Valuation Management Group is highlighting a unique home that has historical significance, was designed by a famed architect, and features many intricate details. We think that you will find the details as interesting, as we did.
First, here is a little about the architect, Frank Lloyd Wright. He was an American architect whose designs were contemporary and modern for the era. He was also a notable interior designer, writer and educator. He designed over 1000 structures and 532 of those were completed. Many are still standing today. He died in 1959 at 91 years old. Many consider him to be the greatest architect of all time.
The featured home was designed by Frank Lloyd Wright in 1957 and completed in 1960, after his death. The property’s original owners still own their home where they raised their family and have lived for 57 years. They are now in their 90’s and have put their home on the market for 1.395 million dollars. The home is located in Minnesota. It sits on a 3.77 acre parcel and is a relatively small home considering the asking price, with 3 bedrooms, 2 baths and about 2600 square feet. The sale price may seem high, but can you really put a price on a one of a kind piece of history? Probably not an appraised value anyway.
As real estate appraisers, this property would be one that everyone wants to inspect, but no one really wants to appraise. The appraisal challenges would be numerous, but starting with there would be no sales with the same historical significance. How could you make an adjustment for a one -owner Frank Lloyd Wright masterpiece? How do you adjust for the furniture that is part of the purchase price that was designed specifically for this house by the famous architect himself? In this case, it seems the market value will be determined by what a willing and knowledgeable buyer, acting prudently, is willing to pay for the home.
It is fascinating to consider the combined vision of Wright and the owners that lead to the design and build of a home that is still modern after 57 years. We hope you find this home as remarkable as we did. To view more information on this home, please CLICK HERE.
Valuation Management Group is a national, full service appraisal management service company that manages the appraisal process for financial institutions, banks, mortgage bankers, and credit unions. We offer the full array of commercial and residential appraisal products and services. We take the appraisal process from ordinary to extraordinary.