Benefits of Owning History (A Landmark Deal)

posted: Friday, July 25, 2008

Imagine owning a piece of local history and receiving annual property tax savings of 50% for the privilege. Sound too good to be true? The 1972 Mills Act made this a reality, allowing participating local governments to enter into contracts with owners of historic properties who agree to rehabilitate and maintain them. In exchange, the homeowners receive 40% to 60% savings (sometimes more) on their property taxes. The intent of the tax break is for participants to use the savings to keep their properties in tip-top shape. It’s a win-win situation, owners save through tax breaks, of which some or all of the money they put back into fixing the homes & cities get to preserve the history, architecture & culture of the community.

Generally, to qualify a property must be listed on a historic register – locally, the city of Santa Monica has a Historic Resources Inventory List. These historic houses are limited and don’t come up for sale very often, but amazingly there are actually three houses currently on the market that fall under the Mills Act. All built in the early 1900’s, two of the featured houses are Craftsman style and the third is a Southern Colonial.

Craftsman:

236 Adelaide Dr. (LP $7,995,000) Located on one of the most scenic & historic streets in Southern California this Landmark property rests on over ¾ of an acre w/ spectacular views of the ocean & mountains. Constructed in 1911 by Isaac Milbank & owned by the same family for nearly a century, some say this is the best example of Craftsman style in Santa Monica. Graciously perched above the street, the property boasts expansive lawns, mature trees, pathways, gardens & several ancillary structures. Truly a piece of So Cal history.

405 Palisades (LP $5,995,000)

Rare opportunity, on coveted Palisades Ave. Amazing 18,725sqft lot. Dramatic Craftsman style built in 1912 w/ 6 bedrooms and 4.5 bathrooms. Living room w/beamed ceilings & fireplace. Delightful breakfast room, light & bright updated kitchen w/granite counters & center-island looks out to private garden. Dining features beamed ceilings & bar. Six bedroom is two room suite w/private entrance. Oversized three car garage w/ workroom. Two lovely garden rooms look to remarkably private yard w/mature fruit trees & lush landscaping

Southern Colonial

147 Georgina Ave. (LP 7,500,000)

Totally renovated gorgeous 1911 home on an amazing 20,600 sq.ft lot! Built by the famous architect R.D. Farquhar, this house sits on a prime Georgina Avenue location close to the beach. House includes: 4 bedrooms, 3/5 bathrooms, updated kitchen with top of the line appliances, breakfast room & entertaining bar. Exquisite living room, family room & office with sun room. Formal dining room with french doors that open to extra-large backyard. Completely remodeled designer home with Old World charm. This unique property was featured in House & Garden Magazine.

Forget collecting art, cars & wine, bragging rights of owning a piece of history with amazing architectural features comes with a whole other level of prestige. (please note: not all historic houses qualify for the Mills Act tax saving benefit) For more information on any of these listings or questions about this article, please contact:

Shann Silver PHS / Coldwell Banker (310) 899-3532 ss@phsrealty.com