We are the second owners of a 1923 bungalow in inner SE Portland. We have spent the past 20 years renovating the house, replacing plumbing, electrical, heating, sewer line etc. and removing vinyl siding, lead-based paint, asbestos as well as planting trees and perennials. With sweat equity and a lot of money spent, the house is now a real gem.
We are between Clinton and Division (SE 25th). The neighborhood has gotten a little too busy for us though and we are looking at selling within the next year. Although our house would probably sell for $600,000, it is very likely that someone would tear it down because we are on a prime corner lot, and they could build two houses. This would break our hearts.
I talked to an attorney a few days ago who said we could add a covenant to a sales contract that would prohibit the new owners from tearing it down within a certain number of years. He said it would be unusual to do such a thing — not surprising really; until now there hasn’t been a real impetus. Anyway, we will likely do this. I just mention it as an option for others who are looking to sell and don’t want to contribute to the demolition craze.
The attorney we talked to was excited about the idea and expressed interest in holding a workshop to let people learn more about this option. The question is really how committed sellers are to pursuing this, because it does not benefit them financially. Some buyers may balk at the provision, just because it limits their options in unknown future circumstances. But there are probably other sellers like us who feel strongly about preserving the historic resources and design/construction quality. I would happily sell our house for less, knowing that I had a guarantee that it wouldn’t be promptly replaced by an Everett “custom” home.Christine, Hosford-Abernethy