Obama's Neighbour Selling House, Causes a Stir

by sara star | September 16, 2009 at 06:43 am

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The house next to Barrack Obama's house in Chicago went on sale this weekend, causing such a stir that the Caldwell Banker site crashed.

The owner's bought the house in 1973 for $35,000. Little did they know then how good an investment it would prove to be. Obama bought his house for 1.65 million dollars in 2005.

Bidders will be vigorously screened.

Security in the neighbourhood will be tight, no worry of burglary.

Clear views of the Obamas’ house and garden are seen from the upper floors.

...5040 South Greenwood Avenue, a 17-room mansion that sits next door to President Obama’s Chicago home.
The sale is so unusual that the estate agents have not priced it because they are not sure how the proximity of Mr Obama’s house will affect its value.The last and probably only time estate agents tried to assess the value of a property next to one of a sitting president was when Richard Nixon owned an apartment in New York.

“We don’t know what the value is because of the Obama factor,” Trish Hoffman, of the estate agents Coldwell Banker, told The Times. The price will be determined by what people are willing to pay. Other homes in the area have recently sold for between $1million (£610,000) and $2.5million.

... he hoped that the buyer would be “a good patriot, a good family man, a good Democrat”.

...“5040 South Greenwood Avenue is one of the most prestigious addresses in the United States. This gracious, turn-of-the-century home sits on an oversized lot in the historic Kenwood/Hyde Park neighbourhood of Chicago.