What are the advantages, and disadvantages of buying a historical commercial building?

In Buying Property - Asked by Mark N. - May 6, 2011
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Answer(s)

marty r.
Broker/Agent
Manalapan, NJ

the disadvantages customarily associated with historical properties will include your inability to alter the subjects appearance, as well as its use without obtaining approvals

May 8, 2011
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Louis M.
Broker/Agent
Germantown, MD

call your city zoning. I sold a property in DC and during the 2 years Trammel Crow held me off and postponed the closings the property turned Historic. So My building which was the base to a 100 million dollar building still has the $ 100 dollar original wood steps out side of it, that I built.

May 10, 2011
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Lisa M.
Broker/Agent
Saint Louis, MO

One of the advantages is that certain leasees only want historical properties and areas.

May 10, 2011
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Larry B.
Broker/Agent
Ogden, UT

One of the advantages is acquiring a unique building for less than replacement cost, typically in an area that is part of a central business district or area of high social interest. Having said that their is always an unexpected set of expenses in bringing an historical building up to code which you have to figure into your plan. A disadvantage I have run into is getting an appraisal commensurate with the historical "value" if you are getting financing.

May 10, 2011
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JOHN R.
Broker/Agent
Tampa, FL

GOVERNMENT FINANCING AT LOWER RATE. RELIEF IN REAL ESTATE TAXES AND IMPACT FEES.
DISADVANTAGE IS A LOT OF RED TAPE.
JOHN REAVES

May 12, 2011
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