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.U .,cjnvestment -" ASSOCIATION JUNE 1998 A special edition or,he PAS Memo published quarterly and devoted to public investment andfinance' Historic Preservation and the bank. The buyer of property in a local district trades total freedom to do as he pleases with the exterior of his property for Property Values in Indiana the comforting assurance that property around him will be renovated and maintained in a manner that is likely to enhance ~ istoric Landmarks Foundation of Indiana has advocated the value of his own property. II ~ local historic districts as a method of revitalizing and The districts studied represent communities of various sizes, protecting landmark neighborhoods for more than 30 years. But and reflect a variety of building sizes, prices, demographic we always wondered: Do the visual and economic benefits of characteristics, ages, and architectural quality. Four of the historic districts exist only in the eyes and minds of districts in the study are residential; the fifth is predominantly preservationists? commercial. Realizing that property values provided one concrete measure These findings reveal that local historic districts in Indiana of the effect of local historic districts, Historic Landmarks not only provide valuable protection for each community's commissioned Donovan Rypkema, a Washington, D.C., real historical resources but protect and enhance individuals' estate expert, to study 15 years' worth of property values in financial resources as well. In looking at local historic districts, Indiana communities using the multiple listings service and the Historic Landmarks Foundation of Indiana learned that: U.S. census data. The results of the study were published in Preserva~ion eP Property Values in lndiana (see page 4 for · In Anderson, the values of properties in the study areas ordering information). The numbers in the report solidly verify steadily appreciated after the creation of the historic districts. our instincts: Property values rise with local historic district designation, equaling if not outpacing similar, undesignated · In F. lkhart, the rate of appreciation of properties in the areas and ofxen the performance of the city as a whole, historic district, a particularly depressed area, mirrored the Historic preservation commissioners are sometimes viewed-- rate of appreciation of the entire Elkhart market. usually by people who do not live in historic districts--as bureaucratic naysayers, and spoolers of red tape and hassling · In Evansville, the appreciation of properties within the local historic district outpaced both the adjacent historic district regulation that's not worth the difficulty. Resoundingly not not regulated by the local district and the overall Evansville true, according to this study. For the five cities covered in th~ market. study, historic preservation commissions approved applications before them more than 90 percent of the time. Coupling that · In Indianapolis, the property values in the local historic finding with evidence showing that property appreciates more district increased at a rate consistent with the metropolitan rapidly in local historic districts controlled by preservation Indianapoiis overall market and exceeded the rate of both an commissions makes a i ...... pp ymg for a comm ss on s certxficare of adjacent, highly similar and unregulated neighborhood and appropriateness" look like a benign process that puts money in the larger area of Indianapolis within which it sits. Housing Price Options Over Less then 1,000 Over $40-59,999 $40-59,699 Historic Districts Newer Subdivisions In Anderson, Indiana, homes i, the historic districts are more affbrdable than in new ~ubdivisions and are 79 percent larger on average.