The Price of Seattle Real Estate
A speculative look at the rapid inflation of downtown land values on Front Street.
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.
In 1879, Mr. Wm. Walker of Port Gamble bought an inside lot on Front street, between Columbia and Marion streets, for $1400. There were two small houses on the property, which have paid a steady rental ever since of $30 per month. Mr. Walker has refused an offer of $22,000 for the property, and actually refused to set a price upon it. However, a few days ago he leased the lot to some parties from the East for a period of five years, at a monthly rental of $125, and the further consideration that the lessees put business houses on the lot, and turn them over to him free of expense at the termination of the lease. The parties are now at work moving the present buildings further back on the lot, so as to put up stores on the front. Mr. M.S. Drew, also of Port Gamble, bought the lot adjoining in 1878 for $1000, and has recently been offered $15,000 for the property, which offer he refused. Such has been the advance in Front street property during the past few years.
“Such has been the advance in Front street property during the past few years.”
The transition from small residential houses to high-value commercial leasing on Front Street (now 1st Avenue) captures the exact moment Seattle pivoted from a frontier town to a high-stakes investment market. This 1883 cycle of land-flipping and commercial development established the pattern of land ownership that continues to drive the city's housing and commercial struggles today.
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