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Market value of restored vs. renovated historic houses

  • 1.  Market value of restored vs. renovated historic houses

    Posted 07-27-2020 01:06
    The owner of a 1657 saltbox has been renovating, not restoring, this rare First Period house, and now wishes to install a shed dormer (???!!!) and skylights on the roof. (I can't even believe I just wrote that sentence. Wow, 2020 just keeps getting worse...) Since appeals to preservation have not prevailed, I'm wondering if anyone has any data on market value of restored v. renovated antique homes.

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    Patricia Peknik
    Newburyport Historical Commission
    Newburyport MA
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  • 2.  RE: Market value of restored vs. renovated historic houses

    Posted 07-28-2020 07:09
    I don't know any studies that narrowly focused on "renovated" versus "restored". The closest I can suggest is that there is a consistent pattern of rates of appreciation in local historic districts (which have design guidelines and would likely prohibit such an action) being greater than in National Register districts, which have historic properties but typically no design review. Recent examples of studies that evidenced that include Nashville, Miami-Dade County, Indianapolis, and others. The studies can be found and downloaded under the "Resources" tab at the PlaceEconomics website. Sorry I couldn't give a more precise answer.

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    Donovan Rypkema
    Washington DC
    (202)588-6258
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  • 3.  RE: Market value of restored vs. renovated historic houses

    Posted 07-29-2020 09:52
    Just read the excellent "Twenty-Four Reasons" at PlaceEconomics, which any city trying to pass local historic district legislation  should consult and share. And the city case studies at this site are compelling. Thank you for your helpful response.

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    Patricia Peknik
    Newburyport Historical Commission
    Newburyport MA
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  • 4.  RE: Market value of restored vs. renovated historic houses

    Posted 07-29-2020 10:09

    Thanks. Glad you found it useful.

     

     

    Donovan Rypkema
    Principal

    PlaceEconomics

    PO Box 7529

    Washington, DC  20044

    202-588-6258






  • 5.  RE: Market value of restored vs. renovated historic houses

    Posted 07-30-2020 00:02
    The word "restore" is misused.  No one actually restores a house today.  We spent 12 years doing an historically sensitive rehab of an 1875 home.  To restore it we would have to take the kitchen out, put it back in the basement and take the bathroom out and install an outhouse.

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    Dan Miller
    Gifford Park Association
    Elgin IL
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  • 6.  RE: Market value of restored vs. renovated historic houses

    Posted 07-30-2020 10:41
    Our city ordinances only apply to exterior architectural features of historic homes, so the way we use the word "restore" is in reference to a house from 1750, say, that was covered with vinyl siding, has aluminum windows, and a fiberglass front door, but when those materials are failing, the owner decides to side the house with wood clapboards, since the house originally had wood clapboards, and to install 9/6 true divided light wooden windows to replicate what the originals would have looked like, and then a front door made of wood. We stick closely to the Secretary's definition of restoration, and we do distinguish it from rehabilitation; you raise a great point about what the word "restore" really means to different preservationists in different contexts. I would enjoy hearing from others about what the word "restore" means, not only philosophically but pragmatically, as Dan points out.

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    Patricia Peknik
    Newburyport Historical Commission
    Newburyport MA
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  • 7.  RE: Market value of restored vs. renovated historic houses

    Ambassador
    Posted 08-01-2020 11:59
    In my opinion, guidelines for restoration of historic homes should value the quality of life of present-day occupants on an equal footing with past occupants. So, in the situation you describe, it appears that the owner desires more natural light in the interior, which seems reasonable given the building technology and lifestyle esthetic of 1657 vs. today.

    I do believe, though, there is a difference between skylights and shed dormers. To me, some modern additions, including skylights and solar panels, do not change the structure's identity. A 1657 saltbox with skylights is still a 1657 saltbox, whereas a 1657 saltbox with shed dormers is no longer a 1657 saltbox.

    Perhaps the owner could be convinced that the skylights will accomplish his objective, while still allowing the option for the next owner to remove them at less cost than shed dormers.

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    Jim Sparks
    Sparks Architecture
    Glasgow, KY
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  • 8.  RE: Market value of restored vs. renovated historic houses

    Posted 08-06-2020 00:09
    That is great feedback, Jim. Thanks so much.

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    Patricia Peknik
    Newburyport Historical Commission
    Newburyport MA
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  • 9.  RE: Market value of restored vs. renovated historic houses

    Posted 08-07-2020 15:00
    I do both renovation and restoration as needed to make our houses highly functional.  Renovation for energy efficiency, for example, and restoration for the visible details that represent the history.  If the structure is not a museum, keeping it viable into the future is critical, and I find a combination of approaches to get a great result.

    In addition to skylights for increasing natural light there are solar tubes which bring a lot of light indoors.  Because tubes are smaller their installation has less impact on the structure (so more easily reversible), is less visible, and they are more energy efficient.

    Duffie Westheimer
    Flagstaff Townsite Historic Properties Community Land Trust

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    Duffie Westheimer
    Flagstaff Townsite Historic Properties Community Land Trust (Townsite CLT/TCLT)
    Board Member/Director
    Flagstaff, AZ
    www.townsiteclt.org
    townsiteclt@gmail.com
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  • 10.  RE: Market value of restored vs. renovated historic houses

    Posted 08-13-2020 13:20
    Thanks for your message. I agree with your views on preserving "visible details that represent the history" while renovating for energy efficiency. I don't know anything about solar tubes...I'll start reading....

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    Patricia Peknik
    Newburyport Historical Commission
    Newburyport MA
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