Indianapolis Times, Indianapolis, Marion County, 21 September 1952 — Page 39

Page PDF (8.63 MB)

Back to issue view

Folks Who | of Eating at

3924 ) St., Indpls.

asont to Eat i. to 8:50 P,

anted

“URL n Oil anents

Cold Wave

ling ut, Cream

air Style

. |

—

arators

hadley adshaw Adkins

; Monday end e as late

here at last waited for. for short or ecially good 8, hair. aa n na lsh the hair to the scalp

a deposit of anaind ' NeXt WRVO.aamnm ———————————

sult the yellow r telephone diphone number ite Allied Flor-

3 —

mp ———a—

Section Four

Real Estate

The Indianapolis Times

3 oN

SUNDAY, SEPTEMBER 21}, 1952

§ PAGE 39

Real Estate .........39, 40, 56 Business Small Homes Plan ..........56 Classified +.vvonveeaneed-DR

ash

Last Chance

St Toda

RE dad LS

Homes

2 8

ends today, it'll be your last chance to inspect the hun-

new homes.

TODAY'S THE LAST DAY—The Parade of Homes dential Builders thd past week. Pictured above is the held open today by the builders. Prices ran Greenway Estates Addition of Meridian Construction Co. Houses at 6215 and 6307 N. Parker Ave. will be

$21,000 to $24,500 for the three-bedroom,

e from

175-bath,

| | | |

il Needed To Purchase A Home

y To View Parade O

Down Payment a Must

‘Though Reg: X Is Dead

| Regulation X or no, you'll have to have the dough ‘when you step out to buy that new home. That's the word from top Hoosier mortgage makers, | surveyed this week by The Times, following the suspension

{of credit curbs on new housing. | General expert opinion was that {relaxation of down payment de-| {mands would have little practical |effect. There is one dubious advantage. {It is now again possible for home {buyers to obtain (own payment {loans for’ the purchase of a new| home. But ther8 are few mortgage firms which will grant mort'gages to buyers who have had to {borrow the down payment. | | The tight mortgage market, | which has existed since mid-1951, gives the whip hand to the len-| der—not Uncle Sam. | - Today, unlike immediately following World War II, the com- | petition is on the other side of {the fence. The scramble is now {among borrowers, not among lenders. And that lets the lender call his shots.

20 Per Cent Net Income “Lenders will continue to de-

* dreds of homes held open by the Marion County Resi-

By DON TEVERBAUGH imes Real Estate Editor

HERE'S ONE BIG FIGHT that won't be put on TV. It's the nation-wide battle over rent control. now landlords and tenants are swinging verbal haymakers back and forth before the city councils of most large cties.

Sometimes the haymakers are more than just verbal.

In Chicago, after asking the)

eity council to extend rent controls beyond the Sept. 30 deadline, Mayor Kennelly was chased into the gent’s powder room by a host of irate landlords, And in St. Louis, the president of the Real Estate Property Owners League, charging ren tcontrol was communistic, was thumped solidly by the brief case of a labor leader. : 0, And so it goes across the nation. Except in such critical defense areas as Indlanapolis. Here, as in other such designated areas, the deadline for rent controls is Apr. 80. ” ” ”

RENT DIRECTOR Louis Schaefer reports landlords and tenants have been flooding the Indianapolis rent office with telephone calls under the misunderstanding rent controls end here Sept. 30. So far, the tenants are winning the national rent battle by about a 2-1 margin. Leading their forces are the CIO and AFL labor organizations. And here's something that may surprise you—and members of these two unions. Sw.venty-six per cent of the CIO and 89 per cent of the AFL members are property owners, union officials say. BOTH SIDES offer surveys to prove their arguments—it's their Sunday punch. And about the only thing they’ll agree on is that “the other guy is wrong.” Those opposed to rent control say there is plenty of rental space,

Real Estate—

Battle of Rents National Issue -

Home Parade “| Sales Heavy During Week

Folks aren't just out looking at houses this year during the 5th |annual Parade of Homes—they’re |buying. If you're interested, betiter hurry, today’s the last day. A quick check of the Marion County Residen-| tial Builders showed they had sold more than, i 50 new homes

| |

And right

| | | selling prices were up only 2.7. | Last year they really hopped Building costs jumped 5.8 in| 1951 and sales prices soared 13 per cent. And these facts mean prices today are going to be determined by the buyer—not the seller—particularly on older houses.

