The Seattle Realty Boom of 1889
Capitalists scramble for Seattle property as prices hold steady and interest rates undercut New York, fueling a city-wide building surge.
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.
Transfers in real estate to date during the year 1889 aggregate $8,278,912.50. The real estate world for the first four months of 1889 has duplicated that of 1888 for the same period. In March 1889, sales were notable, and the market was stimulated greatly in the months ending April 27th. Prices have maintained an unfailing steadiness, with a notable increase during the past twenty-seven days. A very heavy percentage of the sales have been of outside property, during a time that an air of quietness has been apparent in the market. The dearth of sales in business realty has been due to the unwillingness of holders to part with property and is not in any degree accountable to a lack of demand. Quotations on this class of real estate are hard to obtain. Seattle has more to fear from a 'boom' than from any other cause, said Mr. W. H. Llewellyn, of Kelleman, Llewellyn & Co. 'I do not know when the outlook for a very heavy immigration has been so plain. This immigration, too, is composed largely of buyers, builders and improvers, and I think that during the summer we will see such a movement in building as we cannot now suspect.'
“Prices have maintained an unfailing steadiness, and have shown a notable increase during the past twenty-seven days.”
The 1889 report of a 'dearth of sales' in business realty due to owners holding property, coupled with an influx of new residents, mirrors today’s Seattle housing market, where inventory shortages and developer speculation remain central to the city's growth struggles.
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