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Historic Designation Of Structure

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ChanceWarren

Freshman Member
Joined
Dec 5, 2002
Professional Status
Certified General Appraiser
State
Georgia
I am in the process of completing a report on a structure that was built in 1950. The structure that was built is approx. 7200 SF and built as a Greek Revival replica similar to others located on the same street. The similar properties are 100-200 years old and designated historically significant properties. The neighborhood is designated as historically significant. The construction and finish of the structure was done so as to be identical to the older homes.
My question is this:
Even though the structure is only 53 years old, does the neghborhood being designated historically significant and the construction quality of the structure allow for comparison and analysis of property as historically significant, or just as a high quality home?

Any constructive input is welcome.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Well, the subject is not historically significant. However, I would look at the city regulations and see if the building regulations required this style of home and what restrictions, etc are present. If the home is similar in style, construction, etc., the only differential would be the overall age and if the interior is more modern and desirable than the older homes. I've seen 50 year old homes compared to 100 year old homes that have been renovated and the market recognizes the renovations.

So, it looks like a long day at the P&Z office at city hall for you.

Roger
 

ChanceWarren

Freshman Member
Joined
Dec 5, 2002
Professional Status
Certified General Appraiser
State
Georgia
Thanks for your input. You have given me some direction on the next step.
 

Liz South

Junior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Virginia
Having done a bunch of homes in "historic zones" take the time to ask questions in the planning and zoning office.
1. Re: tax credits for renovation - for any house in the zone or just the old ones? Also check for state and federal historic zoning and tax credits or tax abatements - note all of these in your report.
2. Restrictions on exterior materials, additions etc
3. Restrictions on usage
All of these items do affect value.

Good luck -

Liz S.

Looking forward to a calmer weekend.
 
W

walt kirk

Guest
Chance,
Are there other, similar newer houses in the area? If so how have the sales prices of these houses compared to the sales prices of the real historic houses?

Quite a few years ago I did an appraisal of a newer house in the Society Hill historic neighborhood in Philadelphia (near Independence Hall). I really couldn't find much difference in sales prices between newer copies of historic townhouses and rehabbed historic townhouses.
 
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