Parade, man Carl F. Spickelmier announced. § One builder, : Joe Goldsmith, Mr. Spickelmier S010 23 houses. than he had planned to build durwn =" |ing the remainder of the building . |season. ; Veteran Housing Mr. Goldsmith builds a a fourIt looks like there’ll soon be bedroom, 1l2-bath home which some big changes. in VA housing features Thermopane windows, regulations. six closets and perimeter heat-

Rep. Olin Teague (D. Tex.) Ing—all for $13,100. says he'll introduce quite a few] Had Planned Only 20

during the first g four days of the © Chair-

amendments to the GI Home| yp, originally planned to build]

gress convenes.

to certify the home has been|;ity’s Northeast Side. built to meet all minimum stand-| You can see a model home of ards of the VA. The builder would his at 5950 E. 42d St. today. {then be liable in the courts it Other buiMers reported sub[the standards had not been met. stantial sales, too, despite ex- ; : . - |tremely bad weather on opening Embarrassing Questions day. J & L Realty sold five While we're on the subject of homes, Justus Construction and) [veteran housing, there are two Home Building Corp. four each, | big questions that must be in the 37 A. H. M. Graves sold three. mind of every'GI who'd like to] But generally, the sales will buy 2 Bome: come later this fall and winter. . * __|People want to shop and look ONE—Why can't IT get a GIland then discuss what they've thome loan? {seen before they buy. | TWO—Why can’t I get a di-| Builders are optimistic about {rect loan from the VA? |buyer interest this year and feel The answer to the first ques-|/the demand for well-designed, tion, of course, is the low 4 per well-built homes still is consiscent interest rate does not com- tently strong. pare in earnings with interest | |paid “by other investments now |

available. Savings Groups

And answer No. 2 is Congress

Loan program when the 83d Con- ony. 20 more this year as a :

] starter on his 248 home subdivi-| | His plans call for the builder sion, Meadowview, located on the §

builder Joe Goldsmith in a brand new subdivision. I'll be open today.

. BONHAM PLACE—Typical of one of the six custom-like homes open for display today in the Parade of Homes is this $21,250 beauty at 3131 Bonham Drive. These homes range in price from a

standard two-bedroom at $16,700 to a $29,000 completely equipped luxury job.

MEADOWVIEW HOME—If you're shopping for space in that new home, here's a four-bedroom rancho that's hard to beat at the price—5950 E. 42d St. It's the first of 20 new homes planned by

_|{net income,” said Fermor Cannon,

mand equity financing where monthly payments will not exceed 20 per cent of the family's

| ‘builders probably will

| X ment by about $500 on homes in

receive most of the mortgage money

{available as long as the scarcity | exists, he pointed out.

The relaxation of Regulation will mean a lower down pay-

the $16,000 price range, Mr, Thompson reported. Under the regulation, down

payments on these homes had been about 25 per cent of the sales price. For luxury homes—those costing more than $25,000—down pay=

| ments may drop as much as 10

per cent. But generally, lenders say, they'll insist on a down fpayment of at least 20 per cent of the sale price. And as Mr. Cannon puts it, “Anyone buying a $50,000 house ought to have enough money to afford it.” What does it all mean to you, the home buyer- Well, builders say they'll have to build fewer houses because they are getting harder to sell. And if they can’t sell them, there is little sense in

president of Railroadmen’s Savings and Loan Associaticn. And you can accent that word “net,” he advises. For the average family today, taxes eat up about 20 per cent of their income. In cold figures, a family earning about $4000 per year should not spend more than $62 per month to retire the mortgage on their home and pay insurance and taxes on the house, according to the lenders viewpoint. When a family gets to paying more than 20 per cent for this, it starts to eat into money that

building them.

