WHAT IS A PASSIVE HOUSE WORTH?
We've recently had some anxious moments here at One Sky Homes. We are preparing to launch the Cottle Net Zero home onto the real estate market. The nail biting, million-dollar question quite literally is: What is a Passive House worth? Since this is the first Net Zero home in California (recently made official by the California Energy Commission) and our first completed Passive House spec project, we have no idea whether the market is ready, willing or able to pay for the added features that set this project way above average in all categories of home performance and comfort. How do you monetize superior comfort and great indoor air quality? Will the banks recognize that buyers of zero energy homes can afford a slightly higher mortgage? How many people are looking for this type of home? And the bottom line: will they pay slightly more for it? All questions we don't have definitive answers for, just yet.
As we move forward with new clients already excited about our Passive House and Net Zero credentials, we realize we still need to operate within the financial confines dictated by 'resale value.' It's no secret that the mortgage crisis is not yet over, even here in Silicon Valley. Although this part of the Bay Area has not been as badly affected, no one can afford to spend more money on their project than they could potentially recoup. Not even us.
The 'coming soon' sign is up on the front sidewalk. We've wisely chosen a great realtor - our very own Barbara Gilliland. Realtor tours will begin soon. We're dying to know what answer the market gives us to our burning questions and we'll certainly let you know. In the meanwhile, wish us luck.