Cow a Bung-a-low

I know. That's a lame title...But the program the city is offering isn't.

It's called the Green Bungalow Initiative.

The Green Bungalow Initiative is a pilot program sponsored by the City of Chicago to determine whether green building principles could be applied affordably to existing homes. The following groups worked together to guide the initiative:

* City of Chicago Department of Environment
* City of Chicago Department of Housing
* U.S. Department of Housing and Urban Development
* Neighborhood Housing Services – Chicago Lawn
* Neighborhood Housing Services Redevelopment Corporation
* Southwest Home Equity Assurance Program
* Greater Southwest Development corporation
* American Institute of Architects, Chicago Chapter
* Historic Chicago Bungalow Initiative

The Green Bungalow Initiative renovated four Chicago bungalows to determine if green building benefits of improved indoor air quality, energy efficiency and resource conservation could be achieved in this distinctive architectural style. Each bungalow was renovated with a different modern lifestyle theme: a handicapped adaptable home, a home office, a young professional loft-style home and a classically restored bungalow. Features included double-paned windows, energy-efficient furnaces and water heaters, and extra insulation, including insulation made of recycled newspapers and phonebooks. Renovation of the homes was completed in June 2002, and all homes were sold and occupied by November of that year. A subsequent comparison of energy bills for a "control" bungalow on the same block with the rehabbed bungalows demonstrated that energy savings in the Green Bungalows ranged from 15 percent to 49 percent.

The "Green Bungalow Initiative" report attached below describes the transformation from plain bungalows to "green" bungalows and includes a discussion of sustainable design features and post-renovation energy savings.

Let me know if you'd like more info or go to www.cityofchicago.org for more

June Housing Stats Flat

Sales continue to slow as more real estate news was released yesterday confirming the predictions. Home buyers are reaping the benefits as prices continue to fall and market times continue to lengthen giving the savvy home buyer the edge when it comes to negotiating on a purchase.

Here is a full article written on Inman News:


Condo and single-family sales continued to slow last month in Chicago, and across Illinois and Ohio.

Home sales in Ohio and Illinois continued to fall in June from their year-ago levels, while prices eked out modest gains, according to Realtor associations in both states.

In Ohio, sales of new and existing homes last month dipped to 15,217, a 0.9 percent decrease from the 15,359 sales posted during the month last year, the Ohio Association of Realtors reported.

The average Ohio sales price of $169,925 is a 2.9 percent increase from last year's $165,151, according to the association.

In Illinois, total homes sales (which include single-family and condominiums) were down 8.2 percent to 18,779 homes sold in June, compared with 20,457 sales in June 2005, the Illinois Association of Realtors reported.

The Illinois median home sale price in June was $214,900, up 1.4 percent from $212,000 a year earlier. The median is a typical market price where half the homes sold for more, half sold for less.

Statewide, single-family home sales totaled 13,058 in June, down 8.9 percent from 14,334 single-family homes sold in June 2005. The median single-family home price in June was $213,400, off 0.7 percent from $215,000 a year earlier.

Some 5,721 condominium sales were reported across Illinois in June, down 6.6 percent from 6,123 condo sales in June 2005. The condo median price for June was $215,000, up 4.4 percent from $206,000 one year ago.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), single-family home sales totaled 7,709 in June, down 15.1 percent from 9,085 home sales in the same month last year. The median single-family home price for the Chicagoland PMSA was $289,000, up 3.6 percent from $279,000 in June 2005.

Condominium sales in the Chicagoland PMSA were off 7 percent in June to 5,464 units sold, and the condo median sales price increased 4.3 percent to $220,000. June 2005 condo sales for the Chicagoland PMSA totaled 5,874; the median price was $211,000.

Bad News Bonds: Good for Rates

Remember, when the bond news is bad that is good for our mortgage rates. Overnight real estate rates tumble for a 30-year fixed rate at 6.31%; 10-year Treasury yield at 5.06%

Now more than ever (because these rates won't stay down for a long time), it is a buyers market. I put together another buyer program yesterday where we sat down and set my clients real estate goals for her first condo purchase. My client was quite surprised how easy it was to make a purchase with the little money she (thought) she had available. She was especially amazed to learn how much she would save when we factored in the tax benefits of owning (versus renting).

Call me anytime to discuss your real estate goals.

Chicago HOMEBUZZ Summer Podcast

Here is a link to our latest podcast at iTunes or you can try this link (feed site) and click on "Play Now". If you'd like to download the unenclosed file directly go here (12mB).

Here is a link to our RSS feed for this blog if you're interested in getting instant updates on your computer or handheld (careful, it's addiciting). Simply copy the url to your feed software (e.g. feedreader) and set the category for real estate (or whereever you choose).

This podcast is a national and local real estate market report with quarterly sales data for various neighborhoods.

Visit our website for more specific property data at www.CHICAGOHOMEBUZZ.com.

Chicago HOMEBUZZ: News, information, podcasts, movies, featured property listings & market statistics for buyers, sellers, developers and investors of real estate in the Chicago area.

Chicago Home Buzz Quarterly Reports

Just a quick note to remind you we are working on our 2nd Quarter Market Report which we mail out quarterly to anyone who would like a copy.

If you're interested in receiving this mailing which has news articles and market data for your zip code and neighborhood, please send us your mailing address (with your name or without if you'd like---we won't call you!) and we'll put you (and your neighborhood) on our list (and in our report). Here is a link to our Chicago Home BUZZ site which has a sample report you can see as well as many other downloadable forms and information.

Should be mailed out after the Fourth of July weekend.