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Real Estate ArticlesOne of a Kind Homes a Hard Sell in California
Get your checkbook ready for the chance to buy your dream house. Ennis House, the 1924 Frank Lloyd Wright home in the hills overlooking Los Feliz, has just become more affordable. The listing price of the home, featured in movies such as Blade Runner and House on Haunted Hill, has been reduced 50 percent since it went on the market last summer. Of course, at $7.5 million Ennis House may still be a bit out of most budgets. High end real estate, whether a historic mansion or pedigreed home designed a famous architect, is also feeling the effect of the real estate melt down. People that can afford these architecturally significant homes are simply not buying. Those who might be interested in these unique properties cannot qualify for loans right now. Homes such as Wright's Ennis House and other architecturally gems in California are simply not moving. Pierre Koenig's 1960 era house, Bailey House or Case Study House No. 21, sold in late 2006 for $3.2 million or $2,400 per square foot. At the same time, other homes in the area near Koenig's were selling for $500 to $600 per square foot. Rudolph Schindler, the Austrian-born architect and designer, constructed How House in 1925 in the Silver Lake neighborhood. Listed in September 2008 for around $5 million it is still for sale and the listed price is now down to $1.9 million. This bargain price also includes a garden designed by the equally famous architect, Richard Neutra. Another Wright home, the Mayan-influenced Millard House, or La Miniatura, in Pasadena, has been on the market for over two years. The owners of the home have dropped the price over $3 million and are considering an offer from a buyer who wants to totally dismantle the home block-by-block and ship it to his home country of Japan. Is now the time to buy a piece of history? If you want to live in a home and enjoy it for years to come, probably so. If you are looking for a short-term investment opportunity, absolutely not.
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