The Real Estate Boom of 1881
A local column notes the rapidly inflating property values in Seattle, documenting how land changed hands for thousands in gold coin within a single year.
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.
As an indication of the advance in real estate in Seattle within the past year, two examples will suffice: Twelve months ago a lot on Main street near the powder house was bought by Judge Lewis for $1000. The Judge sold the same property yesterday to Jesse W. George for $4000 cash. Again, one year ago Judge Burke bought the lot on which was located the old Bow Stable, paying $1500 therefor. The same property was sold yesterday to Mr. George by Judge Burke for $5000 gold coin. The above are fair examples of the increase in values, and who will argue the next twelve months will not show a greater increase in proportion than the past has done.
“The above are fair examples of the increase in values, and who will argue the next twelve months will not show a greater increase in proportion than the past has done.”
The frantic speculation in 1881 Seattle property, where land values tripled or quadrupled in a year, feels like a dark mirror to the city's modern housing affordability crisis. Even in the 19th century, the 'boom' was being driven by the commodification of land, framing city blocks as speculative investment vehicles rather than community foundations.
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