The homes and buildings in the Historic District area all very unique. They were built in the 1700 and 1800's. No two are alike, with the exception of the new construction along certain areas of downtown. They range from cottage houses to grand mansions. Some are home owners, while many students and young professionals rent to be near work and school.
The reason that there is a wide range of square footage is a couple of reasons. One, like I said before, no two homes are alike. They all have special features about them, and some even have a historic value to them. Two, there are several areas of downtown that determine the value of a property. You could be near the park, or you could be near an older, run down part of the city.
Renovations are happening everywhere in downtown. It's great because it is giving the city a facelift and increasing property value. However, all property owners still must stick to a strict city ordinance for specific renovations. The value of a home in the Historic District is based on location (near the park, certain streets), historic value, parking included and the many features that the home itself includes.
Let me know if I can help you any further. ~ Malene D. Dunford, Keller Williams Realty
The price per square foot may also depend on the location for certain areas are more desirable than other locations such as areas which are within walking distance to Forsyth Park, downtown Savannah and to Savannah College of Art and Design buildings.
Some owners are more flexable than others in terms of asking price and are more realistic about the market value while some owners tend to over price their property per square foot because they purchased the property when the market was high.
When a buyer is in doubt about the price of a property and wants to purchase the property, I suggest making an offer then getting an appraisal "before" a home inspection during the due diligence period. If the home is over priced, sometimes the seller owes too much on the property and is unable to sell the property for the appraised value.
When I list a property in the historic district, I suggest to the owners to get an appraisal. Hopefully, the properties that you are interested in have recent appraisals. If I may be of any assistance to you, please contact me.
Diane Strickland, REMAX Accent
Cell: (912) 429-1093 / Office: (912) 756-5888
erbhealy - Location is the primary fundamental, hyperlocal - street by street, corner by corner.
What Georgia historic district in particular is bringing you to these questions?
How do you put a value on renovations? The Remodeling magazine "Cost vs. Value report is about as reliable a source as there is. They poll, they analyze and they look at average costs per USA submarket vs. "payback" averages. The web reference has a link to their November 2011 - the most recent annual report.
Good question - if you want to buy in historic Atlanta or Decatur, then please call.