Nationwide the Economy Benefits with the Creation of Historic Districts
The following studies demonstrate that from the East to west coast there is evidence that historic preservation benefits both property owners and the economy overall. Studies show that homes located within historic districts increase in value on average, at a higher rate, then those that are not located within a district. Neighborhoods are more stable n many ways.
The September 2003 report by the NYC Independent Budget Office, titled, “The Impact on Historic Designation on Property Values” provides strong evidence for the economic benefits historic designation. The study focused on 1, 2 and three family homes, which is most relevant to Staten Island. Visit: http://www.ibo.nyc.ny.us/
A New Jersey study done by the New Jersey Historic Trust 1995: The Economics Impacts of Historic Preservation, reviews research done in this area and provides a good summary of it. It concludes that NJ landmark properties have increased at least 5%, if not more than non-historic designated properties with an increase in taxable value for the state.
The Florida Department of State 2002 study, The Economic Impacts of Preservation of Florida, created with research assistance from Rutgers University and the University of Florida Levin College of Law. It includes a chapter on historic designation and property values. The chapter reports that, in 15 of 18 case studies, property in historic districts increased more than in comparative neighborhoods. No instance was found in which historic designation depressed property values. This study is typical of a number of studies sponsored by state governments wishing to report on the economic impacts of state and local preservation programs.
A 2002 report titled, The Economic Benefits of Historic Preservation found that residential property values in historically designated areas increased or stayed the same as those values in nearby, undesignated areas. None of the case study areas showed any decrease in property values after historic designation. Other economic effects and benefits of preservation were also studied. Study partners included Clarion Associates of Colorado, a land-use and real estate consulting firm, BBC Research & Consulting and Place Economics of Washington, D.C.
A study titled, “Historic Preservation and Residential Property Values: An Analysis of Texas Cities,” was published in 2000. Robin M. Leichenko of Rutgers University focused on Texas cities and describes the positive impact historic designation has on property values in general. Also that the historic designation is associated with an average property value increase ranging between 5 percent and 20 percent of the total property value.” Visit: http://geography.rutgers.edu/people/faculty/leichenko/leichenko_coulson_listokin2001.pdf
An authoritative 1995 economic study of house prices includes several striking findings: homes located in two nationally and locally designated historic districts increased in price at a rate almost 25 percent faster than did homes in the community at large. John A. Kilpatrick, a lecturer with the Center for Real Estate and Urban Economic studies at the University of South Carolina College of Business, coordinated the project in cooperation with Susan McGahee and the late Nancy Meriwether of the Historical Services Division, South Carolina Department of Archives and History.
Also a 1998 South Carolina study, by Mundy Associates found that residences in designated historic districts sell for 21% to 27% more than similar residences outside the district and residences in those districts increase in price faster than homes in the surrounding market. Furthermore, this increase lasts a long time, benefiting not only the owners at the time of the creation of a historic preservation ordinance, but also subsequent owners.
At this smart growth seminar Donovan Rypkema, principal of Place Economics argued that sensible land use policies enhance rather than diminish property values, and that public constraints on private property such as zoning have been central to American political society for three centuries. Comprehensive approaches to smart growth frequently include some form of land use controls. Discussion of land use regulations often generates resistance from proponents of the "property rights" movement. Many argue that restrictions on privately owned land have an adverse impact on property values and are alien to American political tradition. A more complete look at American history and available property value research reaches different conclusions. The talk is available through the Smart Growth Network.
Archived Articles on
Landmarks and Preservation
Landmarks on SI , SI Advance 2005
March 2, 2002 Original SI Hospital
Sept 19, 2006, New Brighton Church
Oct . 7, 2006 Dorothy Day Cottages
Letter to Editor on Councilman Oddo and Seaview
Preservation Perverts Tottenville
Forgotten Tour 16 Great Views
Forgotten SIRT Cool Views
Your Guide to Classic Homes and Historic Neighborhoods
Staten Island Real Estate, Neighborhood News and Discussions.
Recent Landmark Reports available at : NYC Landmarks
Staten Island Landmark Day was a success!
Nine Buildings were heard at the public hearing and
over 30 supporters attended the hearing on August 11th, 2009
Horton’s Row and 372 Westervelt Ave have been landmarked.
Christ Church, Reformed Church on Staten Island, Staten Island Armory and 63William St.
NYS Historic Properties Tax Credit Bill—New version in 2009
Currently the Tax Credit Bill Does NOT benefit Staten Island: It targets ‘residential and commercial credit of the program to “distressed” areas, which is defined as being located within a Census tract identified at or below one hundred percent of the median family income’ Read More.