Charlotte-Mecklenburg Historic  Commission

Dan and All,

I’ve read the letter from Eric Levinson and as I understand it, he’s asking for an additional $25k off the $135k purchase price, in-lieu of repairs, and if the Commission agrees, he will proceed toward closing and handle all of his concerns on his own, OR, the HLC can handle lead paint/asbestos abatement post-closing.  I feel certain you do not want to do the latter, and the former equals a sales price of $110k, by my math.  Subject property at 303 Delburg is a very difficult one to price, but that seems low to me.  Please follow link below for current ACTIVE, on pending sale, and one recently closed comparable sale.

Click the following link to view the Residential:
http://matrix.carolinamls.com/DE.asp?k=261820X0bS5&p=DE-38160391-127

My thoughts:

I feel an historic property like this should be accepted “AS-IS” as a general rule, and certainly the judge should know this;
I feel a $25k reduction on a purchase price of $135k (which was not “market-tested”) is worth questioning.   
Considering the HLC paid $121,500 for the property in 2015 and has invested perhaps $10,000 in clean-up/landscaping already … and with new (albeit much larger) homes down the block on Delburg selling between $485,000-$599,000 … I think we should at least test the open-market to see what happens. 
It’s a humble, little house indeed, but the location is superb and the home has more charm and character, an equal lot/parking, and better neighbors than the home on Houston Street, priced at $150k, and currently pending.
Stewart, zoning is listed as “VIP” on the tax record and I don’t understand that designation?  I suspect zoning here could easily be 0ffice or Residential and if we could market the property as both, it would be well.  Davidson is very desirable at the moment, and a property located in the “walk-zone” of Davidson, even more so.  Perhaps a young professor would like to buy it and live there an walk to class?  Or a local business-owner in-town who is tired of driving up 77 and wants to live there and walk to his/her shop?  The house is big enough for a young couple who would see it as a great investment property should they outgrow it.  And it could be a WONDERFUL business address … if zoning would allow us to sell it to a small business owner.  A contractor might even want to buy it, restore it, and then flip or rent it?
I think it’s worth testing the market at $175k to start, and if we get no interest, dropping the price to $150k after two weeks on the market.  Spring selling/buying is here …

Hope this helps.  We would love to assist any way we can.