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SOHO President's Message
July/August 2017
By Jaye MacAskill
 Welcome to the 2017 Summer edition of SOHO's Our Heritage eNewsletter! This issue zeros in on the Mills Act and other benefits of historic designation for property owners, a topic of high importance. I have a fair amount of professional expertise in this area, having written many historic register nomination reports and Mills Act applications over the past 10+ years. In addition to working as a freelance historical consultant, I'm also a licensed real estate agent specializing in historic and vintage homes.
Several years ago, I realized that the extensive knowledge in architecture, local history, and processes involving designation and the Mills Act that I had gained writing nomination reports would likely translate well into a career in real estate. Not only could I use this valuable information to further my own job prospects, but I could help educate property owners, buyers, and possibly even the real estate industry in the importance of preserving older buildings and neighborhood character. Historic preservation enhances our quality of life and is well proven to have a direct positive effect on local economies. In San Diego, one need not look further than the Gaslamp Quarter or North Park to see where historic preservation efforts have led to tremendously successful neighborhood revitalization.
San Diego has a wealth of older homes and commercial buildings, both designated and not. The good news in the real estate market right now is that if you already own one or more of these coveted properties, you're doing well! However, for those who would like to purchase an older or historic property, the situation can be discouraging. Low inventory and high prices are the biggest challenges faced by many would-be buyers. For old house enthusiasts especially, another major problem is finding a place that has not been brutalized by flippers. That said, great older homes come on the market virtually every day, so just keep buying lotto tickets and don't give up on your dream!
As an old house enthusiast myself and a real estate agent, I enjoy the perk of access to the local Multiple Listing Service. Although I am by no means a statistician, I enjoy keeping an eye on the selling prices within particular neighborhoods. So, without getting too scientific about it, recent sales continue to indicate that owning a historically designated home, or even an older house located within a neighborhood with strong historic character, is a very solid investment.
Here are some telling sales figures from the Multiple Listing Service (MLS) in recent weeks and months regarding the sale of "vintage" and historic houses in San Diego (as of this writing on June 20):
- The median home price in San Diego County currently hovers somewhere around $525,000. However, within the city's central core, where the greatest concentration of older properties are located (92101, 92102, 92103, 92104 and 92116), of 46 single-family residences listed that were built before 1972 the median selling price since May 1 is about $675,000. That's roughly $150,000 above the county's overall median home price! (I cite pre-1972 homes because properties must be 45 years or older to be eligible for historic designation.)
- In addition, the average selling price for similar properties in central urban San Diego is currently around $720,000! A small 1,100-square-foot, two-bedroom house on Granada Avenue in South Park that I had the pleasure of helping get designated a few years ago recently sold for $715,000. That's more than $200,000 above its 2003 purchase price!
- At the top of the local real estate market, the second highest priced house to have sold in the past month or so was a 2,445-square-foot, historically designated home designed by Irving Gill on Front Street in Bankers Hill. The price: $1.41 million. Compare that sale to this one: The highest priced house older than 45 years to have sold recently, a 1952 Colonial Revival Style residence 100 square feet smaller than the Gill, sold for about $1.46 million. Unlike the Gill house, however, it is not currently designated and is not receiving the tremendous financial benefit of property tax savings through the Mills Act. We explain Mills Act contracts and advantages elsewhere in this newsletter.
The real estate market in San Diego is no doubt fascinating. When it comes to older and historic properties and neighborhoods, the topic can also be downright distressing when our cultural resources are needlessly at risk. I hope you will benefit greatly from this issue's articles that set the record straight on historic designations and the Mills Act. These are complicated issues but SOHO whole-heartedly believes in the social and economic benefits of these important preservation tools. We encourage owners of historic homes and commercial properties to use these tools for the greater good and to help maintain a high quality of life for all San Diegans.
You'll find up-to-date information on historic designation and applying for the Mills Act HERE. Please feel free to contact SOHO if you'd like more information or assistance by phone at (619) 297-9327 or email SOHOsandiego@aol.com.
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