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Despite the typical frenzy surrounding Frank Lloyd Wright-designed homes, the architect's final project, the Circular Sun House in Phoenix, has been on the market for five years with a current asking price of $8.95 million. The primary challenges include a significant price increase from its last sale, the need for modern updates, and finding a buyer committed to preserving its unique architectural integrity while potentially leveraging it as a lucrative short-term rental.
What is the history behind this Frank Lloyd Wright property? Commissioned by Norman Lykes, this 3,095-square-foot home is one of 14 circular houses designed by Wright. However, the renowned architect died in 1959 before its completion. The task of finishing the project fell to his apprentice, John Rattenbury, who brought the home to life in 1967. The property, known as the Circular Sun House, was last sold in 2019 for $1.68 million. It returned to the market soon after with an asking price of $7.95 million—a figure that has since increased to $8.95 million as of 2023. This steep price appreciation is a key factor in its extended time on the market.
What makes the architectural design of the home significant? The home is a prime example of Wright's organic architecture principles. Its design is a series of overlapping concentric circles, intended to create a positive energy flow, a concept inspired by feng shui. Signature elements include the use of Philippine mahogany, a floor-to-ceiling fireplace, numerous built-in furnishings, and an open floor plan. The two-story home features three bedrooms and three bathrooms, offering panoramic views of Palm Canyon and the desert landscape from nearly every room. The sale includes the original furnishings Wright designed for the space, adding to its historical value. Preserving these original design elements is a significant consideration for any potential buyer.
Why has the property struggled to sell despite its pedigree? Based on our experience assessment, several factors contribute to the lack of a sale. The most prominent is the asking price of $8.95 million, which is more than quadruple the 2019 sale price. The listing agent has stated the current owner is "not in a hurry to sell," indicating a willingness to wait for an offer close to the asking price. Furthermore, the home is 58 years old and requires updates, such as new flooring and lighting, to achieve a more modern feel. While the agent has experimented with fractional ownership opportunities, there was not enough serious interest to proceed. Finding a buyer who appreciates the architecture and is willing to invest in sympathetic updates has proven difficult.
What are the potential uses and investment opportunities for a buyer? The property presents several potential uses. It has generated significant interest as a short-term rental for vacations, photo shoots, and events like weddings. The listing agent notes frequent booking requests, suggesting a ready-made market for a buyer interested in a lucrative vacation rental venture on platforms like Airbnb or Vrbo. To enhance this potential, additions such as a detached garage or a tea house (similar to other Wright-inspired properties) have been suggested. These would provide modern conveniences without drastically altering the original structure. The agent believes the property could command a high nightly rate, making it an attractive income-generating asset.
The key for a prospective buyer is to balance preservation with modernization. While the home is not a museum and was intended by Wright to evolve, major alterations that compromise its architectural integrity (often called "un-Wrighting" it) would be controversial. The ideal buyer would likely be an individual or group—perhaps including an architect or designer—with the resources and desire to honor the home's history while updating its systems and potentially operating it as a high-end rental. The 1.3-acre lot offers space for thoughtful expansion that complements the original vision.
