Sales Data Shows Nearly $2 Million Premium for Restored Historic Homes in Lafayette Square
News fromCourierPR · 2 min read
Two historic homes in Lafayette Square, a designated Historic Preservation Overlay Zone in West Adams, have recently sold for a premium of nearly $2 million, according to real estate agent Debbie Pisaro of Coastline 840. The sales, both completed in 2026, highlight the value buyers are willing to pay for a restored historic property over an unrestored one in the same neighborhood.
One of the most notable sales was a restored home designed by renowned architect Paul R. Williams, which closed at $4.2 million. This price was $1.4 million to $1.9 million higher than an unrestored comparable home in the area. Pisaro noted that the price difference is significant, especially considering the ongoing carrying costs of an unrestored historic property.
Pisaro's research revealed that an unrestored listing in the neighborhood was repriced down by $264,000 mid-sale once it was measured against the finished comparables nearby. The gap in prices is attributed to a 2020 policy change in the City of Los Angeles, which stopped issuing new residential Mills Act tax contracts. This change has made the long-term costs of maintaining an unrestored historic home a more critical factor in what buyers are willing to offer.
"The math is simple when you look at it side by side. A restored Paul Williams home and an unrestored one a few blocks apart tell you exactly what a finished landmark is worth to a buyer right now, and it's a lot more than the invoices for the work," Pisaro explained.
The policy change has not only affected the prices of restored historic homes but has also influenced buyer behavior. Pisaro observed that buyers are increasingly prioritizing the architecture and designation of a historic home over the neighborhood when making their decisions. This shift in focus has made owning a restored historic home more attractive to potential buyers.
"This is a clear indication that buyers are willing to pay a premium for the convenience of a finished restoration. If you own a historic home and are considering whether to finish the restoration before selling, the data shows that the price difference is significant," Pisaro added.
Lafayette Square was designated a Historic Preservation Overlay Zone in 2000, and it is one of several historic districts in West Adams, a neighborhood Pisaro covers in depth through her site justwestadams.com, alongside Sugar Hill, Van Buren Place, Berkeley Square, and Adams-Normandie.
The sales data underscores the value of restored historic properties in the real estate market, particularly in designated historic districts. For buyers, the decision to purchase a restored home over an unrestored one is not just about the aesthetics but also about the financial benefits it offers.