Following a Phoenix Business Journal article about the Frank Lloyd Wright home vis a vis Arizona Private Property law, Desert Property Investor surmised that Proposition 207, or "Private Property Rights Protection Act" may engender future lawsuits (such as the one threatened by the Frank Lloyd Wright developers) charging that "to designate a home as a historical landmark without the owners' permission diminishes the value of said property..." Desert Property Investor also envisioned a future wherein more buyers acquire property for preservation purposes only, rather than demolition and development.
The outcome of the Lloyd Wright saga, Desert Property Investor predicted, can be seen as "historical" in and of itself: a virtual landmark.
Arizona legislation passed in 2006 (Proposition 207) installed zoning and land use restrictions requiring permission from land owners for such activities as designation of a home as a historical landmark if these actions diminish property values. The Phoenix Frank Lloyd Wright saga can be seen as a "test case" of this legislation -- i.e., whether the property will be
sold to a preservation-minded buyer, or the city goes ahead with its landmark designation, thereby risking a lawsuit from the owners.
Landmark is a term marking a point in time (crucial) or physical structure in space (of considerable historical or cultural significance) that signifies a sort of "point of no return."
Desert Property Investor has concluded that the Private Property Rights Protection Act will have a significant impact on the future of Arizona property management, including a rise in "diminished value" lawsuits, as well as an increase in those buying investment property for preservation purposes.
About Desert Property Investor:
Desert Property Investor evaluates opportunities, pitfalls, services, and legislation related to the investment in residential property in the California, Arizona and Nevada deserts.