House next door to Obamas' home for sale

September 11, 2009 8:50:49 PM PDT
The Obama family could have some new Chicago neighbors soon. ABC7 has learned the house next door the family's Kenwood area residence is now on the market."5040 South Greenwood Avenue is one of the most prestigious addresses in the United States," according to spokesperson Jeff Fisher and a Web site, www.5040Greenwood.com, created to publicize the home.

From the outside it's an impressive 6,000 square feet on a triple Chicago lot. But it's the view to the south that will cost you.

"It is the world's ultimate gated community," said Matt Garrison, real estate agent.

Garrison says the Obama factor is worth a premium of anywhere from 10 to 50 percent on a home that would likely list for $1.25 to $1.5 million. The president paid $1.65 million in 2005, the go-go days of Chicago real estate.

You'll get the parlor where Harold Washington's election strategy sessions took flight in 1983 and you'll get a whole lot else -- like a renovation bill of upwards of $500,000 to get the 1906 colonial and a coach house up to the standards of next door. Potential buyers will be screened by the agent.

The president who last came home in July and has promised to live here again when his White House days are over will be a good neighbor. The seller, who bought this home for $40,000 in 1973, knows.

"He will lead a very active life, a public life, a private life, continue to do well, and so he's just an outstanding guy and he is going to be a good neighbor for a long, long time," said Bill Grimshaw, seller.

Grimshaw won't be there though. He's headed for a condo.


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