Speculation on Washington Street
A quick property flip in Seattle nets a 70 percent return in less than a year.
Henry Fuhrman yesterday sold a fractional lot on Washington Street, seventy feet west of the southwest corner of South Third Street, to the Smithson Land Company for $6,000. The lot measures 20x80 feet. Mr. Fuhrman had purchased the property just eight months prior for $3,500, realizing a profit of $2,500, or over 70 percent, on his investment.
“Mr. Fuhrman bought this lot last fall—about eight months ago—for $3,500, so he makes a profit of $2,500, or over 70 per cent, on his investment.”
The rapid churn of real estate in Pioneer Square remains a core element of Seattle’s economic identity. This 1892 flip reflects the same speculation pressures that define the city's housing market today.
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