Tax Credits for Historic Properties

The State of North Carolina has a program for tax credits for historic preservation and rehabilitation of historic buildings. Here are some highlights of the state tax credit program:

The State offers 30% state tax credits for qualifying rehabilitation /restoration of "non-income producing" historic structures.   20% state tax credits are offered for rehabilitation/restoration of “income producing” historic structures that also qualify for the 20% federal investment tax credit. Combined, these credits can mean a 40% return on costs of a certified rehabilitation of an “income producing” historic building.

Purchasing an historic property as an owner-occupied personal residence in one of Salisbury, North Carolina's TEN Nationally Registered Historic Districts may qualify you for this tax credit!

Key things to note about the state tax credits:

• Only certified historic structures will qualify for the credits. A “certified historic structure" is defined as a building that is listed in the National Register of Historic Places, either individually or as a contributing building in a National Register historic district. In general, these structures are identified in the National Register nomination reports for each of Salisbury’s historic districts. Copies of these reports are on file at the Rowan Public Library.
• The rehabilitation of the historic structure must be substantial. For non-income-producing properties, the rehabilitation expense must exceed $25,000 within a 24 month period. For income-producing properties, the rehabilitation expense must exceed the greater of the "adjusted basis" of the building or $5,000 within a 24 month period or a 60 month period for phased projects.
• All rehabilitation work must meet the Secretary of the Interior's Standards for Rehabilitation.
• Property owners are strongly advised to consult with the State Historic Preservation Office before beginning a rehabilitation to resolve potential design and rehabilitation problems that could result in denial of the credits.
• The credits cannot be claimed against the cost of acquisition, new additions, site work, or personal property. Only costs incurred in work upon or within a historic structure will qualify. Interior work such as HVAC work and kitchen and bathroom remodels will qualify if the work meets "The Secretary of the Interior's Standards for Rehabilitation."

c. 1852 Thomas T Maxwell House

For more information about North Carolina State Tax Credits, contact the State Historic Preservation Office in Raleigh at (919) 807-6585 for “income-producing” properties or (919) 807-6574 for “non-income producing” properties. The North Carolina State Preservation Office website (www.hpo.ncdcr.gov/credits.htm) was the source for much of the information in this fact sheet.

To see the many and beautiful historic homes for sale available now in Salisbury that qualify for the NC Preservation Tax Credit, call Greg Rapp at 704.213.6846 today!

Home Restoration...the Ultimate Recycling.

Why go to the extra trouble, and perhaps additional expense, to restore an older house? Everyone feels guilty throwing a cans or bottles into the trash. We feel better when we recycle! Wouldn’t it be nice if we felt the same responsibility before sending all historic plaster and lath and moldings to the dump? Think of restoration as the ultimate recycling.

Older buildings present a different set of variables and challenges and require a different mindset and approach to their upgrades. Original materials can be hard to find or replace, people experienced in working with historic architecture can be difficult to locate, and working within the framework of something that already exists can be more difficult than building new.

For many, restoring an older home rich with history and character to its original condition is a philosophical value. It feels good to take care of something, to bring something back, or to maintain the historic integrity.  Additionally, saving and preserving can increase property values. There are often tax credits available, and older workmanship and materials are better and stronger than their modern counterparts are. Historic areas attract more visitors creating a thriving community. There are also aesthetic arguments. Turn-of-the-century construction artisans not only built historical homes better, but a restored historical home also looks better than its modern counterpart does.   

If you are a homebuyer considering conducting historic restoration efforts yourself, or if you think you may hire professionals, be sure to research the many options available to resolve issues. Take into serious consideration options that do less damage to the original historic features. What happens on many projects is often more renovation than restoration. Completely gutting an interior for modern systems or removing walls to create open floor plans is not restoration. The essence of restoration is flexibility and creativity.

The general definition of restoration is to save what historic or original features are there and put back lost elements with ones most closely representing what builders of the era might have used.  Often, restoration decisions must be practical. In the home you are considering, there may not be much left to save, or there may be plenty of historic features in place, or hidden behind renovations. Many times, you can complete necessary repairs, and make upgrades to meet current usage requirements and needs, and still sensitively restore your historic home.

