Are the “painted ladies” of the past fading into oblivion? Do many of the other grand, old homes of yesteryear have a date with the wrecker’s ball?
Not if Laura Good can find a buyer for them.
Good is a real estate agent who specializes in selling historic homes. For her it’s more than a job, it’s a passion.
She believes old homes are not musty relics, but exciting places with character and stories to tell.
“I market old homes as works of art, as icons of the past,” she said. “I try to match a buyer with a property that deserves to be preserved. These homes are for buyers who appreciate craftsmanship, detail, and quality.”
When there’s a choice between old or new, Good will opt for old every time. For her, today’s glitzy new homes don’t hold a candle to the hand-carved staircases, stained-glass windows, and elegant architectural styles of bygone eras.
Working for River Forest-based Ariston Realty Corp., she has carved out a niche in an underserved field:
“I saw a need for a specialist in historic homes when I was looking for an old home to buy. There was very little information available.”
So she founded the Gold Division at Ariston Realty in 1992. It focuses solely on the sale of historically or architecturally significant buildings-in all price ranges, from upper-bracket estates to fixer-uppers.
She found a buyer for a fortress-like landmark in Joliet. Constructed of local limestone in 1891 at 17 S. Center St., it features massive front and back porches, a distinctive tower, and more than 6,000 square feet of interior space.
It was built for Patrick C. Haley, a one-term (1891-93) mayor of Joliet and a prominent attorney. Once the site of many political and social gatherings, the three-story, 14-room structure has all original woodwork of oak, cherry, and mahogany. Amenities include five fireplaces.
Located west of the Des Plaines River, it is less than a mile from Harrah’s downtown gaming boats. The new owner purchased it for less than $1 million and is rehabbing it for a banquet hall.
Historic homes frequently are converted to non-residential uses.
“They make great art galleries, or offices for real estate or architectural firms,” Good said. “They’re also ideal for bed-and-breakfasts. A change in zoning may be all that’s needed to save a property.”
Not everyone shares Good’s enthusiasm for old homes. An increasing number are facing demolition each year. Teardowns have increased as property values have escalated in mature suburbs. Old homes are purchased with the intent of tearing them down and building new residences.
“We live in a throwaway society,” said Karen May, chairman of the Highland Park Historic Preservation Commission. “Not everyone appreciates old houses. Part of the problem is that people are afraid of the cost of fixing up an old property, plus no one has the staff for the upkeep of a large old home.”
The future of one Highland Park historic property is in peril, said May. The owner of the Florsheim estate, 650 Sheridan Rd., has received permission from the city council to subdivide the almost two-acre site into three lots.
That would allow a future buyer to demolish the house, built between 1926 and 1928 for Harold Florsheim, former president and chairman of the Florsheim Shoe Co. The property includes a pool, greenhouse and a guest house in the three-car detached garage.
The 12-room baronial residence in French chateau style was designed by architect Ernest Grunsfeld and the landscaping was created by Jens Jensen, one of the Midwest’s foremost landscape architects, said May.
The owners hate to see it torn down, but were unable to find a buyer for the whole estate, she said.
“Since we are powerless to prevent demolition, we are seeking a buyer who would like to own a Grunsfeld/Jensen property and preserve it lovingly,” May said. She added the new owner may be able to sell one or two of the lots and still keep the house intact.
Though the Florsheim estate is on the National Register of Historic Places, that will not guarantee its future.
“Being on the National Register adds prestige and market value,” Good explained, “but it doesn’t prevent you from blowing up the house tomorrow.”
However, local landmark status may be stricter about what you can and cannot do, she added.
Why the rush to raze?
“The reason is often economic,” said John Henry, director of the Historic Real Estate Program at the National Trust for Historic Preservation, based in Washington, D.C. “It’s a matter of expediency for developers who want to maximize dollars.”
New legislation, though, may help to extend the life of old homes. “A bill scheduled to be introduced in this session of Congress would provide for tax credits of up to $50,000 for improvements made to a historic home,” Henry said. “It has a good chance for passage.”
Illinois offers a property tax assessment freeze for owners who rehabilitate their historic homes.
Under the program, the assessed valuation of a historic property is frozen for eight years, then the valuation is brought back to market level over four years.
