The JJ Walser House, a Frank Lloyd Wright-designed residence in Chicago’s Austin neighborhood, has been acquired after years of being unoccupied and dilapidated.
The Walser House was built in 1903 and is listed on the National Register of Historic Places. However, has been unoccupied and unmaintained since 2019, when the property’s last owner died. The property, which is an advanced state of dilapidation, has been in foreclosure since 2023 and carries a reverse mortgage that is greater than the home’s value, which was appraised at $65,000. A foreclosure sale was held last December, but the minimum bid level of $240,000 was too high for local preservation groups that estimated it would cost over $2 million for restoration services.
Austin Coming Together (ACT), a local nonprofit, acquired the property in a deal involving Fannie Mae and the Chicago-based mortgage lender Community Investment Corporation (CIC). Artnet.com reports Fannie Mae discounted its $200,000 asking price to $125,000, which enabled CIC to purchase the Walser House in April. ACT assumed ownership of the property from CIC for $65,000, with $60,000 coming from Chicago’s Trouble Buildings Initiative.
“The JJ Walser House is part of Austin’s story, and we believe its next chapter should be shaped by the people who call this community home,” ACT Executive Director Darnell Shields in a statement. “ACT stepped in because this house is critically important, not only as a Frank Lloyd Wright design, but as a piece of Austin’s history.”
ACT stated that its initial focus will involve stabilizing the property, to be followed by soliciting input from residents, partners, and community leaders on the restoration and future purpose of the property.
Photo courtesy of Frank Lloyd Wright Building Conservancy
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