October 27, 2009

Looking to borrow a cup of sugar from the Obamas?

The owners of 5040 S. Greenwood Avenue have finally put a price on the priceless opportunity to live next door to the president. $1.85 million dollars for the 17-room brick house that needs a lot of renovations - and neighbors that you'll never, ever be able to keep up with.

Owners Bill and Jacky Grimshaw put the house up for sale, without a price tag, this fall. Their real estate agent, Matt Garrison, had no idea how to calculate the Obama factor. Apparently, everyone was too hesitant to give it a shot - they haven't gotten any offers yet.

The listing, which requires a price, goes up Tuesday morning. Garrison believes the Obama factor will give a couple thousand dollars to the value of the house.

But the current listing price isn't unusual for the desirable Kenwood location. Large houses in the area often go for $2.3 to $2.4 million - albeit ones that won't need the sort of renovations 5040 Greenwood, which hasn't been renovated since the owners bought the house in 1973.