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Coonley Main House sold after eight years on the market

 
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Paul Ringstrom



Joined: 17 Sep 2005
Posts: 4044
Location: Mason City, IA

PostPosted: Sat Feb 02, 2019 2:31 pm    Post subject: Coonley Main House sold after eight years on the market Reply with quote

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Owner of the G. Curtis Yelland House (1910), by Wm. Drummond


Last edited by Paul Ringstrom on Sun Feb 03, 2019 12:17 pm; edited 1 time in total
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pharding



Joined: 25 Jun 2005
Posts: 2216
Location: River Forest, Illinois

PostPosted: Sat Feb 02, 2019 3:38 pm    Post subject: Reply with quote

Wrong link.
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Paul Harding FAIA Owner and Restoration Architect for FLW's 1901 E. Arthur Davenport House, the First Prairie School House in Chicago | www.harding.com | LinkedIn
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DavidC



Joined: 02 Sep 2006
Posts: 6683
Location: Oak Ridge, TN

PostPosted: Sat Feb 02, 2019 5:41 pm    Post subject: Reply with quote

Significant Wright home sells after 8 years on market

Hard to believe that this amazing 6,000 sq. ft. house sold for only 1.15 million!




David
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SDR



Joined: 17 Jun 2006
Posts: 16944
Location: San Francisco

PostPosted: Sat Feb 02, 2019 6:58 pm    Post subject: Reply with quote

The color photos in the Crain's piece David linked are useful. The first one, a symmetrical view of the living room -- a novel view -- reveals a detail I haven't
seen in Wright before: the perforated lay-light band is symmetrical as well, its center on the far wall being the point where the pattern reverses itself . . .

S
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pharding



Joined: 25 Jun 2005
Posts: 2216
Location: River Forest, Illinois

PostPosted: Sun Feb 03, 2019 8:51 am    Post subject: Reply with quote

The Homeowner who was so awesome was Dean Eastman, not Dale Eastman. After doing such great things for the legacy of FLW they need to get his name right. He was an extremely bright individual and a wonderful human being. He did great things for the legacy of this masterwork by Frank Lloyd Wright. He took a very humble and appropriate approach to the legacy of Frank Lloyd Wright's Coonley House. Everything that he touched was designed to preserve and when required replicate what FLW did on the house as it was built. He wasn't one to attempt improve upon FLW.
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Paul Harding FAIA Owner and Restoration Architect for FLW's 1901 E. Arthur Davenport House, the First Prairie School House in Chicago | www.harding.com | LinkedIn
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Roderick Grant



Joined: 29 Mar 2006
Posts: 8880

PostPosted: Sun Feb 03, 2019 3:25 pm    Post subject: Reply with quote

That photo of the square living room makes it look twice as long as wide. Where do realtors find their photographers?
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JimM



Joined: 06 Jan 2005
Posts: 1413

PostPosted: Sun Feb 03, 2019 6:26 pm    Post subject: Reply with quote

Roderick Grant wrote:
That photo of the square living room makes it look twice as long as wide. Where do realtors find their photographers?


These realtor abominations do show "more", but horribly misrepresent everything about the architecture... especially the illusory scale of a Wright building experienced for the first time. I guess their inherent exaggeration at least confirms the oft comment "Gee, these rooms looked larger in pictures!".
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DavidC



Joined: 02 Sep 2006
Posts: 6683
Location: Oak Ridge, TN

PostPosted: Wed Feb 06, 2019 2:38 pm    Post subject: Reply with quote

Any ideas why this house sold for so little? I was wondering if whatever restrictions/easements have been put on it could have contributed? Anyone know just how restrictive this set is?


David
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outside in



Joined: 29 Jul 2006
Posts: 1168

PostPosted: Wed Feb 06, 2019 2:57 pm    Post subject: Reply with quote

its just an opinion, but there are many "upper bracket" homes sitting on the market for extended periods in the suburbs of Chicago. Real estate agents tell me there is hesitation in buying older homes, and that many of higher end buyers are investing in new homes built by developers.

