Stationery from the Pine Tree Hotel, “Where Summer Spends the Winter,” West Palm Beach, Florida.
Wednesday Night 9/15*
My Dear Sweetheart,
I spent quite a bit of the morning at Fulford and I am more enthusiastic about our investment there than ever. For one year it is a wonderful development, but of course there are not very many homes at this time. The ones constructed are high class and every improvement made is in line with their building restrictions. The first addition, and the one in which we are interested is the one they are developing as a show place for prospects. Our little 50 ft x 150 ft lot does not look big when you see the plat of ground, but its location is about right. According to the company’s list of prices it is now worth $3150. They tell me that in another year it should & will be worth ten thousand. The Co reserved lots in every block on which they will build or which they will not sell unless the purchaser bonds to build at once. The prices seem ridiculously high when compared to city prices in Dallas, but only people with a bunch of money can afford to live there and these are the ones who are building and buying homes. Some rich man will buy and build on the corner next to our lot and will want our lot so that he can have a hundred feet on the front. He will pay us a good price for it too. I did not list it today, but am of the opinion that the best time will be after Christmas when the tourists come for the winter. I believe that we will realize enough out of it to go a long ways in getting our home. Believe me it will be mighty welcome too. The prices of everything are awfully high on the East Coast between here and Miami and I have no desire to live here. Wages, salaries etc are high too, but of course mine is the same whether I am here or any other place. The real estate people get 15% for re-sales, but we won’t mind that.
You will probably think that we should sell or list it now, due to the nice profit and I would have the same opinion if I had not gone down there. But the developments in sight are going to make it increase rapidly in the near future. I had to visualize it when it was pine woods and it took nerve to put $1250 for the lot. It would not take as much nerve to pay the $3150 at this time.
They are getting $7500 for lots in another addition north of us, which are one block from an artificial lake. There is nothing up there at this time, but they have given land for the proposed University. Water front property was sold for more. We picked the right place last fall. Here is a rough drawing.
This isn’t much of a drawing but it will give some idea. Classy buildings now on both sides of Fulford Blvd. west of Flagler Blvd. Just south of ours.
I love you,
Wrong date – the postmark and contents show this letter was written 10/15.
Historical notes: Fulford was renamed North Miami Beach in 1931. The neighborhood in the drawing is approximately here on a modern map. Flagler Blvd. became NE 19th Ave., and Fulford Blvd. became NE 172nd St. If you don’t mind spoilers, you can read about the first Florida real estate bubble, which was in its late stages when Walter wrote this letter.