REP ORT COMP OSED BY WILLIAM HILLIS R E S E A RC H E D I T O R
What Prompts a Legacy Home | For many celebrities,
successful executives, and business owners at the pinnacles of their careers, a legacy home is chief among the rewards for which they have been striving. It offers a place of refuge from their hectic routine, and for some, a place of productive solitude that allows them to focus and reflect, to pursue constructive hobbies, and to build something uniquely their own. Those homeowners with families may desire all of the above, and more. For many, the home will be a haven shared with their extended family and friends. It will be a cherished place for nurturing their children’s imagination; for creating special memories; and for hosting weddings and other milestone events whose details may be recalled decades or generations thereafter. A legacy home can also be an enduring lifestyle investment that can be enjoyed more than a bank account.
Vacant Land or Existing Structure | In any market,
the availability of vacant land varies inversely with demand for home sites. Vacant land for building a new house, particularly a large one, in a region recognized as a destination for holidaygoers is exceedingly hard to come by. Many of the most familiar landmark estates across the country were built on farmland (or even wilderness) in areas not yet “discovered.” This was true for both Robert Moran and Howard Gould when they acquired their contiguous parcels respectively in Sandspoint, New York and Orcas Island, Washington. Of course, in many cases the
purchase of adjacent improved parcels followed by demolition of existing structures will be an option but more expensive. As of the date of this report, there were 328 listings of vacant land for sale among the San Juan Islands, with a median acreage of 3.6, and an average of 7.66 acres3. The sizes of improved lots sold over the past two years (July 2015 through June 2016) were somewhat smaller at a median 3.3 acres. Two or more adjacent properties may be assembled, and structures without historical significance may be demolished to make room for the new home. For those buyers who seek to buy rather than build their dream house, the accumulated stock of legacy properties over the past century offers many opportunities. Both among the San Juans and on Long Island, there are numerous existing homes for sale. We will be comparing selections from among these homes on several metrics in the second section of this report.
Characteristics of a Legacy Home | Distinctiveness and originality are key sought-after traits in these homes. Each are to be integrated with the personality of the homebuyer or those of their family. In many ways, the home itself is a family member: a silent guardian of their treasures, their secrets, and their memories. The unique preferences of the occupants will be reflected in the home’s furnishings as well as its external appearance, and in the array of surrounding recreational pursuits onsite and in the neighboring community.
W W W. LEG ACY H O M E SRE P O R T.CO M
Published on Aug 4, 2016
LEGACY HOME REPORT A legacy home is most often an expansive home, large enough to accommodate an extended family and guests, with fea...