 to $32,500. Hours for public inspection are 2 to 7 p. m. Star of the company’s housing show beauty at 6234 N. Tuxedo St. The
Today
BROCKTON ADDITION—Close to shopping center.
Hohlt's New Offices wine tne sa2500 ATE Strictly Modern
“yt
exhaust fan and a neat little desk for the home-maker to plan her. day's activities. Located at the other end of the home are three airy bedrooms and two baths. The master bedroom includes a private bath and shower stall trimmed in gray and yellow clay tile. One entire wall is a wardrobe closet masked by a Modeérnfold door. All bedroom closets feature the folding doors. The main bath is unusually jarge and completsvwith-a bullt-in lavatory-dressing table, linen closet and (my favorite) a maga-| zine rack. Walls are done in two’ shades of biue, There's planning behind the home; you can see it as you look it over. Children won't have to! pass through the living or dining room to_ reach the kitchen cookie jar.
Basement Social Room
In the basement is a 13 by 30 foot social room with fireplace.! And an extra large two-car ga-
rage is built on at the north! "0 uF. Holt & Associates. Real Estate end of the home. Located at 234 S. Meridian St. The other Bridges homes on the firm's new home will feature
. display run about 1100 square & modern reception lounge, air, Boards Gain
feet in. ares an dcome in three. conditioning, indirect lighting and In Indiana
bed dels. Th ot Om wall to wall carpeting. edroom models. ey cos $20,000 up. -|. The offices offer about three, ,., .,...hi5 in the National As-
times the floor area of the old A dinette is located at one irm headquarters at 115 E. Mich- sociation of Real Estate Boards end of the living room. The igan St. has increased 1278 since the first kitchen is modern, well planned] There are separate departments of the year, bringing the July 31 land has many roomy cabinets. for the home building, property {ial to 48.502 realtors It's big enough to eat in, too. management, appraising and ac- I ini : th i 1 | ] All have full basements, oil heat counting services of the firm. n. joining their local real esland are fully decorated. Bed-| The additional space has been tate boards affiliated with rooms are good sized and have adapted for an architectural and NAREB, real estate dealers beroomy closets. drafting department which has come members of “the National Located in the 5800 block of N./been added to the other services Association and obtain the right Rural St., the homes are in Christ(0ffered by the firm, Mr. Hohit to use the term realtor. One of
MODERN MOTIF—The new offices of E. F. Hohlt & Asso.
ciates are ultra modern.
Strictly modern are the new!
{said.
DeHart, C. %
the King parish and close to a Presbyterian church on Kessler | |Blvd. The area is also close to] the. modern shopping center. at! Keystone and 52d St. | Representing the company at] {the luxury home on Tuxedo S8t.| will be Mrs. Helen Hirt, who has been with the firm for 18! years, | |, Sales representative at the {Brockton Addition homes will be Mrs. Alice Davis, a 12-year member of the Bridges organization, | All decorations on the homes
are planned by Willlam Bridges - Jr. You'll like 'em.
| APPRAISERS SPEAKER—Paul Starrett of Klein & Kuhn Co. will | present a complete industrial | appraisal at the coming meeting of the Industrial Realtors in Chicago's Drake Hotel, Sept. 12-13.
3-Bedroom
2)
(sald Mr.
Claude Sifferlen Joins Sales Staff Of Schuster Co.
One of-tHe city’s oldest building
material firms, the Schuster Coal
Co., has appointed Claude L. Sifferlen to act as JSales representa- |
tive. In announcing the appointment, James Harris, firm manager, Sifferlen was the first outside sales representative ever employed by the firm. Mr. Sifferlen for the past 10 years was with the U. 8. Gypsum Co. and for the last five years was Indianapolis representative. Previously he worked as an appraiser for the Ralilroadmen’s Federal Savings and loan Association, For the past three years he ‘has taught at the Purdue Short Course, sponsored by the Indiana I.umber & Builders Supply Asso ciation, The Schuster firm, organized in 1918, is an associate member of the Real Estate Board, the Marion County Residential - Bullders and the Construction l.eague.
Strong Market
I.atest reports of Reserve Board on spending point to continuation of a strong housing market for the rest of 1952.
Mr. Sifferlen
Ranch House Open Today
the Federal) consumer,
the requirements of membership |is subscribing to.a code of ethics {that assures the public of integ|rity and professional caliber service. During the first seven months of 1852, California scored the |greatest gain in new members with 249. Indiana ranked second with 135, followed by Texas with ‘134, Florida with 112, and Pennsylvania with 60. | Percentagewise, Alaska regis{tered the greatest increase of any state or possession, 46 per cent. {Among the states, Idaho ranked
first with a jump of 22 per cent, .
Georgia stood second with 13 per cent, North Dakota and Indiana tied for third with 9 per cent, and Arizona rated fourth with 8 per | cent. As of July 31, local real estate boards affiliated with NAREB to(taled 1121.
' Home Show Set for April
Dates for. the 1953 Home Show, the 28th, were announced this
week hy A. C. Crandall, president. The dates for the show are Apr.
10-19.
| { | | |
Mr. Crandall also announced the show’s new committees and chairman. They are: M. I.. Hall, General Plan and Model House Committee; Mrs. (Corwin Geyer Garden Committee; F. L.. Palmer, Judges and Awards Committee; Albert E. | Thompson, Opening Ceremony | Committee; Howard Gammon,
Public Relations and Education Committee; M. B. Esterline, ByLaws Committee; R. C. Lennox, | Ticket Committee, and E. G. Peabody, Traffic Committee.
SUBURBAN RANCHO—Russell Fortune Jr., realtor, will hold this attractive three bedroom frame
ranch home (4 miles east of Ind. 37 on 96th St.) open today from 2 to 4:30 p. m. The six-room
home has 10 closets, an owgrsized fireplace in the living room, and a fb dining room. Price tag ,
' reads $31,500.
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i ——