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“It’s a narrow market. It’s an active market. And it can be a lucrative market,” said Ron Scherubel, executive director of the Frank Lloyd Wright Building Conservancy, an international preservation organization based in Chicago. “Some of these houses can be seriously overpriced. But most of the time, buyers pay a 25 to 40 percent premium because it’s a Wright design.”
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The Alice Ball House’s owner, an architect and developer, Cristina Ross, decided a few years ago that the building would make a worthy pool house for a much more au courant dwelling to be built at the back of the property. But that move was blocked, first by the town, which has since been mollified, and now by the neighbors to the rear, who have not.
This would not be an unprecedented development in New Canaan, a suburb forever of two minds about its place as epicenter and laboratory of the International Style: about two dozen of the 90-odd modernist dwellings built in New Canaan by Johnson and a group of fellow modernists known as the Harvard Five have been torn down in favor of buildings that cast more shadow on the landscape. This would be the first Johnson house to fall.
“It’s basically an option,” said Ms. Ross, who has the demolition permit to prove it. “Investment in property is only worth what you can get out of it.”
Ms. Ross, who lives in a five-bedroom colonial elsewhere in New Canaan, had her office in the Ball house for a while and now rents it out while it sits on the market. By her count, there have been at least a dozen prospective buyers in the last year, and a Finnish fashion shoot and a 50th birthday party for an architect, but there have been no takers.
The fact that such an architectural trophy has gone unbought for a year speaks less about any ambivalence for modernism, or even a softness in local property values, than about the domestic expectations of the superprivileged. “No one builds with less than five bedrooms now,” said Prudy Parris, Ms. Ross’s real estate agent. “People with no kids or one kid want five bedrooms.”
[...]
Even some modernist partisans say the price seems high. Ms. Ross bought the house for $1.5 million only three years ago, and says she has overhauled “all major systems: roofs, walls, woodwork, plaster, stonework.” But Helen Higgins, the executive director of the Connecticut Trust for Historic Preservation, said, “There haven’t been enough improvements to suggest that the value is doubled.”
[...]
The math on the Alice Ball house works out to $1,750 a square foot, ignoring for the moment the value of land, which is of course considerable. That’s about triple the average price per square foot of houses that sold in New Canaan in the last few weeks, on lots that average the same size, according to statistics from a local brokerage, Barbara Cleary’s Realty Guild.
Ms. Ross said she would sooner knock the house down than lower her price.
“The bottom line,” she said, “is that if there’s a buyer out there, great. If there isn’t, then I’ve done my due diligence.”
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