Price drops 30% on famed Ferris Bueller home
The price of the famed Ferris Bueller house on the shores of Lake Michigan was recently reduced by more than 30% due to depressed market conditions, according to the house's real estate agent Meladee Hughes. The price for the two building complex, which in the movie is owned by Cameron's father, includes the main house and a pavilion or guest house. It now stands at $1.65 million, down from $2.3 million in September 2009. In comparison, a 1961 Ferrari like the one trashed in the movie "Ferris Bueller's Day Off" priced at a little more that $10 million in an auction in Maranello, Italy in 2008, according to CNN Money. The house is not so lucky. "There are just not that many people buying houses," Hughes told HousingWire in an interview. "The general market is down, and it's hard to get financing." The property is located in Highland Park, Ill. According to the Illinois Association of Realtors' latest numbers, home sales in the state were down 24.9% in the third quarter compared to the one year ago period. In Lake County, which encompasses Highland Park, home sales were down 20.5%. In addition to lowering the price of the house, Hughes said the estate is now helping finance the home. She said if a qualified buyer comes to the table with 20% down payment, the estate will finance them and act as the mortgagee for two to five years. "That way maybe someone who couldn't originally afford the home could buy it," Hughes said. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.