The danger that the historic Walker Estate will be demolished no longer seems as imminent, and historic preservationists feel greatly relieved.

Holy-Eye LLC, owner of the century-old property, bought it in 1998 for $5 million, but found the cost of maintenance prohibitive and put it up for sale a year ago. A prospective purchaser, TR Partners LLC, had stepped forward, but in recent weeks the owners decided to put the estate back on the open market, seeking $12.9 million.

Although the bulldozers no longer seem quite ready to roll, state law still puts up no real obstacle to demolition if a buyer is found.

That's incredible, considering that this property is listed on both the state and national registers of historic places. It's pointless having such a distinction when the state law can't protect such important artifacts of our past.

This is precisely the challenge facing the legislative Heritage Caucus, a group of lawmakers focused on adding muscle to the state's puny historic preservation safeguards.

No building or site should be utterly sacrosanct. There are reasons that a historic site could become less valuable; damage from fire or other events, or simply the cumulative damage of age can diminish a building's value to the public. But determining that takes time, so a proposed demolition should at least trigger a public review of the idea.

The caucus, with the help of experts, is researching model laws in other places, and that much is encouraging.

Last month, for example, Connecticut's law was invoked to set aside plans for demolishing a historic home in the town of Norwalk until a judge decides whether it should be saved. Such a cooling-off period should be considered in Hawai'i, as well.

The state's Heritage Caucus will meet this week to begin crafting revisions to state law. The key may lie in exploring tax incentives and zoning changes to help adapt historic properties to nonresidential use, preserving the sense of place that's appreciated by tourists and kama'aina alike

This should resonate with everyone. All of us mourn the erosion of Hawai'i's history, and the rallying cry to save the Walker Estate, with its stately residence and lovely gardens, has echoed in all corners. Stewardship is a duty not only for preservationists, but for all who view the Islands' past as key to its future.