The 2008 Bejing Olympics have just begun, but the city of Chicago is already buzzing about the possibility of hosting the 2016 Olympic Games. Chicago is competing to host the Games with Madrid, Tokyo, and Rio De Janeiro. The International Olympic Committee will announce their final selection in October of 2009, but final bids are due by this upcoming October.
Chicago City government, private developers, and the 2016 bid committee are hard at work preparing the city for such a monumental event. Chicago has raised over $40 million in private dollars to support the bid and has pledged $500 million more in insurance for the Games. The 2016 Olympics Fund for Chicago Neighborhoods has amassed $4.7 million to be donated to the research and development of local communities that may be affected by the future Olympic Games. Eleven communities in the South and West Side neighborhoods have been identified as likely areas to be impacted by the Chicago held Olympic Games. The goal is to prepare and strengthen these neighborhoods and allow residents to capitalize on economic opportunities that the Games may bring. Here at New West Realty we have three communities in these neighborhoods which makes the possibility of the 2016 Olympic Games being held in Chicago a particular topic of interest. Even if Chicago ends up losing the bid, these donations will remain invested in strengthening these communities.
Past Olympic Games have had powerful impacts on the local economy and housing market, and Chicago will be no different. Home prices in the six years prior to the Barcelona Games increased by 240%! For our homeowners and soon-to-be homeowners living in Eastgate Village, 1555 Wabash and Heritage Homes, this presents an enormous financial opportunity.