New Furnaces Save Space in Modern Homes

With space at a premium in today's new homes, there is one spot where the home buyer gets a break--in his heating plant,

normally would accumulate for a rainy day. And any sudden emergency could jeopardize the mortgage, Mr. Cannon sald. George Dirks, partner in the McCord -Dirks Mortgage firm,

rates. Lenders Choosey

the most favorable loans,”

said.

houses, he predicts, Biggest. worry of the home builder's is the apparent misinformation the public gets from Washington anhouncements of suspension of Regulation X. “I don't know why, but we builders get blamed for these high down payments. They sure aren’t our idea and we don’t like ’em any better than the buyers do,” commented one puzzled builder. “This entire interest rate deal on FHA and VA insured loans is lan obvious political strategem,” snapped another. “Actually, the buying public isn't complaining about interest

North Siders Report Another Booming Week +

The Associated North Side] Ford Woods & Realtors had another booming|lyn Ave.

week of sales, Chairman Guy|

R. E. Peckham—14th and Illi-

Co.—5720 Ross-

Breakfast of

the Real

Set Breakfast For Realtors

The fourth annual Ham 'n’ Egg| But there appears little likeliEstate hood of any increase in either

rates—just the down payments,” pointed out Tom Grinslade, executive of the Grinslade Construction Co. “We've had quite a few veterans tell us they'd be glad to pay an[other half per cent interest to [get a VA loan,” he added.

those for it say there is not pag not refilled the coffers of the

enough. ‘ VA home loan program. Word To Convene in If you accept the findings Of from the local VA office is that) The Windy City

the U. 8. Census, as made in {ner allotment for this quarter| 1950, Indianapolis has a vacancy js enough to offer about two di-|

Boyd Jr., reported this week, list-| nois Sts. ling 52 transactions worth $816,-) Walt Veon Co — 5617 Enright 1428. { Drive, 4532 Indianola ,Ave,, 3919 | Secretary Wayne Whiffing re-| Hillside Ave, 923 E. 56th St.

The United States Savings and! 404 the following sales for 6351, 6379, 6381 and 6360 Forest

Board will be held at 9 a. m. Oct.|VA or FHA interest rates. 2 in the Columbia Club, commit-| Builder Albert, Thompson, a natee chairman Robert Butterworth tional director of the National announced this week. |Association of Home Builders, Donaid F. {just back from a directors meet-

f rate of 2.2 per cent, According to the very best recognized housing experts (not the goternment) this means we still have a housing shortage. A vacancy rate of 5 per cent is said to be “normal.”

Tea Party

Realtor Aileen Kleiber came up with a really new twist in an ad this week in The Times. She's invited you readers

day at 5327 Guilford Ave.

tolin Indiana during July were $38,“tea,” which she plans to serve|754,000 or 3 per cent lower than at a home she's holding open to- in June, it was stated today by F. it’s |W.

Loan League today announced | el rT for each county in th plans for a “Personnel Workshop | : {for Savings Associations” at the | Applications are running about paimer House in Chicago on Fri-|

460 per month. : tday and Saturday. Pe 2} | And that’s the picture, not a y ¥ Egontiel of

ficers from more than 150 sav-| very bright one, either. |ings institutions around the couneeee—————————— {try are expected to attend.

Building Contracts

staff,

construction]

Corp., | “Personnel problems in our in-

Dodge

a two-bedroom Spanish type, if news and marketing specialists. | ii tione have grown increasing-|

you're interested.