I think some of the hesitation has to do with so many people getting burned in the great recession. For many years homes were appreciating at 10%, so people were buying, fixing, selling, etc. and it was difficult to lose your investment money. Its a completely different world now.

I know of one appraiser who, when asked about the added value of a FLW home replied "I do not know this Franklin Wright" - its a very small group of people who appreciate these homes to the point that they are willing to invest.
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peterm



Joined: 13 Mar 2008
Posts: 5985
Location: Chicago, Il.---Oskaloosa, Ia.

PostPosted: Wed Feb 06, 2019 5:24 pm    Post subject: Reply with quote

As a general rule in Chicago, people who are aware and passionate about Wright and great architecture, can’t afford it, and those who have serious money would rather build from scratch, typically mundane and large, but might invest in some blue chip art instead. There also is a greater disconnect between the suburbs, where most Chicago residential architecture is located, and more vibrant (hip?) urban life. There isn’t that environment as in LA, where people “collect” and restore pedigreed architecture, and with the backyard barbecue summer party, show it off to their “industry” (film) friends and competitors.

The poorly written scare stories about leaky roofs, low ceilings, expensive maintenance, etc. certainly don’t help matters either. And then there are the property taxes!
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Roderick Grant



Joined: 29 Mar 2006
Posts: 8880

PostPosted: Thu Feb 07, 2019 12:11 pm    Post subject: Reply with quote

A factor that might have discouraged Coonley buyers is that it is attached to another large largely FLW house, with 2 more on the same property.
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Paul Ringstrom



Joined: 17 Sep 2005
Posts: 4044
Location: Mason City, IA

PostPosted: Thu Feb 07, 2019 12:36 pm    Post subject: Reply with quote

Let's not overlook the MAIN problem: the corrupt Illinois government and the taxes that come with that.

That said these people, who are Wright aficionados, got a fabulous deal. A fully restored, beautiful home for less than $200/sf.

On a related note: The city of Chicago considering a 3.5% income tax on all income over $100K. The state is talking about adopting a progressive state income tax to replace the current flat tax.
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Owner of the G. Curtis Yelland House (1910), by Wm. Drummond


Last edited by Paul Ringstrom on Thu Feb 07, 2019 2:02 pm; edited 1 time in total
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peterm



Joined: 13 Mar 2008
Posts: 5985
Location: Chicago, Il.---Oskaloosa, Ia.

PostPosted: Thu Feb 07, 2019 12:39 pm    Post subject: Reply with quote

Progressive taxation is the solution, not a problem. Of course, billionaires and millionaires will fight it tooth and nail, and spend millions trying to convince workers that it will hurt them.

https://www.chicagobusiness.com/greg-hinz-politics/union-coalition-pitches-city-income-tax

https://www.politifact.com/illinois/statements/2018/oct/07/bruce-rauner/rauner-ad-rewrites-property-tax-history/
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Roderick Grant



Joined: 29 Mar 2006
Posts: 8880

PostPosted: Thu Feb 07, 2019 1:12 pm    Post subject: Reply with quote

The flat income tax should be adopted by all taxing agencies, local, state and federal. Sales tax should be eliminated, since it disproportionately affects low income families. Inheritance tax on cash, residential property and equities should 100%, while on commercial or farm property, little if any.
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Paul Ringstrom



Joined: 17 Sep 2005
Posts: 4044
Location: Mason City, IA

PostPosted: Thu Feb 07, 2019 2:07 pm    Post subject: Reply with quote

peterm wrote:
Progressive taxation is the solution/


You missed my point: High property tax rates (and income taxes) discourage the purchase and restoration of expensive historic properties except at a discounted purchase price.
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Owner of the G. Curtis Yelland House (1910), by Wm. Drummond
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