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1、18.THELUREOFREALESTATETheAmericanfascinationwithrealestatebeganwiththearrivaloftheMayflower,orshortlythereafter.Formuchofthepre-Revolutionaryera,landwassoplentifulthatthecolonialauthoritiesoftengaveitawaytofarmersandlocalnotables.Inthemid-eighteenthcentury,asthepopulationincreased,speculators
2、startedsubdividingsectionsofVirginia,NewEngland,NewYork,Pennsylvania,andOhio.ManyofthegreatfiguresoftheRevolutionaryera,includingGeorgeWashington,BenjaminFranklin,andPatrickHenry,wereactivelanddealers.AftertheEnglishhadbeendrivenout,ThomasJeffersonwantedtogivesmallfarmerstherighttoacquireland
3、fornothing,ornexttonothing;Hamiltonsaidspeculatorsshouldbeallowedtoaccumulatesizeabletractsanddevelopthem.Hisviewwonout,andintheyearsfollowingtheRevolutionaryWar,theUnitedStateswitnesseditsfirstpropertyboom.SpeculatorsviedoverlandconfiscatedfromTorylandowners;developersdrewupambitiousplansfor
4、newsettlementsandtowns.Valuesappreciatedsharply,andquickfortunesweremadebeforetheboomturnedtobust.Duringthesubsequenttwocenturies,thesamepatternwasrepeatedatregularintervals.Duringthe1830s,amadlandrushbeganinwhatwasthentheNorthwestTerritories,muchofitfinancedbynewlyformed“wildcat”banks,whichi
5、ssuedhandsomenotesbuthadlittleinthewayofrealcapital.“In1836everyshiparrivingatDetroitwaspackedwithimmigrantsandspeculators,withhundredsofpassengersoftenarrivingonasinglevessel,”WillisF.DunbarandGeorgeS.Maydescribedintheir1995historyoftheWolverinestate.“LandofficesatDetroitandKalamazoowereswam
6、pedwithbusiness.Longlinesformedbeforetheirdoors,andpurchaserssometimespaidfancypricesforaplacefurtherupintheline.InKalamazooaseaoftentsandmakeshiftshacksshelteredthemenwhosoughttobuyland.”Inthe1880s,followingthearrivaloftheSouthernPacificandSanteFerailroads,SouthernCaliforniaplayedhosttoanoth
7、errealestatefrenzy,duringwhichmuchofLosAngeleswasbuilt.Fortyyearslater,theactionwasinsouthernFlorida,whichsavvydeveloperssuchasCarlFisher,whocreatedMiamiBeach,andGeorgeMerrick,whobuiltCoralGables,werepromotingasasemitropicalnirvana.(“It’sJune
