The Caroline DeForest House

530 W CALIFORNIA
$1,875,000
Beds: 4 / Baths: 3
SQ.FT.: 2488

Anyone vaguely familiar with architechure in Pasadena will recognize the Greene and Greene name, visionaries behind the National Historic Landmark, Gamble House. And now you have the opportunity to own a house designed by these celebrated masters of the Californian bungalow, also right here in Pasadena, as The Caroline DeForest House is for sale.

Rich architectural prestige has not helped to secure a buyer in the nearly half year on the market, now looking for back-up offers. The price has recently saw another reduction and has come down roughly 18 percent since the initial offering last September.

One of the potential perks of owning a house of such lineage? The listing states that the home is “designated for the Mills Act” which will net the buyer “huge annual tax savings“– which in more concrete terms equates to a possible “substantial property tax savings of between 40% and 60% each year for newly improved or purchased older properties…” according to the California Office of Historic Preservation:

Owners of historic buildings may qualify for property tax relief if they pledge to rehabilitate and maintain the historical and architectural character of their properties for at least a ten-year period. The Mills Act program is especially beneficial for recent buyers of historic properties and for current owners of historic buildings who have made major improvements to their properties.

Though the agent failed to provide square-footage in the listing, Property Shark reveals that there is 2,488 SQ.FT of well-preserved Craftsman goodness here which though high at $753-per, stands favorably to the recently sold comps in the area:

400 CALIFORNIA TER
Sold For: $1,200,000 (01/24/2008)
Sqft: 1,886

875 BELLEFONTAINE PL
Sold For: $2,025,000 (01/04/2008)
Sqft: 3,146

455 ORANGE GROVE CIR
Sold For: $1,210,000 (11/14/2007)
Sqft: 3,116