September: Time To Clean House
2 weeks ago
Then occurred the school lot sale, which gave the final impetus towards a real boom in prices and a boost for speculations which culminated in the great boom. Of course, no one was contemplating such a thing as a boom then; indeed, few knew the meaning of the word in Pasadena, but it was nevertheless smoldering and needed only some spectacular event to introduce it...Even Mr. Wood won a bid for a parcel. Here's an excerpt from a Los Angeles Times article:
...During that year that had passed, the village of Pasadena had grown like Jonah's gourd, and became a town of nearly 10,000. The boom had smitten it and was at its apogee.
...J.W. Wood paid $3,750 for 25 feet front on Colorado St. Mr. Wood intends to put up a good building upon the lot, which is a very valuable one for business purposes.The total amount received for the Central School lot sales was $44,772. Imagine what five acres in Old Pasadena would go for today!