Agents at The Agency say more buyers of historic homes are thinking about what they owe the property, and the firm’s president said that while stewardship starts after closing, it’s something buyers should consider way beforehand.
“Stewardship is something you demonstrate through your actions, not simply through ownership,” Rainy Hake Austin, president of The Agency, told Inman exclusively in an email.
The Beverly Hills, California-based brokerage described the stewardship trend among buyers of legacy homes — those with historical, architectural or cultural provenance — in its new Red Paper luxury report, out today.
Agents describe ownership of legacy properties as a responsibility. Billy Rose, The Agency’s co-founder and vice chairman, said in the report that the most successful owners of historic homes “understand that they’re not the final chapter; they’re part of the continuum.”
The Stahl House | Credit: The Agency
Pricing the Stahl House
The firm’s highest-profile legacy listing is the Stahl House, also known as Case Study House No. 22, a glass-and-steel home Pierre Koenig designed in the Hollywood Hills. Bruce Stahl and Shari Gronwald, children of original owners Buck and Carlotta Stahl, first listed the home in November 2025 at $25 million and cut the price to $20 million in April, according to listing records. As of Nov. 9, it was listed at $25 million on Zillow.
“When you’re representing a home this iconic, traditional comparables only tell part of the story,” Austin said. “You’re also considering its architectural legacy, rarity and the emotional connection buyers have to it.”
Rainy Hake Austin
Rose said in the report that pricing is “one of the most difficult parts of the whole process” and compared it to pricing a Monet. Beth Caldarello, managing partner of The Agency Santa Fe, said in the report that she calls these “heart properties” and that pricing them can come down to picking a number.
Choosing a buyer
William Baker, The Agency’s architecture director in Southern California and the Stahl House listing agent, said in the report that part of his job is determining what a buyer intends to do with the property. “It is money, but it’s not just the money,” he said. “It’s history, and it’s legacy.”
Austin said a seller’s priorities can include a buyer’s preservation plans. She added that agents must evaluate offers using objective criteria and apply them consistently.
“Our agents have a responsibility to present all offers, protect their clients’ interests and uphold fair housing obligations throughout the process,” she said. “It’s not about making personal judgments about who deserves a property.”
What agents need to know
Austin said these listings require a different approach than a standard luxury listing. Agents need to research a property’s history, zoning, preservation requirements and any restrictions on future use, and bring in specialists when needed, she said.
Agents in the report described costs associated with buying, owning and listing legacy properties that buyers and sellers can overlook.
Rita Whitney, managing director of The Agency’s estates division in Pasadena, California, said buyers of a $10 million home with deferred maintenance may put $2 million to $6 million into it.
Alison Melton, managing partner of The Agency’s Hilton Head, Savannah and Beaufort offices, has a prelisting inspection done and asks sellers to pull permits before she lists a home built in the 1800s.
The stewardship question
Austin said it is reasonable to ask what “legacy” means when wealthy buyers acquire historic homes, including the effect on surrounding communities. She said critics fall short when they assume the purchases are solely about exclusivity or status.
“For many buyers, there’s a genuine desire to protect something meaningful and preserve it for future generations,” she said.
Austin said she expects demand for legacy properties to grow over the next five years. “As these properties become increasingly scarce, I believe their appeal will only strengthen,” she said.
What does today’s luxury buyer want, and how are top agents meeting the moment? Drawing on The Agency’s latest Red Paper report, this three-story series breaks down the trends reshaping the high-end market and the strategies agents can use to compete for it. Other articles cover the K-shaped economy and the impact of post-IPO AI wealth.
