Date of Award

5-2013

Document Type

Thesis

Degree Name

Master of Science (MS)

Legacy Department

Historic Preservation

Advisor

Hudgins, Carter

Committee Member

Leifeste, Amalia

Committee Member

Benedict, Robert

Committee Member

Muldrow, Ralph

Committee Member

Stiefel, Barry

Abstract

As a response to recent legal pressures directed at donors of historic preservation easements, this research examines the often ignored, potential long-term financial impacts of easement and covenant encumbrances on residential properties in the Old and Historic District in Charleston, South Carolina. To address the concerns and questions emanating from both preservation and economic viewpoints an unbiased, empirical study analyzing the long-term financial implications an easement encumbrance has on real estate property values is necessary. The annual appreciation rates of all single-family residences in Charleston's Old and Historic District were compared to answer the question: Is there a long-term financial impact associated with the presence of a historic preservation easement on a residential property in the Old and Historic District? By investigating the often ignored, potential long-term impact a historic preservation encumbrance has on a property's real estate value, this study shows that while encumbered properties are not as vulnerable to abrupt market changes, on average, an encumbered property will not appreciate as fast as similar unencumbered properties in the area.

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