It is important to understand the difference between efforts that reflect restoration versus remodeling, rehabilitation, or renovation.  As you make informed decisions, you will find that preserving the historic value is often a more valuable option than replacing elements with something new. Be sure to understand what you may be losing as well as what you may be gaining.

Why go to the extra trouble to restore an older home?  Because restoration is the ultimate recycling effort, and with it you will preserve the architectural integrity of not only the home, but also the neighborhood, and the community.

To have a closer look at historic and other homes for sale in Salisbury and Rowan County North Carolina, contact Greg Rapp at 704.213.6846.  The choice is yours to purchase a fully restored gem or to take on a restoration project of your own.

 

300 W. Horah Street, before and after restoration.  This home is for sale.

Countdown to October Tour of Historic Homes ~ Open House Oct 8th!!

www.historicsalisbury.org

Only 3 days 'til October Tour ~ Tour of Historic Homes in Salisbury North Carolina!  In addition to the nine historic properties that will be on the Historic Salisbury Foundation's ticketed tour ~ be sure to stop by Park Avenue to see 2 historic homes FOR FREE that are on the market now!

SNEAK PREVIEW:

414 Park Avenue ~ c. 1900 Victorian ~ $78,900

Nearly 4000 square feet of historic living space.  Come see this jewel at the gateway to the Park Avenue~Long Street Historic District.

Large Foyer with Original Fireplace and Mantle

Spacious Sunny Renovated Kitchen with Granite Countertops

429 Park Avenue ~ c. 1900 Victorian  Single~Story Queen Anne ~ $142,500

Completed restored Queen Anne with large wrap-around porch ~ a cornerstone property in the Historic Park Avenue Neighborhood.

One of  the three bedrooms with refinished floors and original fireplace

Renovated Bath, one of three, with claw~foot bathtub & ceramic tile flooring

Expansive Living Room with Original Woodwork, Refinished Floors, Fireplace

Custom Landscaping with English Rose Garden, Japanese Maples, Mature Fig Trees

Both 414 Park Avenue and 429 Park Avenue neighbor the fabulous McCandless McCubbins House made famous in its restoration by the History Channel.

A fine example of preservation at work, the collaborative efforts of Historic Salisbury Foundation, the History Channel, and Lowes Home Improvements saved one of the most significant Queen Anne Victorian properties in the Piedmont of North Carolina.  This effort was national televised in September of 2006 on the History Channel on a program entitled "Save Our History: A Victorian Reborn".  Within three months the home was sold to a couple who have become wonderful stewards of this significant home.  

Saturday October 8th's Historic Open House will run from 1PM ~ 4PM.  It will be a beautiful, sunny, 75-degree day ~ perfect for touring historic homes, both in the Park Avenue Historic District, and Historic Salisbury Foundation's October Tour of Historic Homes.  Take advantage of this wonderful opportunity to view a part of history in Salisbury North Carolina, and perhaps own a piece of it for yourself!

Contact Greg Rapp at 704.213.6846 for more information!

McCandless~McCubbin House: Park Avenue Salisbury NC Restoration made famous on the History Channel program "Save Our History: A Victorian Reborn".

Greg Rapp 
Wallace Realty Co. 
704 213 6846 Mobile 
704 636 2021 Office 
www.realestatesalisbury.net 

429 Park Avenue ~ Wonderfully Restored Victorian ~ History is in your future!

429 Park Avenue in Salisbury North Carolina is a shining example of how a house can be transformed and in doing so, transforms the neighborhood!

This circa 1900 Folk Queen Anne Victorian has been meticulously restored.  The current owners, Garth & Belinda Birdseye, have a knack for restoration and missed no details.  They not only have a passion for old homes, they spend much of their time delving into the restoration of these oft forgotten treasures.

