Mr. Obama’s Neighborhood

You can be President Barack Obama’s Chicago next-door neighbor for just $1.85 million. That’s the listing price for the 17-room 1906-vintage brick house at 5040 South Greenwood Avenue owned by Bill and Jacky Grimshaw since 1973.

The house had been on the market for an unspecified sum since September, but a price had to be set since it is being placed on the local multiple listing service.  The house is a relative bargain for upscale Kenwood because it requires substantial renovation.  Large Kenwood houses in good condition can cost between $2.3 million and $2.4 million, according to Matt Garrison, the Grimshaws’ real estate agent.

Garrison says that the premium for buying a house located next to the home of a sitting president is a few hundred thousand dollars.  “It’s probably going to sell to a traditional Chicago buyer,” Garrison said.  “Right now buyers aren’t doing anything fast and the seller wants to sell the property.”

Potential buyers of the Grimshaw house will require security clearances by the Secret Service.