Selling an old house: How-to for property owners.

A recent continuing education seminar put on by the Preservation Alliance of Minnesota and Portland OR addressed how best to market old houses.  It was reported on recently on the Finance & Commerce website.

“Owning and selling a historic property can be a gratifying – and lucrative – experience for property owners. But the process of determining a property’s historic status and then properly marketing it to reflect that status can make the difference between a big sale and an ordinary one.”

A key factor is that of simple economics of supply and demand. There is an ever-expanding supply of new home construction for that larger share of the market that appreciates new construction.

For that smaller but growing market for quality old houses with character in stable and improving neighborhoods in convenient proximity to community amenities, that supply is diminishing in many areas but growing to meet demand in others as property owners renovate and restore their homes.

What are best practices for selling old houses in historic districts?

• Doing your homework on the house. “All of that allows you to create a story around the property.”

Personally, I love stories. And old houses and neighborhoods have stories that simply don’t exist in suburban and new construction. Knowing the story of the house and effectively telling it adds real value to your home.

• “Some key selling points for a historic property, she said, are associated tax incentives…”

If your home is already within a historic district up to 25% of approved work can be recouped. This is significant. If though your home is outside the historic district your home may be individually registered or eligible. Marketing that your home as within a historic district communicates there are higher standards. There are some safeguards that help protect the home and neighborhood from  some things that can diminish property values.

There are a number of additional points the presenters tough on. Interesting to note they emphasize how originally intact is the home.

“…be sure to highlight the property’s original elements, Davis said. Is the home’s character still intact? Are the moldings and fixtures original? Has the building been restored, as opposed to remodeled?”

Too often we see a short-sighted rip-n-replace mindset when home maintenance comes into play. This is particularly prevalent among flippers and some residents who don’t fully realize they’re actually degrading their own property. If a potential buyer is interested in an old or historic property in the first place it’s most likely they also have an appreciation for the original fabric of the house. Even if shabby and in need of repair, as long as it still exists restoration is still an option. Once removed though its often cost prohibitive to replace again with the grade of materials that have been removed…. if it’s even available at any price.

Given the current housing situation if you live in an old house the linked article on how to sell old houses is likely good information to have. Wanting to maximize your return on your home though is not unique to a slow housing market and will remain true later when things improve.

Beloit’s Oldest Historic Home For Sale

For Sale: The single oldest historic home in Beloit WI.

At 524 Bluff Street, Beloit WI 53511, the Lathrop Munn home in the Bluff Street Historic District was built in 1848. It’s not only the oldest home in Beloit, it holds a significant place in Beloit’s history. It’s river stone construction in the Greek Revival style is distinctive and increasingly rare in the region. Additionally the home has benefited by single-family, owner occupied loving care and maintenance for the last thirty years by its former residents.

For a community that once boasted the single largest concentration of river stone constructed homes and commercial buildings in the region totaling over thirty, Beloit is now down to just four. (The Racey house another river stone house) We’d love to see this wonderful historic home continue as an owner-occupied family home in the hands of an appreciative owner.

For Sale By Owner – Historic Beloit WI Home.

524 Blufff St. Beloit WI 53511

$75,000

• Bedrooms: five (5)
• Full Baths: two (2 – one main floor, one upper)
• Half Baths: none (0)
• Estimated Age: Built in 1848
• Total Assess: $75,600
• Net Taxes: $1,669.90
• Living Room: 13′ x 13′
• Dining Room: 14′ x 13′
• Kitchen: 22′ x 9′
• Family/Rec: 13′ x 13′
• Mstr BedRm: 15′ x 13′
• 2nd BedRm: 16′ x 13′
• 3rd BedRm: 14′ x 10′
• 4th BedRm: 15′ x 13′
• 5th BedRm: 11′ x 9′

School District: Beloit
Elementary: Hackett
Middle: McNeel
High: Beloit Memorial
Fireplace: Wood burning/ living room
Basement: Full
Garage: 2+ car, detached
Driveway: Concrete
Exterior: Cobblestone/Wood
Fuel: Natural Gas
Heating: Hot Water
Water/Waste: Municipal water, Municipal sewer
Roof: Composition/Fiberglass
Barrier-Free: Open floor plan, 1st floor BedRm

Notes: Historic 5 bedroom home located on Beloit’s Westside. Beautiful wooden staircase welcomes you ot the warmth and character this home has to offer. Large kitchen with second staircase to upstairs adds charm. Many original features take you back in time. This is a must see property!

To make an appointment to view this home call 608-290-0108
Or email the owners at: jbzamorris(at)aol.com

Additionally, as this home is within the historic district the home owner will be eligible for the Wis State Historic Home Owners 25% Tax Credit on approved upgrades and maintenance. You’re within walking distance of the increasingly vibrant riverfront and downtown.

Details on the Wisconsin Historic Home Owner’s Tax Credit here.

“The Wisconsin Historical Society’s Division of Historic Preservation (DHP) administers a program of 25-percent state income tax credits for repair and rehabilitation of historic homes in Wisconsin.”

If you’re interested in pursuing the tax credit we’ll (the Beloit NPA) even give you a hand with the application. It’s really not so difficult.

