To live next to the Obamas to cost 1.85 million U.S. dollars

October 26, 2009 10:38 pm 

CHICAGO, Oct. 27 — The price tag listed for a house next to U.S. President Barack Obama's home in the southern part of Chicago will be 1.85 million U.S. dollars, a real estate agent said Monday.

The house at 5040 S. Greenwood Ave. in southern part of Chicago, a home that rose to national prominence in the United States this fall when it was offered for sale because it just happens to be next door to President Barack Obama's Chicago home.

Bill and Jacky Grimshaw have owned the home since 1973. They put it up for sale in September for an unspecified sum because neither they nor their real estate agent, Matt Garrison, knew how to calculate "the Obama factor" of the 17-room brick house, which needs substantial renovation.

Garrison said the premium for a buyer being able to say they're Obama's neighbor amounts to a few hundred thousand dollars.

According to a Chicago Tribune report, after more than a month with no takers, the home will be listed Tuesday morning on the local multiple listing service, which means a price had to be set.

"At the end of the day it's probably going to sell to a traditional Chicago buyer," Garrison said.

Because the Secret Service protects the Obama home and anyone visiting the Grimshaw's house needs security clearance, no traditional open houses will be conducted, Garrison said. (PNA/Xinhua)

ALM/ebp

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