Anyone live in a Historic District? (Chicago, Time: sales, house, landscaping)

[Clio1]

This may seem like an odd question, but my town is trying to get itself listed on the National Register of Historic Places (yes, the whole town) and I am looking for perspective from people elsewhere in Chicagoland.

Here are my questions (feel free to answer one or all):

Have you ever lived (or currently live) in a historical district? What did you like or dislike about it?

If you were (or are) looking for a house or neighborhood, would you (are you) considering one in a historical district? Why or why not?

I would appreciate any and all comments or questions. Thanks!

[brenty]

I currently live in a historical district and it is a major problem when choosing landscaping, paint, exterior changes, and other things.

[aragx6]

That is definitely a downside. But you get an automatic property value boost.

[irish setter girl]

I did live in a historic district, my house was plaqued. The only issue I had was when I wanted to paint the exterior of the home I had to do a dog and pony show with the city which took almost a month. My particular city wanted to know about light fixture, landscape, paint and architectural changes to any home in the historic district. I didn't mind it because I like the fact that all the homes looked so good and I felt pride in owning my lovely home. The downside was when I went to sell it everyone wanted to know specific examples of what they could and could not do to the house. I could not give specifics and told them to check with the city if they felt their ideas were out of the norm for a historical area. I ended up selling to a couple who lived in a historical district already and didn't have an issue with it.

I find that people who love old homes won't have an issue because they tend to like the charm, work and uniquenesses they bring. Anyone who is afraid of work should not buy an old home

[Clio1]

Originally Posted by irish setter girl

The downside was when I went to sell it everyone wanted to know specific examples of what they could and could not do to the house. I could not give specifics and told them to check with the city if they felt their ideas were out of the norm for a historical area. I ended up selling to a couple who lived in a historical district already and didn't have an issue with it.

Sounds to me like the Historic District cost you some money on that deal, ISG. Fewer interested buyers=lower sales price.

Do you agree or do you think it didn't make a difference?

[Clio1]

Originally Posted by aragx6

That is definitely a downside. But you get an automatic property value boost.

Aragx6, can you explain what you mean?

[Clio1]

Originally Posted by brenty

I currently live in a historical district and it is a major problem when choosing landscaping, paint, exterior changes, and other things.

Brenty,

Would you say you'd make a different choice if you had to do it again, or do the pros outweigh the cons? Has it cost you anything in terms of time or money?

[aragx6]

This is a fantastic document that looks at cities all across the country and historical district's affect on home value. You should read the whole thing, but the summary of a report done in New York gets the point across pretty well:

IBO found clear evidence that after controlling for property and neighborhood
characteristics, market values of properties in historic districts were higher than
those outside historic districts for every year in our study. Although the results for
price appreciation during particular sub-periods are mixed, for the entire 1975
through 2002 period properties in historic districts increased in price at a slightly
greater rate than properties not in districts.

Here's the site: PRESERVATION CHICAGO (http://64.233.167.104/search?q=cache:3nhJGhEelGsJ:www.preservationchicag o.org/outreach/property_values.pdf+historic+districts+increase+pr operty+value&hl=en&ct=clnk&cd=4&gl=us&client=firef ox-a - broken link)

[brenty]

I would certaintly live in my neighborhood again. It has been time consuming. It took 5 meetings to get my paint colour approved. It does cost $150 for an application through the historical society. Someone in another historical district in my community was fined $200,000 because the historical society claimed that she had destroyed the facade of her home.

[irish setter girl]

I don't think I lost money at all, it just took time to find the right buyer. I didn't lower my price and I was very pleased with my final selling price. I personally feel older homes can be harder to sell because not everyone appreaciates their "charm" such as sloped floors, odd room sizes, unique floor plans, etc... However, in my area older homes are in the best location (walk to town, school, train, library, etc...) and there is a certain buyer who is willing to pay for those conveniences in certain areas. I would purchase another home in a historic district as long as I did my research about that district and talked to some of the neighbors about the area and their experiences.