1302 Bushnell St. Beloit WI 53511

The Elbert Neese House. Listed on the National Register for Historic Places.

A huge, beautiful, vintage home that still retains most of it’s original historic fabric and character. While situated outside the College Park Historic District the home is individually listed and therefore eligible for the Historic Home Owners Tax Credit. It sits on a large wooded lot that backs up to a wooded ravine and a bit of Beloit history. The ravine once having served as the chase for a mill that was once located further down stream.

We’ve never been inside the home but the realtor has a very nice virtual tour of 1302 Bushnell St. – The Elbert Neese Huse.

• Realtor listing here.
• Individually listed landmark home and eligible for the WI Historic Homes Owners Tax Credit.
• Walkability Score: 78 out of 100, “Very Walkable”.

Realtor

Hey Hey! Another Great Old House SOLD!

And we’ll be welcoming some new neighbors!

Just heard yesterday that the Preserve Beloit home at 617 Harrison has sold and folks are moving in!

This is great news from multiple perspectives. If you don’t know the story this was a “problem” house on the block. At one time perhaps even the worst on the block. It was in bad shape and there were those who wanted to see it demolished.  Who knows what we could have ended up with as far as infill?

Thankfully Preserve Beloit LLC (a Hendricks co.) in partnership with the First National Bank & Trust Co. were willing to invest in our neighborhood and turn this house around. Virtually all of the original woodwork, doors and trim was saved and restored making for beautiful interiors and classic period charm. Thank you to Preserve Beloit LLC and First National Bank & Trust Co. for having the sensitivity not to gut it and engage in wholesale rip-n-replace.

We’ve been inside this home and they’ve done a wonderful job for the new home owners. Importantly, they’ve also done us all a favor having provided a wonderful service to the neighborhood and Beloit’s historic district. They took on a tough project any individual “flipper” would have either avoided or done with considerably lower standards IMO.

THANK YOU to Preserve Beloit LLC and First National Bank & Trust Co. You’re great Neighbors to have.

1217 Bushnell, Beloit WI 53511

It’s refreshing to see the fine job they’ve done with this distinctive period home. It makes a huge difference and makes for a beautiful home. Take a look at the pics on the realtor’s listing. Amazing! Check out the woodwork, lighting and hardware. They’ve really done a wonderful job with this classic and dignified “old house”. If you’re moving to the area and have an appreciation for fine old homes and want/need move-in ready you should check this one out.

Though we had not been inside we knew the prior owners and understand the house needed some work. We’ve seen a number of sad homes where the “updating” was done by those with little understanding or appreciation for the original charm or period style of the home. Those homes have been stripped of their base, window/door, crown trim and other woodwork and replaced with anemic, under-scaled home center generics. They’ve pulled out the doors, hardware and lighting and replaced with generics. They’ve cheapened the home and made it bland IMO. Once removed it is very expensive to replace and often cost prohibitive. <exit soap box>

This home is very much still intact and beautiful. Worth a look.

• - Realtor’s Listing Here.
• - This home is not within any of the current historic districts.
• - Walkability Score: 77 out of 100, “Very Walkable”.

649 Church Street, Beloit WI 53511

We go by this house all the time. Though we’ve never been in it’s a beautiful and distinctive vintage home with a strong Craftsman influence. The professionally landscaped yard is wonderful and perhaps the nicest in the areas. Church is a wonderful street of fine homes, great neighbors and only a block from the college. Very convenient.

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• - Realtor’s Listing Here.
  
• - Within the College Park Historic District. Eligible for the Historic Home Owners Tax Credit.
• - Walkability Score: 85 out of 100, “Very Walkable”.

1303 Bushnell (at Milwaukee), Beloit WI 53511

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We’ve never been inside this home but have admired it for a long time. A very interesting, well maintained and huge home at least as viewed from the outside. It is outside historic district but within the surrounding vintage neighborhood.

• - Realtor’s Listing Here
• - This home is not within any of the current historic districts or individually listed.
• - Walkability Score: 77 out of 100, “Very Walkable”

924 East Grand Ave. Beloit WI 53511

A home with a lot of interesting vintage home character. Walking distance to down town, across the street from Mechanics Green, an arboretum of sorts with a range of specimen trees. Situated among some other very nice historic homes surrounding the park. Immediate neighborhood intact without infill housing. We’ve not been inside since the remodeling. From the outside it looks very interesting and to be in very good condition. Certainly worth a look.

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• Realtor listing here.
  
• This home is not within any of the current historic districts.
• Walkability Score: 92 out of 100, “Walkers Paradise”.

629 Milwaukee Road, Beloit WI 53511

 

Ana and I had a chance to go through this house at a recent open house. They’ve really done a wonderful job with this house. All new inside. Move in ready. Very nice.

• - Realtor’s listing here.
• - This home is not within any of the current historic districts.
• - Walkability Score: 69 out of 100, “Somewhat Walkable”.

841 Milwaukee Road, Beloit WI 53511

We’ve not been inside this house but there’s a great virtual tour of this outstanding vintage home

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• - Realtor’s Listing Here. A great virtual tour here.
  
• - This home is not within any of the current historic districts.
• - Walkability Score: 54 out of 100, “Somewhat Walkable”.

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