An Historical Event
An Historical Event
I encourage you to visit Crain's Chicago.
Last edited by fishigan on Thu Sep 14, 2023 9:31 pm, edited 2 times in total.
Re: An Historical Event
Hey, fishigan, good to hear from you. Your link opens a page with several stories; which one are you directing our attention to ?
Can't wait to follow this . . .!
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Can't wait to follow this . . .!
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Re: An Historical Event
I don't think you will be able to view the article until 3pm CST tomorrow. The current top article will drop down. It will be about Frank Lloyd Wright. They have the exclusive right to publish the information so I cannot say much until then. It is exciting though.
Re: An Historical Event
Ooh, Sorry---I missed the date precaution. Today's the day !
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Re: An Historical Event
Article is online, but it is subscription only. Anyone care to sign up and share?
Re: An Historical Event
On Friday Sept. 15th, 2 Frank Lloyd Wright properties, the Eppstein residence & the Pratt house, will hit the market together as a package deal for 4.5 million. Never before have 2 FLW homes been for sale together in 1 community by a single owner.
Both homes are located within The Acres in Galesburg, Mi. and the owners, Tony & Marika, have spent a tremendous amount of time and $ restoring the homes. They are in about as new like condition as one could possibly hope for. Electrical systems are new, boilers, glass, roofs, insulation and so much more.
As you all know, these 2 homes are not just homes, they are true works of art that can be lived in and cared for.
The Eppstein residence has been used as an AirBnB and brings in a 6 figure revenue. It has been on/in HGTV, The Wall Street Journal, Architectural Digest, and over 150 publications worldwide.
These 2 homes will be here on SaveWright.org in Wright On The Market very soon.
I will post an update with the listing when it is available. Feel free to contact me with any questions.
Both homes are located within The Acres in Galesburg, Mi. and the owners, Tony & Marika, have spent a tremendous amount of time and $ restoring the homes. They are in about as new like condition as one could possibly hope for. Electrical systems are new, boilers, glass, roofs, insulation and so much more.
As you all know, these 2 homes are not just homes, they are true works of art that can be lived in and cared for.
The Eppstein residence has been used as an AirBnB and brings in a 6 figure revenue. It has been on/in HGTV, The Wall Street Journal, Architectural Digest, and over 150 publications worldwide.
These 2 homes will be here on SaveWright.org in Wright On The Market very soon.
I will post an update with the listing when it is available. Feel free to contact me with any questions.
Re: An Historical Event
What's the average cost of a home in Galesburg? I'm curious what the Wright markup is for these homes.
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Roderick Grant
- Posts: 11815
- Joined: Wed Mar 29, 2006 7:48 am
Re: An Historical Event
In nearby Kalamazoo, while there are several houses listed on Zillow for $500k to $600k and even a mansion or two touching $1m, most prices are in the 5-digit to upper $400k range. It's hard to say if FLW adds a premium or if the distance Galesburg is from Kalamazoo (it's really rural!) lowers the price, but today, with interest rates what they are - approaching 7% - $2.250m ea. is a stretch.
Re: An Historical Event
From the Zippia website: "There are about 22 million millionaires in the U.S. 8.8 % of U.S. adults are millionaires. 33% of U.S. millionaires are women."
Wikipedia: "There are 756 billionaires living in the United States. They live in 42 of the 50 states. The only states with no billionaire residents are Alaska, New Mexico, North Dakota, Vermont, and West Virginia."
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Wikipedia: "There are 756 billionaires living in the United States. They live in 42 of the 50 states. The only states with no billionaire residents are Alaska, New Mexico, North Dakota, Vermont, and West Virginia."
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Re: An Historical Event
Let's think for a moment, no where in the world can you buy 2 Frank Lloyd Wright homes for 4.5Million. If you split the difference at 2.25M they are then the 2 lowest priced FLW homes in the world. The marketing of these homes goes far beyond Michigan and Chicago. These are works of art that are being marketed in Dubai, Australia, Japan, France and even China. Japan has a huge craving for FLW right now. The price of the neighborhood has nothing to do with these homes. Owners here have come from Australia, Canada, Texas, California, Detroit and New York. https://www.architecturaldigest.com/sto ... ice-of-one
Re: An Historical Event
I think they're the lowest priced Wright on the market NOW, but that doesn't mean they aren't overpriced for their area. You have to consider that anyone could build many Wright residential designs from scratch at the location of their choice for half the price.
Re: An Historical Event
I see no sense in comparing the value of a Wright property to that of any of its neighbors; it's an apples-and-oranges situation as I see it. Buyers of luxury art objects---some of which happen to have a useful function---expect, even want to spend more than their peers; right now yacht envy has been supplanted by private-jet envy, I hear, with owners comparing how much they spent and what they got for the money.
On top of that, it takes a special kind of wealthy person to willingly dive into a lengthy restoration when necessary, and in any event to take on the special challenges of maintaining a Usonian (for instance). So, finding the right buyer for one of these houses is an evergreen challenge. And I think Fred is right (and he should know) that this is a relative bargain in Wright-land, for houses that will need no immediate interventions and can in fact provide an income if desired.
It's long been concluded that building an exact replica of a 70-year-old Wright design is virtually impossible, if one wants to secure an occupancy, permit that is---and in any event the original has always been worth more than a copy, in practically any field you can name (I suppose there must be exceptions, somewhere . . .).
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On top of that, it takes a special kind of wealthy person to willingly dive into a lengthy restoration when necessary, and in any event to take on the special challenges of maintaining a Usonian (for instance). So, finding the right buyer for one of these houses is an evergreen challenge. And I think Fred is right (and he should know) that this is a relative bargain in Wright-land, for houses that will need no immediate interventions and can in fact provide an income if desired.
It's long been concluded that building an exact replica of a 70-year-old Wright design is virtually impossible, if one wants to secure an occupancy, permit that is---and in any event the original has always been worth more than a copy, in practically any field you can name (I suppose there must be exceptions, somewhere . . .).
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Re: An Historical Event
Comparables are the best way to determine what the "Wright Premium" is on a property. Of course, that premium varies according to the significance of the design.