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remarkably consistent: regardless of the historic district, the The State-Division Street Historic District ranks as the "first community, the type of property, or the condition of the fashionable subdivision" in the northern Indiana city of Elkhart local real estate economy, there was no evidence to suggest (pop. 45,000). First developed'in the 1860s and 1870s that a local historic district adversely affected property following the arrival of the Lake Shore and Michigan Southern values. In fact, the data showed several other benefirs of local Railroad shops, the area housed an economically diverse district status. In the following city profiles, these are population from its earliest days; while single-family homes identified as "historic district bonuses." predominate, the area also contains rowhouses, flats, and duplexes. The Elkhart Historic & Cultural Preservation Anderson Commission locally designated the near-downtown district in B Anderson, (pop. 60,000) in east 1984 and exercises review over renovation, demolition, and new uyers who central Indiana, enjoyed a construction. The district is being nominated to the National decide on houses building boom following the Register of Historic Places. in historic 1887 discovery of natural gas, What happened to property values? The study produced when the city billed itself two conclusions: First, the rate of appreciation within the districts often "Queen City of the Gas Belt." historic district paralleled the appreciation rate in the city of have wider Anderson has two historic Elkhart as a whole over the peribd from 1980 through 1995; districts--the West 8th Street and second, the average values of housing in the historic choices and get Historic District and the West district were significantly below average values in the city. more for their Central Historic District--both The latter finding suggests that the historic district provides created in 1985. The Anderson affordable housing--and appreciating assets--to people of money. Historic and Cultural modest means. Preservation Commission carries out local design review in the districts, including Long-Term Home Ownership: approval of proposed exterior renovations and new construction. Both districts also are listed in the National 0wiled 20+ Years Register of Historic Places.. What happened to property values? From 1980 to 1995, 80% Historic District both the West Eighth Street Historic District and the West Central Historic District experienced property value 45% appreciation. The trend of appreciarion accelerated slightly a~er the creation of the historic districts in 1985. 4~'/° Buyers who decide on houses in historic districts often have wider choices and get more for their money. In a5% 8imllar Neighborhood Anderson, real estate professionals identified five "affordable" neighborhoods: the two historic districts and three newer 30% Elkhart City subdivisions (Hilltop, South View, and Meadowbrook). While houses in the historic districts fell in the middle of the ~% Elkhal~ Counl~ range of average selling prices--from $52,853 in Hilltop to { $32,171 in Meadowbrook--the homes are 79 percent larger Z0% on average than homes in the subdivisions. Historic district = buyers therefore got much more house for their money: 15% = $14.70/sq. ft. in West Central and $21.50/sq. fi:. in West ~' Eighth Street versus $32-37.80/sq. ft. in the newer 10% ~- neighborhoods, e The Anderson historic districts offered another advantage 5% ~ over the other neighborhoods. Buyers could choose from a : ~ substantial number of houses at several price points: They ~ could easily find a home for less than $20,000 (23 percent) Fifty percent of homeowners in the Elkart or more than $60,000 (19 percent). The range of housing Itistoric District have lived there more than options was much narrower in the three competing 20years; only 31 percent of owners in other neighborhoods, where only five percent of homes sold for less neighborhoods have been thereas long. than $20,000 and just eight percent could be purchased for over $60,000. The historic district reflects the breadth of the community's diversity. Many neighborhoods, particularly Editor's note: This issue of Public Investment is a condemed newer subdivisions, house narrow slices of a community's version 0fPreservation of Property Values in Indiana, a report population. However, every residential historic district prepared by real estate consultant Donovan Rypkema of included in this study displayed a greater range of the Washington, D. C and the staff of the Historic Landmarks community's entire population among its residents than £oundation of Indiana, including Tina Connor and £izJvss. The other areas, whether newer subdivisions or older version that appears here wa~ prepared by Liz Joss. neighborhoods not recognized as historic districts. 2