An article written by our Director of Productivity, Colleen
Barry.
Massachusetts is often
called the birthplace of our nation. The elegance and timeless
beauty of our antique homes tie Greater Boston to its storied past,
and is part of what sets us apart. Buyers have long desired to own
these homes driven by discerning taste, love of history, pride of
association, or a feeling of stewardship for these architectural
gems.
Marian Godfrey and Barbara Silberman wrote an article for Trust
Magazine about historic homes. Although some historic houses, like
Mount Vernon or Monticello, have achieved revered status, the
significance of most is far more modest. They are the mansions,
plantations, cottages and vacation retreats of our earliest
settlers, lovingly protected by local people who care about our
nation’s rich past. They later added, Preservation is
importantvital, in factif we as a nation are to retain authentic
examples of history, culture and place.
Frank Gehry said, Architecture should speak of its time and
place, but yearn for timelessness. In no other part of the country
is that time and place felt as intensely as in the
Northeast.According to the 2015 American Community Survey, 34% of
the housing structures in the Boston Metro Area were built earlier
than 1940 compare that to Chicago at 21.1% or San Francisco at 20%.
On average, New York had the oldest homes with a median of 55 years
old, followed by Massachusetts at 52 years old. (source: factfinder.census.gov) Go overseas and
the contrast is even greater. Jiro Yoshida, Assistant Professor of
Business at Penn State said that in Japan approximately half of
houses are demolished before 38 years of building age. This likely
explains why, on a per capita basis, the number of architects in
Japan is 3.8 times greater than in the United States. (source:
Freakonomics, NPR, 2/14)
Inspired by local history, Gibson Sothebys International Realty
recently hosted a panel discussion on Discovering
Antique and Historic Homes. Local experts in property
restoration, home inspection, real estate law, and financing spoke
about the unique attributes, challenges and opportunities posed by
these legacy buildings.
STRUCTURAL STRENGTH
There are a lot of features of historic homes that are better
than what we have now, said Doug Hanna of S + H Construction. For
instance, the wood that they were using for the most part is virgin
growth timber. The growth rings of the wood are very tight together
and can withstand weathering. Recognized as the 2013 Remodeler of
the Year by the Builders & Remodelers Association of Greater
Boston, Hanna is well respected in the industry and sought for his
expertise in historical restorations and renovations. He added,
Some of the white pine sills that we see on houses around here have
lasted for 170 years and they are fine where as you can go out and
buy a piece of pine today and in ten to fifteen years it will be
rotten.
While the original materials were sometimes better quality, they
have often endured assaults from termites and other bugs. If I go
into a house from the 1700s or 1800s, I am likely to find bug
damage. You have to be able to distinguish between whats active and
what has caused structural damage. Mike Walsh of Walsh Home
Inspections talked about the importance of understanding historic
homes. I might poke at a beam and knock off a quarter of an inch of
wood that has been damaged. But, that beam might be a large tree
trunk that has been there for 100 or 200 years and that level of
damage is not likely to have affected the structural integrity.
ENVISIONING RENOVATIONS
Some buyers see
additional potential in these homes, often envisioning modern
design updates. Walsh cautioned against making major improvements
without consulting a professional. The weight load that they were
putting on houses in 1810 is nowhere near the weight load we put on
them now. Be sure the structure can handle the weight load of
putting in an additional bathroom or a large kitchen island.
Structural concerns might not be the only stumbling block in an
owners quest to make major improvements. Depending on the historic
nature of the property, owners may need to go before the local
historic commission or the national registry to request approvals.
Doug Hanna offered salient advice. If you go to them early in the
process, you can find out what will be required to make
improvements. If you have the luxury of going before you buy the
house, thats even better but I realize in this market that you may
not be able to do that. The commission might make trade-offs.
Sometimes they might be more likely to approve a major change if,
for instance, you remove an ugly addition that had been put on in
the 1940s.
PLANNING YOUR PURCHASE
Hannas reference to the rapid speed of the market wasnt the only
time it was mentioned. More aggressive buyers have been removing
the inspection contingency to enhance their offers. Both Doug Hanna
and Mike Walsh are sometimes engaged by real estate agents and
their buyers to look at homes BEFORE they make an offer, to provide
piece of mind.
Rick Scherer of MSA Mortgage cautioned against lifting
contingencies. Instead, he suggested creating a shorter and more
desirable timeline to make your offer more attractive. We can
shorten the timeframe on the mortgage commitment. It requires
everybody to be on the same page to be sure that the quicker
deadlines are met. We will all need to put on our running shoes to
get it done. He added that finding comparable homes to appraise a
unique, antique property can be a challenge. There need to be at
least one or two others comparable sold properties sometimes the
appraiser will need to look at neighboring communities.
PROTECTING YOUR INVESTMENT
For a home that was built
prior to 1900, generally the advice is to get an historical
insurance policy. The reason is that there are unique architectural
attributes that will cost more to replace in the event that they
are damaged, said Ali Alavi, a real estate attorney at Alavi +
Braza. He went on to offer advice. If you are planning on
purchasing an historical home and is in requirement of some serious
improvements and you make those improvements, you really ought to
go back to your insurance agent to increase your coverage, because
you have expended a lot of money. So the insurance policy that you
start out with and the insurance policy that you end up with should
really be different.
MORE THAN HOMES
This sense of legacy and cultural responsibility isnt solely
held by stewards of homes. Larry Rideout, Co-Owner and CEO of
Gibson Sothebys International Realty recently led the charge with
Woburns Mayor Scott Galvin to save the towns library building.
Originally designed by HH Richardson, the Pleasant Street library
was built in 1879 and is listed on the National Register of
Historic Places. Rideout shared his feeling that libraries are the
heart and soul of any community. This buildings tremendous history
and enduring beauty shold be preserved for future generations.
Rideout and his firm are longtime sponsors of Bstons South End
Historical Society House Tour, hosted every October. The South End
has the largest collection of Victorian brick rowhouses in the
country. The House Tour is a unique opportunity for history buffs
and architecture aficionados to step inside these 100 year old
homes and enjoy the renovations and restorations of subsequent
homeowners.