House Next to Obama's: $1.85 Million

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    NEWSLETTERS

    Blitz Group LLC

    $1.85 million.

    That's the price tag for 5040 S. Greenwood Ave, the home next door to the Obama's that originally went on sale in September sans specific price. After all, it's hard to calculate the value of living next door to a sitting president.

    But now, with no takers, the home's being listed on the multiple listing service -- meaning a price had to be set, says the Chicago Tribune.

    Hyde Park homes that don't need work can sell for up to $2.4 million, said Matt Garrison, the real estate broker, according to the Tribune.

    Homes in the Obamas' neighborhood typically sell for about $1.5 to $2.5 million, according to a person familiar with the Grimshaw's sale.

    The home's been owned by Bill and Jacky Grimshaw since 1973. According to the real estate agent, it needs significant work, but remains a beautiful home.

    The Grimshaws used to babysit the Obamas children, and Jacky is very close to Michelle.

    During World War II, the Grimshaw's home was used to house officers, according to the real estate firm selling the property. The house then became the boarding house for a small military school. The Grimshaws bought the home from the colonel who ran the school in 1973.

    The security on Greenwood is stiff. Both ends of the street are blocked off by Secret Service, and at least two agents are visible outside Obama's property at all times.

    No cars are allowed on the street unless they belong to residents.

    After Obama was elected, the Secret Service approached the Grimshaws about leasing their property. The Grimshaws declined, but decided perhaps it was time to move.