Frank Lloyd Wright's Forgotten Gem Hits Market with a $350,000 Price Tag
The Frank Lloyd Wright-designed Walser House, a 123-year-old Austin home, has finally found its way back into the market after two decades of neglect. The property, which was foreclosed upon by Fannie Mae, is now being sold for a staggering $350,000 - a price tag that preservationists are calling "egregious" given the house's estimated restoration costs of at least $2 million.
Built in 1903 for printing executive Joseph Jacob Walser, the home is significant not only because it was one of Wright's earliest works but also because it showcases many of the elements he would later incorporate into his more famous designs. The property features strong horizontal lines, deeply overhanging eaves, and a band of windows on the second floor - all hallmarks of Wright's Prairie School style.
The Walser House is an official Chicago landmark and has been listed on the National Register of Historic Places since 1990. However, despite its designation as a historic treasure, the property has fallen into disrepair over the years, with Fannie Mae taking ownership after a court-ordered sale in December.
"I think it's one really worth restoring," said Ward Miller, Executive Director of Preservation Chicago. "The landmark designation preserves the original design intent, materials, and special character of the interior."
However, preservation groups are sounding the alarm about the potential sale price. Austin Coming Together Executive Director Darnell Shields expressed frustration that the property is being sold for more than its estimated worth, saying, "We wanted to make a reasonable offer towards the Walser... but we haven't had any response or anything." Shields' group had raised $40 million to convert a closed Chicago Public School into a new community center - a project that he hopes will one day revitalize the neglected property.
Until then, the Walser House remains a vulnerable target for neglect and disrepair. Preservationists are urging potential buyers to take on the challenge of restoring this piece of history to its former glory. As Shields put it, "Until it's protected, until real development, real stabilization efforts and investment happens, the house is under threat... And that's a blemish and a black eye potentially waiting to happen."
The Frank Lloyd Wright-designed Walser House, a 123-year-old Austin home, has finally found its way back into the market after two decades of neglect. The property, which was foreclosed upon by Fannie Mae, is now being sold for a staggering $350,000 - a price tag that preservationists are calling "egregious" given the house's estimated restoration costs of at least $2 million.
Built in 1903 for printing executive Joseph Jacob Walser, the home is significant not only because it was one of Wright's earliest works but also because it showcases many of the elements he would later incorporate into his more famous designs. The property features strong horizontal lines, deeply overhanging eaves, and a band of windows on the second floor - all hallmarks of Wright's Prairie School style.
The Walser House is an official Chicago landmark and has been listed on the National Register of Historic Places since 1990. However, despite its designation as a historic treasure, the property has fallen into disrepair over the years, with Fannie Mae taking ownership after a court-ordered sale in December.
"I think it's one really worth restoring," said Ward Miller, Executive Director of Preservation Chicago. "The landmark designation preserves the original design intent, materials, and special character of the interior."
However, preservation groups are sounding the alarm about the potential sale price. Austin Coming Together Executive Director Darnell Shields expressed frustration that the property is being sold for more than its estimated worth, saying, "We wanted to make a reasonable offer towards the Walser... but we haven't had any response or anything." Shields' group had raised $40 million to convert a closed Chicago Public School into a new community center - a project that he hopes will one day revitalize the neglected property.
Until then, the Walser House remains a vulnerable target for neglect and disrepair. Preservationists are urging potential buyers to take on the challenge of restoring this piece of history to its former glory. As Shields put it, "Until it's protected, until real development, real stabilization efforts and investment happens, the house is under threat... And that's a blemish and a black eye potentially waiting to happen."
I mean, I know it's old (123 years old!) but come on, $2 million worth of restoration costs? That's like, crazy! Back in my day, we didn't have all these fancy preservationists and landmark designations... I guess that's good, though. It means the house is still important, right? 
But seriously, who's gonna take care of this beauty? It's like they're selling a piece of history for pennies on the dollar 
. And what about all the people in Austin who want to help restore it? They've got $40 million ready and willing... but nobody wants to listen 
. I hope someone comes along soon, or that place is gonna be nothing more than a relic of the past 
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that's like buying a piece of history for less than a down payment on a house. i mean, i get it, preservationists wanna save the house, but come on, some ppl gotta make a profit too 
. and what really gets me is that they're selling it without even trying to find someone who can take care of it right? like, $40m from an org trying to revitalize the community and they don't even get a response? 
I'm so over these millionaire developers buying up historic homes just to flip them for a profit. The Walser House has been sitting empty for 2 decades, it's not like anyone was using it as a vacation home or anything. And now Fannie Mae is selling it back out on the market for a ridiculous $350k price tag? That's just greedy. I mean, yes, it's a Frank Lloyd Wright design and all that, but come on... can't they see this house needs some serious TLC before someone even thinks about buying it? The estimated restoration costs are like, what, 2 million?! No wonder preservation groups are sounding the alarm 
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It's crazy. I mean, I get it, the Walser House is an official landmark and all that jazz, but come on... Fannie Mae should've kept it preserved instead of selling it off. The whole thing feels kinda shady to me. 
It's like, where's the love for this piece of history? 
$350k for this place? idk, sounds like some rich person's plaything to me. 2 mil restoration costs tho, thats crazy talk 
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