A 1684-built house seeks new ownership after seven decades as a historical headquarters. Its $5.8 million price tag tests what preservation is worth in mature markets.

The Big Picture The Hooper-Lee-Nichols House in Cambridge, Massachusetts, represents more than a real estate transaction. It's a 340-year testament to how historic properties navigate between preservation and practical utility. Built in 1684—nearly a century before the American Revolution—this Georgian residence has served as private home, historical society headquarters, and now seeks reconversion. Its **$5.8 million** asking price sets a benchmark for properties with historic preservation restrictions.

New England's luxury real estate market faces a unique paradox: properties with intrinsic historical value but significant use limitations. The Hooper-Lee-Nichols House, with its 10 bedrooms and 2.5 bathrooms, isn't merely a large house on a tree-lined street. It's protected by the Massachusetts Historical Commission, meaning any future owner must work within strict preservation guidelines.

“"It has to be somebody who appreciates the history here and who's willing to preserve it," says listing agent Nicole Monahan.”

Why It Matters This transition from institutional headquarters to private residence reveals broader tensions in historic preservation markets. For 70 years, the property functioned as offices for the Cambridge Historical Society (now History Cambridge). Its sale marks a generational shift in how historical societies fund operations—and what happens to properties that no longer meet institutional needs.

The $5.8 million price for a house requiring significant investment to convert back to a family home speaks to the premium buyers will pay for authenticated history. In mature markets like Cambridge—where new construction faces zoning restrictions and community opposition—historic properties offer something money can't easily buy: character certified by centuries.

The property has changed hands only 10 times in three centuries, a glacial pace contrasting with modern market volatility. Its last private owner, Frances Emerson, received the house as a Christmas present in 1923—according to local legend, she found the deed in her Christmas stocking. That personal narrative adds to the property's value, creating what appraisers call "narrative value" that transcends square footage and finishes.