Local historic designation may be protecting property values in recession
Word is from Historic Landmarks Foundation of Indiana, quoting several real estate sources, that buildings in historic districts, especially locally designated and protected neighborhoods, seem to be holding their value better than anything else during the current recession. “This is one of those times when you can draw a clear line to preservation standards helping to maintain value,” says Indianapolis Realtor Joe Everhart.
“This historic neighborhoods hardest hit seem to be those without official landmark designation, where there’s a heavier peercentage of rentals and foreclosures,” adds Ed Clere, a New Albany, IN realtor. “As we emerge from this downturn, I think we’ll see properties in locally designated historic districts lead the market recovery.”
PNJ would like to hear from Realtors, sellers and others in New Jersey who have anecdotal or hard evidence of the relative effects of the downturn on house prices in designated historic districts v. unprotected properties. Are we experiencing the same results? Leave a COMMENT here.