Evening star., 1926-03-14
.FL0R|DA'S BOOM"
.0vER, EXPERTSSAY
4
Spectators Find
/ Sterilization of Develop
/ ment Has Set In.

By the Consolidated Press.
d MIAMI, March 13.-"John Binder,
erstwhile prominent figure in Florida
realty transactions. Jared forth the
other morning to sell for $4,000 a lo'
which he had bought the day before
for $4,000 on a 500 down payment
and failed.
1t was unique experience foI
John" and confronted with almost
certain loss of his $100, he began
broadcasting lusty walls To the gen
eral effect that the bottom had
dropped out of Florida real estate
And John wasn't far wrong. ne
bottom has dropped out SO TAR as the
shoestring spe culator Is cohcerneu'
Roseate prospects for overnight rlches
from inconsiderable investments nave
faded SO utterly that they cannot pe
reflected even by florlda Hiuc"
press-agented sunshine.
The "I.told-you-so" chorus mas
taken up Johns refrain with such
cllsto as to effectually drown OUT III
some quarters at least, the GROWING
sy,nphony of the steel riVeter nam
Iner and the carpenters saw that no"
Is heralding F}ori0a'S greatest seasoi'
of constructive building.
Passing Of Boom" Pleasing.
In the business circles throughout
+bo state the consensus of opinion Is
that the boom" days have gone loF
good The good" is emphasized pF
practically all of the big developers
in Florida, who welcome the passlhs
of the speculation era. Some eXpect
q temporary furry in real estate, out
all agree there will never De re-
occurrence of the hectic Summer Gays
of 1925, when properties changed
hands four and Ave times day OH
''binder" payments.
With the passing of the olnder
bows" recruited largely from ranks
of shoestrirg operators and transien'
real estate dealers who carry their
Office about with them in the generous
pockets of their linen knicktrs. mas
gone a condition which last Summer
treatened to undermine the true de-
yelopment of Florida.
The price Of property in many out
lying sections all over tn" state has
Stunned and literally thousands OF
spectators are being treated to the
not unusual experience of holding
the bag" Frerzied buying at any
price has become cautious but In.
cors:d rable buying at bargain prices.
Thousards Of building lots were staked
cut during the boom period and the
inevitable law of supply and demand
Is again doing business at the old
stand.
Rents Are Rednced.
With deHation in value Of less de-
sirable property has come reduc-
ton in rents Living costs are not yet
by any means normal, but the white
collar worker who has borne the
brunt of the boom prices now may
presume to hope. In fact, he can
expect to enjoy furnished apartment
at Miami Beach this Summer for near
$50 a month and in Tampa, St.
Petersburg, Jacksonville and other
more northern Florida cities he may
do even better. The coming Of Sum.
mer always is accompanied by
slump in rents. but even the land
lords admit that next Winter will see
a material reduction in housing costs.
Practically all Of the big develop
ments throughout Florida are far
ahead of their sales schedule. Miami
Shores, north Of Miami. is a full year
in advance of its sales program. ID.
p. Davis of Tampa, one of the lead
ing developers Of the west coast. has
taken his more important properties
temporarily off the market to give full
attention to his improvement pro-
gram. Coral Gables, near Miami, now
in it's third year, has sold $35,0O0.0O0
worth of property. on which rs per
cent or more cash payment has been
made. and S17,O0O,00O, on which less
than 25 per cent cash has been re-
ceived
Big Construction Planned.
George Merrick. developer Of Coral
Gables, has announced and already
has under way a Summer building
program that contemplates expendi-
ture of millions. In Miami survey
of construction already begun and
projected by reliable concerns or In
dividuals reveals that 1925 building
will be near rs per cent over last
years record mark.
February building permits show IL
Florida cities represented among the
25 ranking Southern cities. In every
instance the Peninsula State cities
reported substantial gains over the
corresponding period last year. Last
month the southeastern section OF the
State asked permits in excess OF
S5 900 900 for hotel and apartment
buildings. George l.. Pfeiffer. chair
man of the State hotel commission.
predicts this type Of construction will
very nearly approach the record peak
of 1928.
Last year Florida led all other
States In railroad construction ana
the program for 1926 is even greater.
with rail facilities practically doubled
by entry of the Seaboard Alr Line
into southern Florida, large shipping
interests have announf important
additions to their . HVices lnto
Florida ports. The Cl~e line is build
ing two large freight and passenger
ships, which will soon be added 10 Its
New York-Florida run.
Reclamation to Start.
Definite steps toward large.scale
reclamation work In the Everglades
are being taken this year. Important
State drainage projects are lenolns
announcement to farmers who seek
A. twelve-month growing season. Snip
ments of early vegetables have dou-
bled ard :.rge developers are turn
ing their attention to the back coun.
try, which they claim is as important
a factor In Florida'S future as her
climate.
At Clewiston large interests are
already developing an important
sugar producing and refining project.
Experiments in crude rubber growing
are going forward, and even some
cotton is being raised successfully.
Throughout the State public utilities
are working feverishly to meet de.
mands for extension of service. Their
programs provide, in most instances.
for urban populations nearly double
those of Florida cities at present.