Jul 04 2011 05:57 pm
Posted by Natalia Abramov-V. under July 5 Assignment
Florida land boom of the 1920’s
During the 1920’s, urbanization took place on a wider front than even before. While, New York was famous as the most commercial and creative city in the world, Florida was enjoying rapid economic growth, and Miami was becoming known as a tropical paradise, stirring the interests of investors from across America. It was the time of wild real estate speculation known as Real Estate Boom of the 1920’s. During this time, the stock market was moving forward at an extremely fast pace and many investors were becoming quite wealthy. As the boom gained speed, residential and commercial lots were sold and resold several times during a day, and prices spiraled. Celebrities and tourists flocked to the area, land sales increased astronomically and as a result land prices went up. Miami prospered during the 1920’s with the increase of population and infrastructure, but weakened after the real estate crash and the Great Depression.
Sources: Chudacoff 177; http://en.wikipedia.org/wiki/Florida_land_boom_of_the_1920s ; http://www.library.hbs.edu/hc/crises/forgotten.html
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