As the real estate market began to decline in Newnan Georgia, it became readily apparent that many premium attributes of properties were losing value at a rate faster than the market as a whole.
During the heyday of the boom years, historic properties were in very high demand in Coweta County Georgia. And we have plenty of them, including many antebellum homes and plantations.
However, as prices dropped mortgage lenders became more and more cautious; the intrinsic value of history and charm no longer translates to monetary value.
In many cases, distressed homeowners can no longer afford to maintain these gems of history, and many are upside-down and are unable to sell their property.
As a result, there is a good chance that many of these historic structures could be lost forever. They will disappear as mere collateral damage of the current real estate market.
It’s a sad legacy of the times.
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What part of the Newnan real estate market is not declining and shines, where that segment of property is moving, sought after? Development land for the next wave available low cost Richard?
Good morning Richard,
Sad but so true. These properties are part of our history, our culture and our heritage. In some cities civic groups and businesses are rallying support, but in cases the numbers outweigh the resources available.
I will re-blog to increase awareness.
Richard, I'm afraid the younger buyers are looking for slick finishes and high-tech electronics, which don't assimilate well with older structures with wiring issues.
I love historic homes. Besides the history, they really do have old world charm construction. Maybe as we get older we appreciate things like that.
Subsidizing for historic homes should be a priority for communities such as yours. There are plenty people that would love to take projects like this. . they just need a little incentive directly from the local governments
Richard I live in a turn of the century Victorian and the up keep is never ending, I notice that young couples are more interested in square and level homes than historic and drafty. This is something that I never thought about, but I have to agree, these historic structures will take a hit.
You really are right on target here. The value of historical is something I can see diminishingin this market and possibly forever!
Richard, sadly we are seeing this happen too often. There is a beautiful old historic hotel in Hillsborough, NC with lots of civil war history. It was actually still functioning when I moved to Orange Co. and you could eat a meal there. It has now been abandoned for years and has fallen into pitiful condition. The town has been trying to force the owner to comply with regulations regarding this type of property to almost no avail. In this economic climate I seriously doubt he will be motivated to do anything but tear it down now that he has let it go so horribly. There is a point when there is no turning back. Very sad.
Richard, As one of those totally addicted to older historic properties this is sad news indeed. I wonder how the historical preservation society will weather the storm.
Really sad to read this. I am a fan of historic homes and structures and hate to see them become dilapidated.
I have never dealt with historic properties, but I can see how they could end up lost in the current marketplace. Premiums for a lot of things that were acceptable during the boom are just not anymore.
Richard, I am a big lover of antique homes. It is a crime to have them fall apart. Renovations are costly, maintaining them is difficult, but they do speak to me! I pray things turn around there very very soon.
Richard.....I almost did not comment on this....I am not the one to sympathize with the antique lovers and their big numbers because the home was built 200 years ago and still has knob and tube wiring in the walls....new construction sets the pace for real estate and I agree with the underwriters when they decide that the years in existence does not warrant an extra $100-$200+k in value....start with new and depreciate the home by 100 years....sorry....I don't mean to rain on your parade but I could never understand the high values of those homes.
Richard,
I love the character of the older homes....new homes are for the most part what's hot today....then not so much when the next fad comes in. I find it interesting that we as a society don't really treasure our older homes, older people. We just want now.
Richard- sadly I see this happening in my neck of the woods too. Many of the local historic homes are still well cared for and maintained, but I've seen some of them go as foreclosures and now sit empty and deteriorating because NO ONE is interested in them. The city of Eatonton is considering a purchasae or two, but I'm not sure they really have the funds for it.
Richard,
I'm not a huge fan of cookie cutter developments. I love the styling and uniqueness of historic homes. Sad to see them declining at such a rate.
Rich
Andrew...
Our hot market is foreclosures under $100K Thanks for asking.
In our area...if you buy a 'historic' building, you maust do certain things and everything has to be apporved. That makes it tough for many buyers. Much of the restoration is very expensive!
Richard,
My quasi-local friend. I too love historic properties...homes, warehouses, churches, courthouses...I love them all. Perhaps a by-product of my up bringing in a small town where I didn't see NEW construction until the late 80s.
We have a very well-protected historic area here in Cobb as well, I'm sure you are familiar with the Marietta Square & Whitlock corridor. These homes are treasures and should be treated as such. Perhaps they never were intended to be "investments" in anything other than preservation & history. That their once "perceived" monetary value has decreased doesn't change the intrinsic value in their continued existence.
This is a sad story, Richard. The new EPA rules for dealing with lead-based paint when remodeling that went into effect this year have not helped either.
Cheers,
Robin
Richard,
I love the topic, & I'm definitely re-blogging it. The biggest motivating factor for buyers wanting these areas is the quaint lifestyle, unique restaurants, trendy dive bars (oxymoron right?), and little boutiques that they can frequent with a short walk from their older home. Also, a subsidy like Fernando mentioned or some sort of tax incentive to offset the high cost of renovation would certainly work its way back into the local government's pocket in the form of higher property values & sales taxes from the businesses the homeowners support.