Costs 'n’ Prices

Engineering News Record has just completed an important sur-

The total for the first seven { ly important in th | months of the year was $253.224,.| 3, Sapas ar’ In vag face of 2 ught/

000, an increase of 8 per cent OVer ,.iac amount to nearly 50 the comparable 1851 period. \ Re ro per | Individual E Heaore showed| Cnt Of lhe total operating eX - idential. £ Iv at $16. Penses of savings associations non-residential for July »*| throughout the country,” said Mr.

vey. It shows construction costs 376000 down 9 per cent from gtrunk.

J / | have gone up more than selling| june, : prices—and you know what that )

means.

Sing

al IRE \

WESTFIELD HEIGHTS— William : Yad baths. 3. de lus kitchen and modern Freplefh stone three-bedroom rancho built, by Robert Smice.

Among the speakers will be

ana University, who will discuss| “Executive Problems in Personnel | Administration” at the Friday! morning session.

Public and private works and

Joubert and wife from ia purchased this sew Bedford

of Johnsen Realty: handled sale.

on wii

Norman Strunk, League exec-|-

the group: | View Drive.

Jack C. Carr, Inc.—5914 Wash-| ington Blyd:, 419 N. Bosart Ave, residence in Westfield, 2713-33 N. Way, Dearborn St. 4701 Young Ave. Realty Co. 1312-14 W, 34th’ 8t., 2915 Winthrop Ave: a Gil Carter Co.—5336 Broadway, 6371 Monitor Dr,, 5656 Primrose Ave. 3837 Carrollton Ave.

Fieber & Reilly—3514-16 Park- peck Co.; er Ave, 3724 Manor Court,.912-14 Heights. E, 224 St.

Robert E. Walker—6165 Guil- 4000 N. Meridian

iQakland Ave,

lot

Bruce Savage Co. Ave. Haynes Realty Service — 5081 Norwaldo Ave. Knight Realty Co0.—1252 Ro- LT chester Ave., 7836 Forest Lane. | 55 Per Cent Uptown Realty Co.—3560 Car-| rollton Ave., 723 E. 36th St.

American Estates Co—| 4703 E. Kessler Blvd., 4144 Broad- National co-operating broker Uptown tute of Real ; 5132 Carroliton Ave. Estate 6213 E. 24th St. broker Hugh Teeters Co.; 530 N. realtor,"witl be

The Spann Co.

F. C. Tucker Co.Road, 2631 Ryan Drive.

| The National Savings and Loan) {League reports the net inflow of Bruce Savage Co.—4203 Cor-|gavings into savings and loan as-|

Moore past

Insti-

Brokers co-operating and ‘Chicago

5608 Indianola guest speaker at

|Ave., 3070 N. Delaware St. 7489 the event. N. Illinois St., 807 Forest Blvd.,| ¢o-operating broker Edgar Brod- will discuss such

A special panel

22 Spring Mill topics as: Indus/trial and PropInc.—Lot at erty ManageSt., 2149-55 Col- ment, Modest -

pensive Homes, 3520 Watson

— _—,_— James Better Savage.

nelius Ave., 1413-15 E. New York|gociations for the first seven Moderator.

Residential awards of $15,622,-| ony F. Mee, chairman of the de-|St., 2065 Highwoods Drive, 4413 mcnths of 1952 was more than

000 weer up 13 per cent OVer partment of m _| Prim : The survey was made over the June. pa 0 anagement, Indi-| rose Ave., 4462 N. Delaware $1.7 billion, 55 per cent higher

period July, '51 to July, '52. Dur-| ing that time the building cost utilities at $6,756,000 were down index climbed 3.5 per cent while 17 per cent from June.

