Green Homes For Sale in Chicagoland
August 02, 2012 :: Posted by - Jason :: Category - Economics
, Single-Family Projects
A recent analysis of homes done by UCLA Berkley researchers found that a green labeled home (LEED for Homes, NAHB Green, Energy Star, etc) had a measurably higher value than non-green (standard) homes. Adapted from LA Times Article
Researchers from UC Berkeley and UCLA have found that green home labels typically add almost 9% to the value of a California home.
Researchers found third-party certified green homes have a 9% price premium in CA, and closer to 12% in areas with a high “Prius factor” or number of people driving Toyota Priuses. If you’re in Illinois, you are likely wondering how that translates to local real estate values. Especially if you live in an area with a lot of Prius drivers!
Well informally, it’s early but the market seems to be evolving well. Two separate homeowners have told us that their LEED home project financing was appraised up to 20% higher in one case – because of the green features and third-party LEED for Homes certification they were pursuing.
Another home in Elgin rehabbed from foreclosure earned LEED Platinum – and best of all – the final sales price was higher than the listing price.
This summer has also seen a plethora of LEED homes hit the local market as people are leveraging the green MLS fields in the Chicagoland area. Here is a snapshot of local LEED homes currently on the market:
- Bloomingdale, IL – Illinois’ first LEED single-family home, certified LEED Silver in 2009 [view listing]
- Lemont, IL – a home whose construction is being meticulously filmed and will be nationally televised [view listing]
- Hawthorn Woods, IL – a speculative subdivision of custom homes, designed for LEED certification [view listing]
- Chicago, IL – a high-end LEED Platinum gut-rehab that pushes the envelope of sustainability [view listing]
Open house: SaturdayAugust 4, 1:00 PM to 3:00 PM
And, we know of 2 other subdivisions of green homes that people are starting (not listed yet though).
What’s particularly noteworthy is not just the amount of green building but also the agents starting to use the green MLS fields appropriately! As people learn more about green homes, such as at AES Workshops or free Green Appraisal Seminar on Oct 24, we’ll see more and more green homes listed for sale.
Story Tags: appraisal, bloomingdale, chicago, green mls, home values, leed for homes, lemont, real estate