Gertrude Shelby asked her readers a question in a 1926 issue of Harper's magazine: "Did you ever keep chickens?"Ms. Shelby, a journalist, was using a metaphor to explain the rapid inflation of property prices in Florida. "Put down a pan full of big scraps, and the hens come running. The first ones grab big pieces and depart rapidly. ... The others see the pieces in the beaks, and instead of realizing there's plenty more in the pan, they chase the hens who got the first pieces. That's resale psychology."
In less than a decade, that psychology transformed Florida from an overgrown bog to the epicenter of get-rich-quick schemes. Debarking from a train in Miami in 1925, an English tourist remarked on the city's "tropical bedlam," where sales agents pounced on visitors with noisy promises of "unsurpassed fortune."
"One had been prepared for real-estate madness," the Englishman wrote. "And here it was, in excelsis."
