The Real Estate Fever That Never Broke
As coal shipments swell and new wharves rise, Seattle’s property market remains feverish in May 1889—just months before the Great Fire reshaped the city.
The real estate fever, though far from having subsided, continues to grip the territory. The average product of the Newcastle mine is now about 750 tons of coal per day, fueling both local industry and export.
In Olympia, work on rebuilding the burned district has already commenced. N. Toklas will erect a brick building on the corner of Main and Fourth streets, and Robert Frost is also talking of building a brick structure. On the whole, there isn't much conflagration, though somewhat disastrous to individuals, it will no doubt prove a benefit to the town.
Meanwhile, in Seattle, the elegant residence being erected on Sixth Street by Joseph Montgomery will be one of the most stately buildings in the city. Work is progressing satisfactorily, and Mr. Montgomery expects to move into it by June.
New infrastructure looms large: The new piledriver built by Herbert, Miller and Warren, named the 'Excelsior,' is now completed. Its first job is to tear down the old Stacy & Collins wharf, recently purchased by the Railroad Company, preparatory to driving piles for extensive wharves and warehouses soon to be erected just north of the new coal incline.
Real estate transfers are brisk. D. B. Ward sold 14½ acres of land on Lake Union for $4,090. F. Bollman sold two blocks in Bigelow's addition for $1,000 each. The creditors of John G. Hodge, the well-known stationer, have petitioned the Court to have him declared an involuntary bankrupt, with principal creditor Capt. James H. Lawson holding $5,967.
This snippet captures Seattle in a moment of fragile confidence just before the Great Fire of 1889 destroyed much of its commercial core. The mention of 'real estate fever' and new brick construction highlights the rapid, speculative growth that defined the era—a boom built on timber and coal that was nearly wiped out by fire, forcing a rebuild that created the modern city's downtown grid.
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