A red bricked two-floor flat in the Park Manor neighborhood of Chicago on the city’s south side sold for $226,000 last month. An impressive price and double what the asking price was at $109,000. So, what is it about this south side home that was listed for so much and sold for double the price? Well this 2,280-square-foot two-floor-flat that sits at 7244 S. Prairie Avenue, built in 1909 and designated as an official landmark in 1989 is the family home to non-other than the infamous Chicago mobster Al Capone! Now while owning a piece of history would be cool to anyone on the surface, let’s take a closer look into what it means to be involved in historic home ownership.
MYSTERIES, SECRETS AND ANSWERS
Owning a historic home sounds very fun. There are so many questions that you’ll be able to answer. What was it like for that historic figure to wake up in the morning in this home as a child? What the view from their room must have looked like from back then? Standing in the same spot they could have stood in at the time of their living there. What secrets could this place hold? And with the home of Al Capone just sold, you know the place must have some hidden mysteries and secrets. And while that can be exciting that can also be very terrifying. Not all mysteries and secrets of past figures are good and finding something you don’t want to find in Al Capone’s home could very well happen.
YOUR VISION VS. PRESERVATION
Say you are lucky enough to purchase a landmark home. The home is the right price for you and right where you wanted your new home to be. The outside or the inside look of that home is not exactly what you envisioned, and you want to change things up a bit. For a regular home that you buy off the market, you can change whatever you like about the home to fit the exact look you are looking for. But for landmark homes there are some serious rules that you would have to follow. If you wanted to make major changes that fundamentally alter the home, that’s a no-go from the landmark association who want to see some of the looks of the home as well preserved as the day it was appointed a landmark. Minor things surely can be changed.
INSURANCE AND INCENTIVES
Buying a historic or landmark home is very expensive. As you can tell from how much Al Capone’s home was listed for and was bought for. However, it doesn’t have to be all bad as you might get some financial benefits from it. Some state and local governments may offer you a tax incentive just to purchase and preserve these homes. And if you ever want to leave, chances are the property value of such a landmark sight will go down. On the flip side of that your insurance may sky rocket. And if it’s an old home with structural damage your insurance rates could go even higher.
Owning a landmark home is exciting. The history that are in those walls just make them a special place to be and something truly to enjoy. Even if it’s the home of a 1930’s Chicago mobster. But remember as much of an upside it is to own and live in a piece of history, there are also downsides. DSn’t let that ruin your fun, just know what you may get when you move inside.