Historical hooks might attract - or not

The Northwest Current
April 14, 2010
By: Linda Lombardi

Using history to give your property prestige—it's a practice so old that "George Washington slept here" is practically cliché. But does that make a difference to a sale?

The short answer, according to most agents, is simply no: Don't expect a premium price or a quick sale just because a home is associated with a famous name or event. But it may make some difference to that process.

To start, there are a couple of potential downsides that agents have to consider.

"The biggest problem is not making a sideshow of it, and protecting the owner's privacy," said Donna Evers of Evers and Co. Real Estate. This can be a consideration whenever a property had a well-known unique or interesting feature, and may, for example, preclude holding a general open house, which can attract "sight-seers" who are just looking for a chance to get a peek inside.

Protecting privacy is even more important when the celebrity is the current owner, rather than a long-dead previous resident, so don't expect to find a newspaper ad that touts the home of a recently retired senator.

"An agent who brags about working with the rich and famous quickly finds that he's not working with the rich and famous anymore," said Joseph Himali of Best Address Real Estate.

But if the celebrated figure is further in the past, it's a different story. With many properties to choose from, the first step is grabbing people's attention and getting them in the door, and a good historical tale can help catch a buyer's eye. After all, which is more interesting, says Himali: "Old house for sale" or "Grand 1865 Victorian owned by a merchant and 16 senators"?

So marketing-savvy agents will take advantage of a good historical hook if they've got one. For instance, one of Washington's past developers, Harry Wardman, who built many apartments and town houses in the 1910s and ‘20s, has become a well-known name. "Now when the agents have one of his town houses for sale, they'll always say it's a Wardman, even in the ad in The Post, where we count our words very carefully," said Evers.

And agents always refer to a condo building at 4701 Connecticut Ave, as "Truman House," since the president rented an apartment there at one time. "I think it adds to the appeal," Evers said.

But agents agree that history is never the deciding factor. With any property, whatever its initial attraction, said Evers, the buyer's question is, are they going to enjoy living in it?

This is true no matter where you are in terms of price range, as well. History is "a place to hang your hat as far as advertising and promotion—it gives you more to work with," said Judith Lewis of Sotheby's, currently the agent for Halcyon House in Georgetown. "It's a nice benefit, but it doesn't drive the sale."

Built in 1787 by Benjamin Stoddert, first secretary of the U.S. Navy and close associate of George Washington, and now listed for just under $20 million, Halcyon House has attracted the attention of foundations and nonprofits as possible headquarters. Lewis said the history is "an interesting extra fact that they're interested in hearing about," but buyers' main consideration is whether the facility will work for their purposes.

What counts as interesting history depends on the beholder, also. For potential buyers from other countries, the history of Halcyon House has much less significance. Himali observes that the celebrities of Washington tend not to be as glamorous in other parts of the country and world, which limits their appeal. "Wonks" may be impressed by the fact that a home was owned by a past secretary of the treasury, but most Washington outsiders will probably be unmoved by the association.

No matter the level of fame, though, history and celebrity alone don't override other factors.

"When Katherine Graham's estate went on the market, it was on the market for a long time," said Himali. It was a home where the head of The Washington Post hosted parties with the rich and famous, and it was associated with significant events in history like the revelation of the Watergate scandal, but "it got no special boost," he said.

And in final consideration is that especially in Washington, where political party is often a paramount consideration, a famous previous resident can actually be a turnoff. Said Himali, "It's always a double-edged sword, because somebody might hate that guy."