October 2005


Now there’s a mouthful. Today’s edition of the Chicago Tribune reports that homeowners Daniel and Diane Jacobson who renovated their Near West Side house three years ago, had their contractors install a solar energy system for them, that includes photovoltaic roof and solar panels. Mr. Jacobson estimates that as a result, 10 percent of their household’s electricity is now supplied by solar energy. The Jacobsons are an environmentally conscious family, and their residence consists of numerous other “green” elements, including a hardwood floor that didn’t cause any rainforest to be chopped down. In my opinion, a valiant effort to conserve our environment.The part I liked best though is that on days when the Jacobsons’ solar energy system produces excess energy (e.g. when they are on vacation), their special electric meter sends this information back to ComEd who, get this, buys the excess electricity from the Jacobsons. Says Mr. Jacobson, “That first year it amounted to $1.68, and ComEd asked if I wanted a credit on my bill or a check. I said, ‘You send me a check – I’ve been paying utility bills for 20 years!’ “
Way to go, Daniel and Diane.
Third Quarter 2005 figures are officially in: In a nutshell, a ton of condos changed ownership this past quarter, and once again, we are on a record-setting pace for selling condos and townhomes (or “attached property type” in MLS lingo) in the City of Chicago. To give you a brief idea of how many condos and townhouses were closed on in the third quarter in Chicago’s Lakeview neighborhood alone, take a look at these stats: 922 attached units were closed on, with an average asking price of $332,718 and an average selling price of $332,054. That’s a 99% price ratio by the way, which goes to show that in Lakeview there is hardly any room for negotiation when you’re in the market to buy a condo. However, it could also be a sign for the proliferation of new-construction projects where negotiation on price is on the bottom of developers’ to-do list, to begin with. Anyway, stay tuned for more news about Chicago’s residential real estate market in upcoming columns.