A New Real Estate Opportunity in Uppertown

2014

We’ve signed our first purchase option! Trust me, it’s not as boring as it sounds.

Some of the oldest homes in St. Paul are in the historic Uppertown neighborhood, and we’ve stumbled upon one of the cutest. It’s a little 800-square foot cottage nestled next to the old Anton Waldman house, or the Stone Saloon, on Smith Avenue.

1937

A 1937 photo of the Stone Saloon with our little cottage next door.

A long time supporter of ours owns both the cottage and the Stone Saloon, a building with a fascinating history (read all about it here). While the owner focuses on rehabbing the Saloon – with grand visions for a return to its German lager beer glory days – PAM will work on the future of the home next door.

PAM, along with the owner and the greater neighborhood, are dedicated to seeing the house moved, reused and in good hands. So, we saw this as an ideal opportunity to pull the purchase option out of our real estate toolbox.

So, what’s a purchase option?

  • Purchase options establish a price and an amount of time for PAM to find a preservation-minded buyer for the property.
  • If we find a buyer, we will exercise our right to purchase the property at the stated price.
  • If we don’t find a buyer, the owner has the ability to sell it to whomever.

Essentially, a purchase option will buy time for this property – we’ve secured a purchase price of $1. It allows us to find someone committed to the preservation and reuse of the home or to consider putting a historic covenant on the building – if we find a buyer we will look to find a reasonable sales price that will cover our expenses in marketing the property.

Ideally, the house will be moved within the community and be loved by its occupant, and we are excited to have a role in its future.

Stay tuned for updates on both the cottage and the Stone Saloon.

For more information contact Will O’Keefe, Real Estate Program Coordinator at 651.293.9047 or wokeefe@mnpreservation.org.

Natalie is PAM’s Real Estate Intern. She is a soon-to-be graduate of Macalester College, where she studies history and statistics. Natalie’s favorite things include triathlons, any flavor of pie, and rereading To Kill a Mockingbird. 

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