Frank Lloyd Wright Home Listed in Oak Park -- and It Already Has 2 Price Drops

[mahatmakanejeeves]

REAL ESTATE

Frank Lloyd Wright Home Listed in Oak Park — and It Already Has 2 Price Drops

Published 1 hour ago • Updated 33 mins ago



Cook County Assessor

A home built by legendary architect Frank Lloyd Wright in the Chicago suburb of Oak Park is on the market and, in some good news for potential buyers, it has already seen multiple price drops.

The "historical gem" at 404 Home Ave. in Oak Park remains "all original," according to the listing, which currently has the home priced at $595,000.

The property first hit the market in December with a listing price of $770,000. Two days later, the price was dropped to $629,900. ... The price drop below $600,000 now marks the second cut within one month.

The home, built in 1898, is known as the George Smith Home. ... According to the Frank Lloyd Wright Trust it "closely resembles those developed for Charles Roberts as low-cost housing in Ridgeland, Illinois."

{snip}

Two days?

[PortTack]

1. Looking at the photos inside and out, it needs a lot of work!

[ShazzieB]

3. Photos?

I clicked on the article and didn't see any photos except for one exterior shot. What did I miss?

[PortTack]

6. There's a few more photos of the inside listed on Zillow. Google the address, it will take you there

[Freethinker65]

2. Looks like it hasn't been occupied in years.

A shame it will probably end up costing more to restore it than what it will eventually sell for. Actually might have more value as a possible tear down, but that would be a major legal hassle as it is registered as an historic landmark.

[ShazzieB]

4. Even fixing it up would probably be a pita, beyond the considerable expense.

Don't buildings registered as historical landmarks have restrictions regarding what can be done ro them, how much you can change their appearance, etc.? Seems to me that would be off-putting to a lot of buyers.

[ProfessorGAC]

5. A Guess

The original price was what the deed holders wanted. The realtors convinced them that was ridiculously high.
The listing got posted, however, with the original asking price, not the appraised commercial price.
Somebody caught the error and corrected it a couple days later.
My parents' home had that happen in reverse back in the early 90s. They sold it to downsize and somebody flipped the first 2 digits of the starting price. Instead of $94,500, it hit the MLS book at $49,500. The realtor got 37 calls in three days, and my parents saw people stopping at the corner taking Polaroid snaps.
It got corrected, but the realtor called about a dozen other realty outfits immediately so they'd know that number was ridiculously low. It was a 2,600 square foot home in great condition for $49,500. $19 a square foot! No wonder buyers got excited.