Are The Olympics Coming To Chicago? Let’s Hope So
September 21st, 2009 categories: Chicago Info/News, Chicago Neighborhoods, Chicago News, Chicago Real Estate News, Economic Recovery, For Buyers, For Homeowners, For Sellers, Housing Market
Now that the Chicago housing market is in the middle of what looks to be a long, steady recovery, anything that can give a boost to the city’s economy will be much appreciated.
And in my opinion, few announcements would give as a big a push to the local economy as the news that the 2016 Olympic Games will be coming to Chicago.
As you undoubtedly know, Mayor Daley and the City of Chicago are vying to become the host city for the Olympics. To date, it looks like Chicago’s biggest competitor for this honor is Rio de Janeiro.
We’ll know for sure whether Chicago lands the Olympics on Oct. 2. That’s when the 100-member International Olympic Committee will choose between Chicago, Rio de Janeiro, Madrid and Tokyo to host the big event.
This may not seem like a real estate story. But, really, it is.
Chicago’s housing industry is just now emerging from what was a rather devastating real estate slump. Housing prices and sales dropped dramatically in many parts of the city. Today, though, this is changing. Housing sales are rising here, and so are prices. In the city’s top neighborhoods, places like Roscoe Village, Lincoln Square, Lincoln Park, Ravenswood, Lakeview and River North, condominiums and single-family homes are beginning to sell at more normalized rates and prices.
But this recovery is still in its beginning stages. Any positive news from the city of Chicago will help the recovery gain traction. And landing a hosting gig for the Olympics would qualify as positive news indeed.
That’s because the Olympics will generate new jobs in the city. It will funnel huge amounts of tourism dollars into the city’s coffers. And in preparation for the Olympics, the city will pour money into renovating not just specific sites, but entire neighborhoods.
I know many have concerns about the Olympics coming in. They wonder how we’ll handle traffic. They worry that city taxpayers will bear the brunt of the financial burden should the Olympic Games lose money. And, this being Chicago, they worry about the opportunity for corruption and fraud that will come with the city hosting the games.
These concerns are legitimate. But the benefits of hosting the Olympics are huge. The Games can provide an extra push to not only Chicago’s economy, but to its housing market, too.
So let’s hope that in early October, we’re all celebrating the big news that the Olympics will be coming to Chicago in 2016.
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