The" restoration" of an old home is very different from a "renovation." The difference between a restoration or a renovation is the care and effort to keep things original. The 429 Park Avenue project is a full restoration/rehabilitation.  As an example, in a restoration the porch is built back to the porch it was originally. However, in a renovation a porch might be left as a sun room and just made to look up to date. Restoration uses materials that would have been used back in that time period such as heart of pine flooring, historically correct paint colors, etc.

Original features

429 Park Avenue architecturally is a one-story Queen Anne complete with many original features to the home.  Original heart pine floors, unique to this region, and original moldings have been restored in many rooms to a soft gleam.  (5) original coal burning fireplaces boast original mantels, beveled mirrors, tile work, and iron screens. Many original lighting fixtures are in place.  Of the (3) updated bathrooms, (2) still have their original deep porcelain claw foot bath tubs!  Many of the doors have original hardware.  What isn't original to the home, the Birdsey's had milled to match.

Perfect for entertaining

429 Park Avenue is a spacious dwelling with over 2300 square feet of living space.  In addition, a 500 square foot wrap-around front porch is the most identifying feature of this specimen home, a wonderful area for entertaining or just relaxing.  The porch is decorated in Victorian style with spindles and millwork. 

Through the front doors you'll find a large central hallway and an immense living room, all with 11-foot ceilings and large bay windows.  The hallway, with its large arched glassed transom, further takes you to the dining room complete with original built-in cabinetry.

An adorable kitchen has been completely renovated. It features all new appliances, bead-board walls, and a new ceramic tile floor.  Off the kitchen are a convenient breakfast room or mud-room ~ a sunny and cheerful back entry to the home ~ AND a walk-in pantry!

The gardens, recognized with the City of Salisbury's Landscape of the Month Award for June 2011, feature ever-blooming roses and 80-year old Japanese maples surrounded by period iron fencing.  A very private side yard is a wonderful place for al-fresco dining and entertaining.


Modern features

With an over 100-year-old home that features so many original details, you may fear that modern conveniences may be missing.  Not so!  The restoration of 429 Park Avenue included insulated walls, and entirely new heating/cooling systems.  The electric and plumbing systems have all been updated.  Garth and Belinda Birdseye renovated this home to live in, and to uplift the neighborhood, not to "flip" as is often done today. 

The home features (3) full bedrooms and (3) full baths.  The sun-bathed Master Bedroom has a master suite for a quiet sitting area.  The master suite could also be another bedroom or office space.  (2) of the bedrooms feature walk-in closets.  You won't find that in every 100+ year home!

The kitchen was completely rebuilt with high end cabinetry. new appliances, and easy-glide drawers.

Location, location, location

Click on the map to see a better location view

429 Park Avenue is located in one of Salisbury North Carolina's (10) historic districts ~ the Park Avenue/Long Street district in the heart of the city, just (5) blocks from historic downtown Salisbury, shopping, entertainment, art, and restaurants.  Less than (1) mile to the east you can hop on Interstate-85 and be anywhere in no time flat!  The I-85 junction holds more opportunities for shopping, restaurants, movie theatres, and services.  (3) blocks away is the Amtrak station ~ you are just a short train-ride away from Raleigh, the State Capitol. (1) block from the home is the charming Cannon Mills Park, named thus for the historic Cannon Mill (Kesler Mill) circa 1895 that was located to the east of Park Avenue. 

Price

You will not believe your eyes and ears when you hear the sticker price for 429 Park Avenue!  If you are thinking you cannot afford an original historic home with so many updated features, you are mistaken!  This house is an affordable gem that will reward its owners for years to come.  Let's call it reverse-sticker-shock! 

Call Greg Rapp today at 704.213.6846 to get your reverse-sticker-shock for 429 Park Avenue.  History is in your future!


