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By Fred Street (anonymous) | Posted August 23, 2013 at 07:52:39
One variable is the extent to which heritage properties exist in socioeconomically advantaged neighbourhoods, where property values often see increases and valuations that are out of step with the broader market. If heritage properties are saturated in these areas, it will skew the findings.
The front-end costs of new versus adaptive reuse is easier to determine, though again, the variables between projects are hard to quiet in the absence of control cases (e. Can we really compare the cost of the renovated downtown library to that of the HPL's new Lynden branch?). Even so, it's nice to see these discussions taking place as they will only enhance public appreciation of built heritage and its preservation.
Real estate is also given to so many subjective variables that you might never be able to derive a solid sense of what role heritage plays in ROI. I love architectural heritage and for me the whole focus on recouped value in terms of dollars and cents, while understandable, may be a bit reductive.
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