An English manor-style home built in 1915 is back on the market in Detroit for the first time in more than 30 years. The historic home, known as Stone Hedge, is a rare glimpse in to life in Detroit just after the turn of the century. The lavish home is over 9,000 square feet and has quartersawn oak paneled walls, 11 bedrooms, and nine fireplaces.
A realtor who is familiar with historic real estate in the Detroit area told reporters that there are many elements that make the home unique and exciting, most notably the fieldstone exterior, which is very rare. Some historic homes take several years to sell once they are on the market because of the extensive upkeep and repair that is often required.
It's important for potential buyers to be familiar with the demands of a historic home before choosing to purchase one. This home in particular may need some significant work in the near future, including updates to the appliances, heating, and water systems.
However, historic homes can also be sound investments and can offer significant value to the community if they are well maintained.
A real estate transaction for a historic property may also be more complex than one for a newer home. Some older homes or properties that have been in one family for a long time have complex deeds, or may have deeds with restrictive terms. Some properties that have had the same owner may have explicit or implicit easement or other use arrangements with neighbors or other members of the community. These issues can have a significant impact on the decision to buy a particular property, and can also make selling it more complex.
Source: Detroit Free Press, "Briggs 'Stone Hedge' home back on market for 1st time in 36 years," Greta Guest, April 8, 2012.