St. Pete looks at how historic preservation impacts home values
ST. PETERSBURG, Fla. - For Mark Carman and Charlene Greene, remodeling and upgrading their 1940 vintage home in St. Pete's historic Kenwood neighborhood has been a labor of love since they bought it in 2001.
"I love this house. I grew to love this house because of sweat equity," says Greene.
According to Zillow, the 1,000-square-foot home they bought 23 years ago is now worth over $409,000. The neighborhood's historical designation limits what they can do to their home, but there's a flip side.
"It is the confidence that the lunatic across the street can't be doing something to his property that adversely effects the whole neighborhood," says Donovan Rypkema of Place Economics. The Washington-based firm was commissioned by Preserve the Burg to show how historical value affects the economic value of the city's real estate.
Old photos show Central Avenue bustling in the 1920's. The area has been revitalized and is bustling again, thanks in part, the study says, to its architecture and historical character even though big, new building are towering next door.
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"St. Pete is growing and needs new highrise construction, there's nothing ‘anti’ about that," says Rypkema. "But, if that were the only thing that existed in St. Pete, nobody would be moving here."
Despite St. Pete's popularity, the study shows only a tiny percentage of the city's older real estate is protected by historical designations. While we often hear about the economic impact of sports teams or an event like the St. Pete Grand Prix, there's not much talk about the impact of a building like the historic Snell Arcade that's been here for generations.
"We talk about them in the sense that we like the way they look, but there's also an economic component," says Manny Leto of Preserve The Burg. "We wanted to put some numbers behind historic preservation."
The study says the resurgence of Central Avenue sparked job growth of more than 50 percent between 2010 and 2020, while in the rest of the city it was 17 percent. The study also found that half the residents of St. Pete visit Central Avenue at least once a week. "The reason they live here is the quality of life, the character, and the distinction of St. Pete," says Rypkema.
Charlene and Mark spent lots of time and money on their house, but they say its vintage character and Kenwood's historic designation have added big value.
"The house itself feels like a part of the family, it's not just a house we live in," says Charlene.
The study also says older housing can mean more affordable housing. Rypkema says when older units are torn down, new housing almost always costs more.