What Local Historic District DOES NOT do: · Does not regulate paint colors · Does not require repairs or renovations to be made · Does not increase taxes beyond normal increases for the City or County · Does not prevent additions · Does not prevent non-contributing homes from being demolished · Does not require use of historic materials or historic building methods · Does not require that you open you home to the public · Does not restrict routine maintenance of properties
What Local Historic District DOES do: · Recognizes that Oakhurst has a distinctive historic character important to the overall character of the City of Decatur · Encourages creative and compatible development with historic areas · Requires that a Certificate of Appropriateness be obtained for exterior changes to contributing properties, demolition of buildings, and new construction. · Applies only to major renovations to the exterior of your home. Interior renovations are not restricted.

Sunday, July 29, 2007

Historic Designation and Property Values in Memphis July 2004

Link to another study regarding historic designation and property values
http://www.blackwell-synergy.com/doi/pdf/10.1111/j.1540-6229.2005.00127.x?cookieSet=1

Conclusions:

The literature on the effect of historic designation of neighborhoods has sharpened over the years. It started in the mid-1970s with comparison of average aggregate neighborhood property values, and since the early 1990s, it has elevated to address individual property values. In this article, we believe we take the analysis one step further by analyzing the change in property values, rather than by simple differences in assessed property values, across comparative designated and undesignated neighborhoods.We believe this nullifies some of the
objections of using assessed values in such an analysis, while at the same time mitigating some of the bias that may be inherent in the differences between designated and undesignated neighborhoods that are otherwise deemed to be similar.

Our analysis used a rather unique set of appraisal data for the years 1998 nd 2002 obtained from Memphis’s Landmarks Commission. As in several prior studies, our data set contained relatively equal numbers of properties in designated and undesignated districts. It also contained a single historic neighborhood with no undesignated companion that had a large swath of historic structures replaced by new construction during the past few decades.
After controlling for numerous variables that mostly pertain to differences in architectural style, functional features and housing quantity, we find across these Memphis neighborhoods that when properties were in neighborhoods zoned historical by the authority of the City of Memphis, it significantly raised property values at rates above those in other similar neighborhoods, that is, 14–23% higher. Given that local designation is a more important determinant
than national designation, it is possible to view this result as arising from the stricter guidelines embodied in local designation (which may be manifested in more assiduous upkeep, for example) rather than the cachet effect of designation, although this is a tentative conclusion.

5 comments:

Amy said...

What is the purpose of the panel discussion being held 8/2/2007 at the Solarium Community Center?

Anonymous said...

The real question is why the nominating commitee for the historic district REFUSE to participate. What do they want to hide?

Facilitator said...

We have taken both questions and used them as a new post for 7/30/2007. Please see this post for our response.

Anonymous said...

I don't see the response to these questions. Please respond. I don't understand why the proposers would not want to be part of this panel. Were you excluded from it?

Robert said...

Your response is great. But it doesn’t answer Amy’s question. A good response might be that “we don’t know the purpose of the panel discussion; it’s not stated in their literature what the purpose is, and when we asked their representative directly we did not get a response. You will need to ask One Oakhurst directly in order to get their answer to this important question.