Save Our Heritage Organisation
Reflections Quarterly Newsletter
2005 Volume 36, Issue 2
Kerri Klein and Mark Wiesner
Investing in History Award
This 1906 La Jolla cottage was being marketed as a scraper. It could have been sold to a new home developer and demolished to make way for a McMansion and a large profit. But it wasn't, thanks to these award recipients. This project serves as an example of how a developer can purchase the same property, restore a historic home on a spec basis, and make a healthy profit. The home sold for $2,875,000, the same price per square foot a new home would have commanded! The project also proves that historic preservation can be economically viable even in today's market, a win-win for the community and the developer. As part of the restoration process, the home was submitted for historic designation and Mills Act property tax savings, a benefit, which was used as a selling point during post-restoration marketing.
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