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A Wright Home for the Right Price

Frank Lloyd Wright houses are among the properties affected by declining real estate prices in Chicago.

Frank Lloyd Wright houses are among the properties affected by declining real estate prices in Chicago.

Proving historic residential construction is not immune to the vagaries of the real estate market, two Frank Lloyd Wright homes in the Chicago area are on the market at affordable price points.

The Huffington Post recently profiled the Charles R. Perry House, located in the Ravine Bluffs area of the suburb of East Glencoe. According to HuffPo, the price on this three bedroom 1915 house was slashed from $699,000 to $550,000 within a month of hitting the market. Jamie Roth, the listing agent for the house, told the news site the house needs updating and landscaping but is otherwise in good condition. He described certain features distinctive of Wright's architecture, including coved ceilings and an inlaid wood floor.

Those relocating to Chicago who are looking for city living rather than a suburban home might consider a two-story townhouse in the Wright-designed Waller Apartments, located west of downtown. Curbed.com reports the three bedroom, 1,222 square foot townhouse is a foreclosure property originally priced last year at $169,000 but currently reduced to $60,000.

A recent Clear Capital report predicted Chicago house prices will decline 5.3 percent by the end of 2011.