One question that owners of a Palmer home in Coronado should be considering is its potential historic significance and whether or not it will be designated as a historic home when it reaches 75 years old. Built in the early 1940’s, we are just three short years away from its 75th birthday. There are still many of the 154 original houses still standing today.
Sold in 2015 for $1,650,000 3 Bedroom 1.5 Bath 1046 sq ft
Unfortunately, it’s a little too early to make a clear determination. That being said, it’s never too early to start considering the potential historic classification for those currently living in or exploring purchasing a Palmer home on the island.
Real Estate Value Considerations
There are a lot of implications to evaluate when considering purchasing a potential historic home.
First, what is the likelihood that the home will receive a historical designation? A house will need to fit at least one of these criteria to be considered a historic home:
1) Historic Significance, such as part of the city’s social, political or architectural history
2) Identified with a person or event of significance such as a famous architect
3) Distinctive characteristics such as architectural style
4) Representative of a notable work of a builder, architect or designer
Second, in a city where countless buyers purchase with the intent to demolish, homebuyers need to consider the significance of the designation. Taking demolition off the table influences the property’s value to families looking to purchase based on lot size. While three bedrooms and one bath were popular in the 40’s, the majority of residents today would have a difficult time living in 1000 sq ft. Most have been remodeled to include a second bathroom, among other updates.
Third, what is the home value now vs. if the home is classified as historically significant? The designation comes with prestige, yet limitations on what the homeowner can do. That factors into home value as well.
A brief look into the Palmer homes’ history may suggest that it is a candidate for historic designation. Palmer homes refer to a specific architectural style popular in the 40’s and 50’s. Pulling from an era of minimalist design, these efficient single story homes featured three bedrooms, a single bathroom and living room. The majority of Palmer homes didn’t have a dining room and were 1,000 square feet. The simple design made it easy for the builder to construct multiple units next to each other quickly. Most of the homes resided in the northeast area of the island, close to the Naval base and served to be provide affordable housing for Navy workers. If the property can meet one of the determining requirements there’s a good chance that it will be historically designated.
Dynamic Real Estate in Coronado
Historical significance is one of the many factors adding to the complexity of the Coronado market. Our rich history combined with limited land adds to the many reasons that Coronado’s market differs from those in other regions.
When you’re looking to buy or sell, you need to work with a local real estate agent fluent with the variables in our market. They can help you evaluate if purchasing a historic home will help you achieve your homeownership goals. Inversely, they can also help you navigate considerations for potential historic homes if you are looking to sell in the future.
Contact one of our experienced Coronado real estate agents today to start your home buying or selling process. Not only do we specialize in island real estate, all of our agents live in Coronado, giving you that extra insight.