The National Trust for Historic Preservation is a nonprofit organization chartered by Congress and dedicated to protecting America`s cultural heritage. The Frank Lloyd Wright Home and Studio in Oak Park is one of 18 historic homes owned by the National Trust.
Ariston’s Gold Division was the first and is the only real estate company in the Chicago area to be accredited by the National Trust for Historic Preservation.
Good had to attend training that included American architectural styles and historic interiors; and regulatory, tax and economic issues.
Good, whose other love is music-a mezzo soprano, she is a former member of the Chicago Symphony and Grant Park Choruses and has performed major roles in light opera-stresses the need for education:
“Sometimes people don’t realize the value of what they own.
“In historic districts, homes have a higher market value because they offer built-in visual protection,” she said.
Despite the constant attrition of old homes, there is a large supply of them, and it is getting larger every year, according to the National Trust. It classifies homes 50 years old or older as historic.
Soon that category will swell with a bonanza of post-World War II ranches, though it’s a question as to how well they fit the definition of historic.
The Chicago area is “resplendent with significant properties,” according to Good. A lot of them come up for sale all the time. Hot areas include the Beverly and Kenwood neighborhoods in Chicago, Oak Park, River Forest, the North Shore, even the old section of Naperville. For especially good values in old homes, she recommends Elgin and Joliet.
But you won’t find any “Victorians.”
“There’s no such thing as a Victorian. That was a period of time during which a variety of home styles were built. Many people classify anything that is wood and has a turret as Victorian,” she said.
What many people think of as Victorian is Queen Anne style. “Painted ladies,” featuring elaborately painted gingerbread decoration, also are from that era.
“There’s an ongoing debate between stringent restrictions and freedom,” Good said. “A lot of people love the restrictions because it means that the architectural integrity of the neighborhood will be maintained.
“Others, though, may not appreciate restrictions, if, for instance, they want to build an addition that is out of keeping with the architecural guidelines.”
“I’m big on after-care,” she said, “so I keep a list of specialists in historic rehabilitation.”
She targets “the connoiseur market, people who are willing to pay a premium” for special value.
Frank Lloyd Wright’s homes fall into that premium category. Of 400 remaining Wright buildings, some 70 are in the Chicago area, according to the Frank Lloyd Wright Building Conservancy, based in River Forest.
How pricey are the master’s works?
According to the Conservancy, Wright homes on the market in the Chicago area include two in Glencoe, listed at $1.975 million and $495,000; two in Oak Park, $595,000 and $675,000; one in Chicago, $890,000; and one in Kenilworth, $729,000.
Opposite of Wright’s horizontal Prairie Style is the vertical look of the Elbridge Keith House, 1900 S. Prairie Ave., in what was the city’s first Gold Coast.
Nearby are two other historic residences-the restored Glessner House and the Widow Clarke House, the oldest home in the city, which now is a museum.
The elegant 18-room, three-story residence Elbridge Keith House is decked out in Second Empire style. Built of limestone and brick in 1871, the year as the Great Chicago Fire, it is priced at $695,000.
The house was converted to commercial use in the 1930s, but reverted to residential with the current owners in 1978. Though it is in Good’s book of available historic homes, it is not her listing.
She also keeps track of historic homes for sale outside the Chicago area that are not her listings.
Another real estate agent who specializes in historic homes is Judy McEvoy of Prairie Shores Properties in Evanston.
“This is a sophisticated market. They already know what they want,” McEvoy said.
McEvoy described buyers as willing to pay for a home that has been thoroughly restored or those who want to do the job.
“These buyers are purists,” she says. “They don’t want a tract home. They want handcrafted workmanship, quality that can’t be replicated today-the stained-glass windows, shiny brass, oak woodwork.”
One of McEvoy’s listings is a stately English Tudor at 2681 Sheridan Rd., Evanston. Dating from 1893, it is listed at $1.35 million. It offers 12 rooms, 6 bedrooms and a coachhouse. The walled estate overlooks Lake Michigan, and, along with seven other homes, owns riparian rights and a park.
McEvoy advised that “historic homes are not for the faint of heart. Buyers have to be prepared for the costs of renovation and upkeep. These are big houses with higher heating costs. The mechanicals may be archaic and have to be replaced. The house may have to be rewired.
“But most of them are built like fortresses,” she said. “And the rehab results are worth it.”
