AgdaPkt 2002-10-28 - Laserfiche WebLink

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lO.A-I Elkhart's State-Division Street Historic District serves as a Indianapolis useful example. In three demographic categories--race, In Indiana's capital city, the study looked at property values in occupation, and education--residents of the historic district adjacent neighborhoods--Fletcher Place and Holy Rosary- closely reflect the entire community. No other neighborhoods Danish Church--both listed in the National Register. The two in the city came close to mirroring the community as a whole, neighborhoods are nearly identical. Both districts were The district also encompasses a greater percentage of both originally settled by immigrants, many in modest workers' Elkhart's high- and low-income families (with the spectrum in cottages and some in larger homes. Their age, history, housing between also represented) in a single neighborhood, size and style, and proximity to downtown and transportation People moving into historic districts aren t just passing connections are virtually identical. But there is one significant through but tend to be homeowners for extended periods, difference: since 1980, Fletcher Place has been a locally adding stability to the neighborhood. Slightly more than 50 designated historic district under the purview of the percent of the homeowners in the State-Division Street Historic Indianapolis Historic Preservation Commission, while Holy District had been in the neighborhood for 20 years or longer; in Rosary-Danish Church enjoys no local protection or regulation. the city as a whole, only 31 percent of owners had a comparably What happened to property values? While both stable tenure, neighborhoods appreciated over the period 1982-1995, Fletcher Place---the locally designated historic district--appreciated at a Evansville significantly greater rate. Data from the Indianapolis Evansville (pop. 130,000), an Ohio River city in the southwest Metropolitan Area Board of Realtors includes the average selling corner of the state, claims one of Indiana's first local historic prices of all houses in the Indianapolis metropolitan area and a districts--the Old Evansville Preservation Area (OEPA), created smaller area representing the southeast quadrant of central in 1974. In 1978, a larger area--including OEPA--was listed Indianapolis where both Fletcher Place and Holy Rosary- in the National Register of Historic Places as the Riverside Danish Church are located. Historic District. OEPA encompasses approximately 60 percent of the Riverside District. Because National Property Values: Riverside Historic District Register status offers neither and Old Evansville Preservation Area protections or regulations for properties within OEPA are protected by the authority of $120~000 the Original Evansville What happened to O Riverside Historic District property values? OEPA is $100;000 unique among the districts in the study in two important ways: First, OEPA was the only district evaluated in which the average housing $80;000 values were significantly whole; and second, the local historic district is part of a larger National Register $60;000 Historic District. Values in the entire Riverside Historic District appreciated at a rate faster than the Evansville market $40;000 as a whole from 1979 through June 1996. When = the two components of the Riverside Historic Dis- $20;000 trier--the locally protected OEPA and the unregulated balance of the district--are compared, the rate of appreciation is significantly greater for those properties While property values in the Riverside Historic District appreciated at a faster rate than the within OEPA, the locally Evansville market as a whole, the locally regulated Old Evamville portion saw an even designated and controlled steeper increase. portion of the district.