For more photos and information, visit these web-pages:

https://www.facebook.com/home.php#!/media/set/?set=a.193121517399612.51193.100001052965053

http://www.oldhouses.com/cf/displaylisting.cfm?q_listingid=8367&searchlist=3956,8307,6351,8211,4765,8173,8328,8182,4149,8244,7322,5922,8074,2310,8397,8367,3912,6536,7115,6725,7640,7848,7993,8231,6594,632,8035&searchname=Listings%20In%20North%20Carolina&searchdest=%2Fcf%2Flistinglist%2Ecfm%3Fq%5Flistingstate%3DNC%26searchname%3DListings%2BIn%2BNorth%2520Carolina%26startrow%3D1%26maxrows%3D25

425 Elm Street ~ The Arts & Crafts Bungalow ~ NEW LISTING MLS 52109

During the 1920's and 30's, the Bungalow was America's favorite house. In many areas of the country, entire neighborhoods were created with Bungalow designs. At the turn of the 20th century, Bungalows became associated with the Arts & Crafts Movement. It was an idea that centered on the idea of preserving traditions of handcraftsmanship.

The 425 Elm Street Arts & Crafts bungalow is in the heart of the highly desirable Fulton Heights neighborhood in Salisbury NC with easy access to Interstate-85 with multiple choices for shopping, restaurants, employment centers and excellent schools at a great price!! Located in a historic district just minutes from downtown amenities, 425 Elm Street offers unique Arts & Crafts movement designs with a downstairs master bedroom, a large “rocking chair deep” front porch, and more.

This 1917 Arts & Crafts style Bungalow offers the features you'd expect from the time period. This 3-bedroom, 1,787 square-foot, American Craftsman bungalow typifies the common styles of the American Arts and Crafts movement, with common features to include low-pitch roof lines on a gabled or hipped roof; deeply overhanging eaves; exposed rafters or decorative brackets under the eaves; and a front porch beneath an extension of the main roof.

The Front Porch: 425 Elm Street’s most exciting feature, common to the architectural style, is the front porch beneath an extension of the main roof. Note that no matter the style of bungalow, they have one important feature in common - the bungalow porch. Bungalows have great porches. Because of the nature of design, the bungalow porch creates a sense of community. Homeowners would sit on the porch after a hard day’s work to rest and talk with neighbors and friends. There's nothing quite like sitting on a bungalow porch and watching the world go by. This 10x21 foot front porch is ideal for relaxing & entertaining.

The Butler’s Pantry with Built-in China Closet: Built-in furnishings have been a part of domestic architecture for centuries, but built-ins reached their full potential during the Arts & Crafts movement. Built-ins are much of the reason that bungalows can be compact and still "live large." These fittings are common to Craftsman houses and 425 Elm Street is no exception with its fine built-in china closet in the butler’s pantry.

Many built-ins, such as benches, bookcases, and china cabinets, were assembled in place by carpenters. (To determine if a built-in was constructed in place, check the back—a cabinet with a plaster back wall was likely built in place.) There were many options for design including art glass doors, window sashes, moldings, and the rest of a house's millwork to match. When the builder started working on the house next door, he could choose completely different built-ins and put them all into a bungalow that was otherwise identical to the neighboring one, giving it a completely different look and level of customization. This is how many bungalow neighborhoods developed; enough choices existed to make each bungalow unique.

425 Elm Street features transoms in the Living Room & Master Bedroom, and beautiful French doors leading from the Living Room to the Dining Room. There are hard wood floors throughout – the Living Room and Dining Room LR & DR have oak strip flooring. The Dining Room has unique windows for placing buffet or sideboard underneath. The bungalow’s kitchen is complete with new counter tops and cabinets in addition to the original built china closet. Special and very popular features of the large bathroom is the claw-foot tub & plenty of closet space. A large unfinished walk out basement leads to wonderful fenced back yard. The current owners did all the hard work so this charming Arts & Crafts bungalow is ready and waiting for your finishing touches.

The restoration movement over the past two decades has embraced all styles of older homes. The Bungalow, however is considered by national housing experts as the most treasured of all older homes, primarily because of its charm and unique features. To see this beautiful and affordable specimen of fine American architecture in an ideal neighborhood, contact Greg Rapp at 704.213.6846. Wallace Realty, MLS 52109