Real estate investments have always been successful and profitable in Cedar Rapids, and probably will always continue to be so. As shown in other articles, the land upon which Cedar Rapids is built was originally owned by five men, Judge Greene, Nicholas Brown, Addison Daniels, Wm. Sanford, and Alexander Ely. The division of the property was made in 1849 as is shown elsewhere, and it is from that time that most of the real estate transfers were made. All the gentlemen made fortunes from their speculations.
How these five gentlemen came to be possessed of all the land in the city of Cedar Rapids would make an interesting story, especially if the prices they paid for each lot could be secured. They doubtless bought up the claims for almost nothing. We get some inkling of how the lots came into their possession by a curious old document which was deposited by Mr. C. G. Greene with the curator of the museum for the semi-centennial week.
The property mentioned in it is the Grand Hotel corner, and this is a copy of it:
"Received, Cedar Rapids, Sept. 7, 1848, of John L. Shearer, one yoke of oxen valued at thirty-five dollars, in full for Lot 9 in block No. 23 in the town of Cedar Rapids.
"Geo. Greene."
But it appears that Judge Greene did not think he had a very great bargain, for only seven months later, in May of the following year, the county records show that this same lot upon which the Grand Hotel now stands, and forty feet additional, 120×150 feet in all, was sold by Judge Greene back to John L. Shearer for $75. Up to 1865 it passed through several hands, with slightly increased value, when it was sold by Henry McBride to Charles Weare for $1,100. Weare sold immediately to S. B. Fleek for $1,500, and Fleek sold it in 1871 to E. M. Greene for $9,000. In 1877 Greene sold 80×140 feet to John T. Waterhouse for $10,000, and this property which originally brought $75, could not now be purchased, if unimproved, for less than $100,000. It is now held by a syndicate.
William Stewart originally owned the ground where the Cook & Laurance store used to be located. He traded an Indian pony for it in the early days, and held it until 1873, when he sold it for $7,500.
The property upon which the Calder buildings now stand, 60×140 feet, was also originally owned by Judge Greene. He sold it to Alexander Ely, who sold it to Harvey Higley and Samuel Hook, and they in turn sold it, in 1850, to Frederick Miles for $82. Miles held it until 1875, when he sold it for $1,500. Mr. Calder's friends told him at the time that he was throwing his money away, but now it doesn't look that way, as the land unimproved would sell for many times that sum.
Where the Golden Eagle store is now located, 60×140 feet was sold in 1848 by James M. Berry to Homer Bishop for $150. After passing through several hands the ground was purchased by P. Mullally and W. W. and M. A. Higley, who, in 1874, sold 60×140 feet of it to John T. Waterhouse for $12,300.