How Real Estate in Chicago Has Been Influenced by the Work of Frank Lloyd Wright
Frank Loyd Wright is thought of as America’s finest architect; his structures are both breathtaking and unique, and many stand today as historic monuments to his career and the cities surrounding them. He is famous for using nature as inspiration to create the designs which would later become homes, schools, churches and well over 100 other structures throughout the country. Chicago has approximately 80 homes designed and built by Frank Lloyd Wright – an impressive number when compared to most other US cities.
It’s true that some people are not fond of the features of his work; even in the 1800s, Wright went above and beyond to make his designs stand out as structural masterpieces. At the time, it was not an easy feat.
So many things come into play when you think of why he is deemed the “Father of American Architecture”. The bulk of the proof is simply found in the publicity and fan fare that one experiences when they purchase and live in a home he designed. Tourists and photographers from all over the world migrate to Chicago to take pictures of these famous structures. Looking and buying are two very different things, however. Many of these spectators come for this history, but would never invest in one of these properties as their primary residence.
When a Frank Lloyd Wright home goes on the market, unless they ask specifically, many house hunters will perform their search entirely unaware that it’s possible to own one of these historical masterpieces. Those who are aware, have the budget, and are interested in architecture are likely to submit an offer rather quickly. The impact on our real estate market is obvious – a quick sale in any given neighborhood drives desirability. Moreover, because these homes command such high value, they are likely to positively affect the value of other homes within close proximity.
Even in years past, when the market slowed down considerably, these homes maintained their position as a hot commodity. Today, over a century later, buyers continue to be charmed by his artisanal, one-of-a-kind homes. Many are willing to pay higher-than-market-value prices for these properties, and there is no group that is more vocal about their appreciation for Wright’s work than the millennial generation.
It’s a fact that only about 2% of people ages 45 are currently in an income bracket that affords them a home in the million dollar price range. That doesn’t deter them, however, from requesting that their agents show them homes with the same look and feel as an authentic Frank Loyd Wright home. As you may have guessed, this is no small challenge. Even now, his designs stand out among the rest. They are one of the top features that drive popularity in in-demand areas such as Hyde Park and Oak Park, just to name two.
Whether your search is geared toward a mid-century modern masterpiece or something a bit more traditional, the Eric Booth Realty team can help you. We know Chicago, and we’ll listen to your needs. Contact us at (847) 226-8681 to begin the hunt for your dream home.