St., 3623 Watson Rd. than the same

Sharon Ave. savings.

recently fo Floyd Baringer and wife,

RE ai

] PALMER. ADDITION—This brand new two-bedroom brick Drive. The house features two .ancho at 1651 W. 57th St., built by F. L. Palmer & Son, was sold

School Ligh

period of 1951.

president of the

W. Pennington,

Mr. Priced

Panel members include William

* Earl B. Teckemeyer will act as|

ting

Standard daylightin ractice| Gerdenich Co.—2244 W. 65th St. These associations now hold $17.8 for school Ap

Edgar E. Brodbeck Co.—5712 billion of the nation's individual candles _of

farthest from the. window,

a Sb

- UNUSUAL DOUBLE—This double at 5120 University A al and ranch type archfoctirs. It was sold by Bill of th Daves, |

Butterworth -

Homes, Realty Firm Gains ford Ave. co-operating broker lege Ave, 3201-07 N. Arsenal Medium-Priced Homes, and Ex-

/ing in Seattle, confirms this. “VA and FHA home loan of{ficlals attending the NHAB di|rectors’ meeting ‘were: very em{phatic that no rate boosts would {bé made,” he said. “Mortgage leaders attending the session reported the mortgage jmoney market was the tightest in years and competition for investment money was very keen,” Mr. Thompson said. The better, well-established

National Franchise

ing House.

lin

John J. Logsdon, president of] |A. Brennan Jr. ‘Aileen Klaiber, the Peoples Business Exchange Tank Corp.- has been opened in c./and Realty Co., announced this! Indianapolis with offices at 3854 Moldthan, Charles Rennard week he has been awarded a Prospect. St, J. S. Crump, man-

Joseph H. Argus and Bru + {franchise and membership in the ager. du eC [National Business Broker Clear 8

“Not only have the heating |equipment manufacturers brought {their prices down through mass production, they’ ve redesigned equipment to take up far less floor and ceiling space” said

stressed the continuing shortage pgyq Pedigo of Central Supply Co. of mortgage money and blamed

tob-low VA and FHA interests pew perimeter heating system

As an example, he thumbed at

furnace produced by the Coleman |{Co., which takes up only 6 square

“As long as mortgage money 18 feet of floor space. at a premium, lenders will make

Small Ducts When you compare this with the huge, old-fashioned type fur

Down payments will continue paces that crouch like upside-

to be 10 to 15 per cent in the jown spiders, it's pretty easy to lower price ranges and 20 to 25 gee R opi he a yy

per cent in the medium priced And the heating ducts are

small enough to be run through the stud space—they’re only 3% inches in diameter. And, of course, today’s furnaces are far more efficient, pushing through at least 50 per cent more heat for the fuel dollar, he said. ‘Today's furnaces are so small, you can never be sure where you'll find them in the new homes. They can fit into alcoves, closets, even in the storage end of an attached garage.

Way Eased for Home Buyers fo

Borrow Money

The end of Regulation X again makes it possible for home buyers to obtain down payment loans for new dwellings, Ernest R. Lee, executive vice president of Indianapolis Morris Plan, said today. “Under the terms of Regulation X, prospective buyers of new homes were not permitted to borrow from two sources,” Mr. Lee. sald. “This ruled out secondary loans made where the purchaser did not have enough cash to make the down payment. “Although Indianapolis Morris Plan does not make mortgage loans, it has specialized in down (payment loans for many years until: forced to discontinue them by Regulation X. These loans are again being made, and usually the loan {8 made for two years,” Mr. Lee stated.

New Firm Is Opened Here

A branch of the Bitton Septic

One of 30 branches of the parent firm in" Dayton, the firm will

Now entering their sixth year manufacture and sell the elliptical the real estate field, the firm shaped cement septic tanks, which

has just completed their best sales are approved by the State Board

quarter in its history. With Mr. Logsdon are sales-

Clark Electric on

* a

{of Health, U. 8. Health Service and Marion County Building Com-

is to have 30-foot-men A. B. Forler and Carl E. mission, light on the desk King. They've been with the firm | _ since it started.

The tanks céme in size§ rang. ling from 500 to 1500 gallons.