Frank Lloyd Wright's Forgotten Gem Hits Market for $350,000 Amid Restoration Concerns
A 123-year-old Austin home designed by the legendary architect Frank Lloyd Wright has finally hit the market, with a asking price of $350,000. The Walser House, built in 1903 for printing executive Joseph Jacob Walser, is an official Chicago landmark and a member of the National Register of Historic Places.
Despite its significance, the home has spent two decades in disrepair after being foreclosed upon by Fannie Mae. Barbara Gordon, executive director of the Frank Lloyd Wright Building Conservancy, welcomed the sale as "good news now that the building is out of the mess of the foreclosure process." However, she also cautioned that restoring the home to its original state would be an expensive endeavor, with costs estimated at over $2 million.
The house's condition has been described as "vacant and uninhabitable," sparking concerns about its future. The National Register of Historic Places designation preserves the design intent, materials, and special character of the interior, but it also highlights the need for a responsible owner who can restore the property without compromising its integrity.
Preservation groups such as Landmarks Illinois and Preservation Chicago have been working to save the home since 2020, with some organizations even offering to purchase the property themselves. However, Austin Coming Together Executive Director Darnell Shields expressed frustration that the house was listed for sale at a price "more inflated than what the property is currently worth right now, which is just egregious."
Shields's group had raised $40 million to convert a closed Chicago Public School into the new Aspire Center for Workforce Innovation. Despite their efforts, they were unable to purchase the Walser House directly from Fannie Mae. Instead, they are now planning to pursue purchasing the property once it hits the market.
As the Walser House seeks a new owner, its future hangs in the balance. Will responsible preservation efforts prevail, or will this beloved Frank Lloyd Wright gem fall victim to neglect and disrepair? Only time will tell.
A 123-year-old Austin home designed by the legendary architect Frank Lloyd Wright has finally hit the market, with a asking price of $350,000. The Walser House, built in 1903 for printing executive Joseph Jacob Walser, is an official Chicago landmark and a member of the National Register of Historic Places.
Despite its significance, the home has spent two decades in disrepair after being foreclosed upon by Fannie Mae. Barbara Gordon, executive director of the Frank Lloyd Wright Building Conservancy, welcomed the sale as "good news now that the building is out of the mess of the foreclosure process." However, she also cautioned that restoring the home to its original state would be an expensive endeavor, with costs estimated at over $2 million.
The house's condition has been described as "vacant and uninhabitable," sparking concerns about its future. The National Register of Historic Places designation preserves the design intent, materials, and special character of the interior, but it also highlights the need for a responsible owner who can restore the property without compromising its integrity.
Preservation groups such as Landmarks Illinois and Preservation Chicago have been working to save the home since 2020, with some organizations even offering to purchase the property themselves. However, Austin Coming Together Executive Director Darnell Shields expressed frustration that the house was listed for sale at a price "more inflated than what the property is currently worth right now, which is just egregious."
Shields's group had raised $40 million to convert a closed Chicago Public School into the new Aspire Center for Workforce Innovation. Despite their efforts, they were unable to purchase the Walser House directly from Fannie Mae. Instead, they are now planning to pursue purchasing the property once it hits the market.
As the Walser House seeks a new owner, its future hangs in the balance. Will responsible preservation efforts prevail, or will this beloved Frank Lloyd Wright gem fall victim to neglect and disrepair? Only time will tell.
. First of all, a 2-mil restoration bill is like a death sentence for the house - it's gonna get locked up in some fancy conservancy forever and never see the light of day 
. And what's up with Fannie Mae foreclosing on it in the first place? Did they just wanna make a quick buck off a piece of history? 
. And don't even get me started on Landmarks Illinois and Preservation Chicago - I'm sure those orgs are just pawns in a bigger game 
. This whole thing reeks of a setup to me...
. I mean, it's like, Frank Lloyd Wright designed it, it's a Chicago landmark... you'd think the city would do something to save it 
. But nope, Fannie Mae just sells it for a price that's way too high considering its current state 
. I get that preservation groups are trying to help, but $2 million to restore it? That's crazy expensive! 
.
. They're already doing amazing work, but $40 million was a lot of money even for them 
. We need people who care about this piece of history and can restore it properly 
.
. The fact that it's been vacant and uninhabitable for years is just a testament to the owners' lack of care. And now they're expecting some random buyer to magically restore it without any budget or plan? It's gonna be a total mess 
. I mean, $2 million to restore it? Please, that's like asking someone to build an entire new house out of thin air 
. It's gonna be a shame if this beautiful home ends up as some overpriced fixer-upper 
! I mean, can you believe a piece of history like this has been sitting vacant for two decades? It's crazy to think about all the amazing memories it must hold. And $350k might seem steep, but think about all the love and care that'll go into restoring it - it's worth every penny 
. I'm glad preservation groups are trying to save it though - they're really good at their job! But it's so frustrating when people try to make money off something that's not even worth the price it's being sold for... 
... Like, they foreclosed on the guy who designed one of the most iconic homes in history because he couldn't pay his mortgage? What's next, auctioning off the Mona Lisa? 
But seriously tho, its sad 2 hear its been in disrepair 4 so long. I mean, who wants 2 spend $2 mil restoring a house? 
But on the flip side, its awesome 2 see preservation groups like Landmarks Illinois & Preservation Chicago stepping up 2 save it! 
They should def get that house b4 its too late 
. Fingers crossed responsible ownership happens & this beauty gets restored 2 its former glory 
Can you believe this? $350k for a house that's basically been living like a homeless shelter for 20 years? 
And honestly, I kinda feel bad for the person who ends up buying it. They're gonna be stuck with a massive renovation bill and the pressure of preserving a piece of history. 
Guess only time will tell if this Frank Lloyd Wright gem gets the TLC it needs... 
. Maybe someone should just buy it and start fresh or something? 
- if they didn't overpay for it in the first place 
they deserve a chance to make this beautiful house shine again 
. I just hope that whoever buys this house takes the necessary steps to preserve its integrity and history 
#FrankLloydWright #PreservationMatters #HistoricHomes #Architecture #RealEstate #Chicago
Not some random buyer who'll just let it sit there. What happened to the $40 million Aspire Center fund? That money could've gone towards restoring Wright's masterpiece instead of trying to buy a closed school building.