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| Fort Lauderdale beach 1935, Florida State Archives |
By Jane Feehan
Fort Lauderdale fell from boom to doom times when the Great
Depression descended upon Florida and the nation. Real estate sales slowed and some walked away from, sold or transferred property when they could not pay the
taxes.
Realtors, many of whom viewed themselves as Fort Lauderdale
pioneers and stakeholders in Fort Lauderdale’s success, continued to remain hopeful about the city’s prospects.
In early 1935 a few of the city's influencers came up with an idea to attract buyers. L.H. Dresbach and J.D. Bryan, realtors, suggested a “Buy A Lot” movement.
Visitors and residents would be encouraged to buy at least one lot in Fort Lauderdale—the city they lived in or returned to each year for vacation. A lot would be a worthy investment. Land ownership was safer than stocks and banks where so many had lost so much five or six years earlier.
Become a stockholder in our city they suggested,
“Let Fort Lauderdale realtors help you know it today that tomorrow you may profit.”
Realtors were safe to work with.
The Fort Lauderdale Realty Board approved. A commission was formed to discuss implementation of the movement; it was headed M.A. Hortt, a successful realtor and developer of Idlewyld off Las Olas Boulevard (later the mayor).
The commission reached out to and received a nod from local civic
organizations to move ahead. Hortt supported an advertising campaign, a
strategy he credited for his continued success. The group also urged other realtors to get out the message to "Buy A Lot."
Advertisements in the
Fort Lauderdale Daily News touted advantages of buying one lot (but not to sell). It would be cheaper to buy an undeveloped lot. One lot would be acknowledged as a material contribution to the city’s economy. (Waterfront properties
at the time sold for $600-$1,250. In 1937 a lot on the New River, 66 feet by
160 feet could be purchased for just $750.)
The “Buy A Lot” movement remained local, but the message was echoed by
famed economist Roger Babson in 1937, one of the few who predicted the stock
market crash of 1929. In his keynote speech at the national Rotary Club convention
of about 1,000 members in St. Petersburg, Florida, he advised the audience to
sell their stocks and buy property; real estate would be the best hedge against
inflation. This notion was similar to the idea behind the “Buy A Lot” movement, locals claimed.
Fort Lauderdale did not climb out of the depressed real estate market until the mid-to late 1940s, after World War II. Did the “Buy A Lot” movement boost real estate sales during the 1930s? Probably not, but it did boost advertising, usually a winning activity and elevate the city's profile.
Today buying property as a hedge is accepted as conventional wisdom though it's not as obtainable as it was nearly one hundred years ago.
What movement would a downward turn in development and condo sales spark today?
Sources:
Hortt, M.A., Gold Coast Pioneer. New York: Exposition Press, 1955.
Fort Lauderdale Daily News, Feb. 14, 1935
Fort Lauderdale Daily News, Feb. 16, 1935
Fort Lauderdale Daily News, Feb. 18, 1935
Fort Lauderdale Daily News, Feb. 21, 1935
Fort Lauderdale Daily News, Mar. 1, 1935
Fort Lauderdale Daily News, Jan. 4, 1936
Fort Lauderdale Daily News, Mar. 19, 1936
Fort Lauderdale Daily News, Jan. 30, 1937
