The Price of Progress on Second and Marion
A lucrative real estate flip on a prominent corner reveals the rapid transformation of Seattle’s downtown core.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
The property on the corner of Second and Marion streets, known as the Stetson & Post block, consisting of two lots and a row of four two-story tenement houses, was sold yesterday by Mrs. E. F. Thompson to Mr. John Leary for $45,000. Several years ago, Messrs. Stetson & Post bought these lots for $4,500 and erected the houses at a cost of $7,000. Some time ago, they sold it to Mrs. Thompson for $30,000, and now she has turned it for an advance of $15,000. Mr. Leary states that next spring he will excavate the earth from under the residences and build a row of brick stores the entire length of the property. The foundation and walls will be built sufficiently strong to bear the weight of a large block, which will be erected when Mr. Leary shall see fit to remove the wooden buildings.
“Several years ago, Messrs. Stetson & Post bought these lots for $4,500... and now she has turned it for an advance of $15,000.”
This 1888 land flip mirrors the frenzied real estate cycles that continue to define Seattle. John Leary, a titan of early Seattle development, saw the same potential for high-density commercial growth that drives current debates over the demolition of aging, lower-rent housing to make way for modern structures.
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