Which was the main cause of the 1920s land bust in Florida?

The Everglades were being drained, creating new dry land. Finally, World War I cut off the rich from their seasons on the French Riviera, increasing the appeal of parts of the U.S. with a Mediterranean or Tropical climate. The economic prosperity of the 1920s set the conditions for a real estate bubble in Florida.

Which factor helped cause the decline of this land boom in 1926?

A rapid decline of the Florida Land Boom of the 1920s ensued. To make matters worse, two highly destructive hurricanes, the Miami Hurricane of 1926 and the Okeechobee Hurricane of 1928, caused widespread damage causing many developers to go bankrupt.

Why did Florida’s bubble burst in 1926?

Florida’s economic bubble burst in 1926, when money and credit ran out, and banks and investors abruptly stopped trusting the “paper” millionaires. Severe hurricanes swept through the state in the 1926 and 1928, further damaging Florida’s economy.

Why did people move from northern states to Florida in the 1920?

People began moving to Florida in large numbers in the early 1920s due to the relative ease of travel brought about by increased infrastructure. In 1910 the population of Miami was about 5,000, however by 1930 that number had swelled to over 110,000 people.

What was the Florida land boom in the 1920s?

Dreaming of a tropical paradise, many Americans bought land in Florida during the 1920s. Advertised as “heaven on earth,” Florida became the number one destination spot for upwardly mobile American families during the Roaring Twenties. In just five years, more than 200,000 Americans flocked south.

Where was the real estate boom in Florida?

Florida’s first real estate bubble. The Florida land boom of the 1920s was Florida’s first real estate bubble, which burst in 1925. The land boom left behind entire new cities, such as Coral Gables, Hialeah, Miami Springs, Opa-locka, Miami Shores, and Hollywood.

Who was involved in the Florida land boom?

He was just one of thousands of Americans participating in the great Florida land boom. But his story differs from most – his sons committed him to a sanitarium for his action. When the land’s value reached $300,000 in 1925, the man’s lawyer got him released to sue his children.

What was the real estate boom in the 1920s?

FHIC says Florida in the early 1920s “was the focus of one of the greatest economic and social phenomenon in American history.” Hundreds of thousands of people poured into the Sunshine State. “For the first time Americans had the time and money to travel to Florida to invest in real estate” and had automobiles to bring them, FHIC reports.