The Renton Addition Gold Rush
Before the neighborhood existed, Seattle land speculators stoked a frenzy for 'prime' lots along Madison Street, capping sales to prevent a total buyout on the first day.
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.
Those intending to purchase lots in the Renton Addition will please make a note of the fact that the first sale of lots will be inaugurated Thursday, April 18. From present indications, it is evident that unless some restrictions are imposed, many will be disappointed in securing lots at the first day of the sale. Consequently, it has been decided to allow no one person to purchase more than two lots at the first sale. We think all who are interested in securing lots in this addition will appreciate this action, which has been found necessary so that all will have an opportunity of getting one or two lots. Probably not more than fifty lots will be offered at the first sale, and these will undoubtedly be sold the first day. We have a contract from Captain Renton for the sale of 100 lots, but are so confident that a cable road will be built out Madison street this season that we shall sell only half of the 100 lots at present. The balance will be held until there are further cable road developments. The cable road people have been making heavy investments in acre property on Madison street, and Fred Sander, one of the directors and most active members of the cable road company, has offered to purchase of us a full block in Renton addition at full list prices and guarantee to erect thereon a $40,000 residence. We were obliged to refuse the offer, however, because of the rule adopted to sell not more than two lots to one person.
“We are so confident that a cable road will be built out Madison street this season that we shall sell only half of the 100 lots at present.”
This 1889 advertisement captures the birth of Seattle's 'land rush' mentality. The promise of transit-oriented development—specifically the Madison Street cable car—driving up property values on the 'second hill' feels uncomfortably familiar to residents navigating modern Seattle's housing and transit-corridor booms.
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