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How can an important piece of architecture linger on the market for years without attracting a buyer?
That’s the question surrounding the Norman Lykes House—the last home designed by the legendary architect Frank Lloyd Wright. The classic circular home has been waiting for nearly four years in the desert for a buyer to emerge.
A few months ago, we poked around to try to figure out why the home wasn’t selling. Theories ranged from the lack of a garage to the undersized kitchen. The home’s price was steadily slashed over the years, but a buyer never materialized.
Now, the property, along with its furnishings, are headed to auction on Oct. 16. For dreamers with a love for Wright, it’s a chance to score a true classic—the no-reserve auction means that the home could go for much, much less than the current list price of $2.65 million.
According to Nate Schar, who’s handling the property for Heritage Auctions, the Lykes home has hosted various fundraisers and architectural events, while the family wrestled with the emotions surrounding the sale of the home that was once owned and loved by their deceased parents.
And the owners aren’t exactly pushing the panic button. “The auction doesn’t mean there’s any distress,” Schar added. “This is a curated piece of art.”
The home was built in 1967 using Wright’s concentric circle design and loaded with exquisite finishes, such as Philippine mahogany paneling, Italian rose-marble tile, slate floors, and walls of windows showing off the surrounding desert mountains. The soft curves were designed to contrast with the rough edges around the home.
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The parents of the current owners bought the property in 1994 and invited the Frank Lloyd Wright Foundation to oversee an extensive renovation, as well as the addition of a crescent-shaped pool that Wright designed for the home but that was never built.
The result was a modernized masterpiece with three bedrooms, three bathrooms, and just over 3,000 square feet of living space configured for comfortable living, without sacrificing any of Wright’s design sensibility. The home sits on a private acre-plus lot in the upscale Biltmore area of Phoenix.
Unlike many other Wright designed homes, the Lykes home isn’t a protected landmark or listed on any national registry. According to Schar, this means that the winning bidders won’t be restricted if they want to consider any alterations. However, the hope is that a bidder who appreciates the distinctive architecture wins out and protects the place and its history.
Schar added that the Lykes home has what is arguably the best views of any house built by Frank Lloyd Wright. The city lights and mountain desert unfurl underneath the home, for spectacular views in all directions, at practically any time of day.
The live auction will happen at the home on Oct. 16. At its peak, the home was listed for $3.6 million in 2016. In a couple of weeks, its true value will finally emerge.
The post Hey, Frank Lloyd Wright Fans! Arizona Home Headed for No-Reserve Auction appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/unique-homes/frank-lloyd-wright-arizona-home-no-reserve-auction/
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