Frank Lloyd Wright Home Listed for $350,000
The historic Walser House, designed by renowned architect Frank Lloyd Wright, is listed for sale at $350,000. This 123-year-old residence in Austin has suffered from neglect for nearly two decades but now presents an opportunity for preservation.
Background of the Walser House
The Walser House was constructed in 1903 for Joseph Jacob Walser, a prominent printing executive. This property is notable for combining several design elements that Wright would later use in his more famous Prairie School works. Features such as strong horizontal lines, overhanging eaves, and expansive windows became hallmarks of Wright’s architectural style.
Foreclosure and Current Listing
The house was under foreclosure proceedings until recently, when the Federal National Mortgage Association, commonly known as Fannie Mae, acquired it. The acquisition followed a court-ordered sale, clearing up years of legal complications.
Purchase Opportunity and Challenges
- Asking Price: $350,000
- Estimated Restoration Costs: At least $2 million
- Appraised Value: $65,000
Despite its listing price, prospective buyers may be deterred by the significant restoration expenses. The home is currently uninhabitable, requiring extensive repairs both inside and out.
Significance of the Property
The Walser House is recognized as a Chicago landmark and is also listed on the National Register of Historic Places. This designation underscores the importance of maintaining its original design, as emphasized by Barbara Gordon, executive director of the Frank Lloyd Wright Building Conservancy.
Gordon stated, “The landmark designation preserves the original design intent, the materials, and the special character of the interior.” Potential buyers must be prepared to adhere to these preservation standards during any restoration efforts.
Community Involvement and Future Outlook
Various local organizations, including the Frank Lloyd Wright Building Conservancy, Landmarks Illinois, and Preservation Chicago, have been working diligently since 2020 to preserve the house. Ward Miller, the executive director of Preservation Chicago, believes the property is worth the investment required for restoration.
Another group, Austin Coming Together, expressed interest in purchasing the house to repurpose it for community use. Their executive director, Darnell Shields, indicated the organization is prepared to move forward with a viable offer despite concerns over the current asking price.
Shields noted that without proper protection and commitment to development, the future of the Walser House remains uncertain. “Until it’s protected, the house is under threat,” he stated, emphasizing the need for stabilizing efforts in the area.
The Walser House’s sale represents a critical moment for its preservation. With a rich architectural legacy, the house stands as a testament to Frank Lloyd Wright’s innovative design philosophy and is seen as a valuable piece of Chicago’s history.
