This month has been a very exciting month for Chicagoans.
The same day we hear about Jay Cutler being the future of the Bears franchise, the IOC arrived to a potential host for the 2016 Olympic Games.
For me this has a lot of meaning.
I have made a life commitment since I was 20 to attend every summer Olympiad.
Since 2004, I have been to Athens and Beijing.
These unique and exciting opportunities for our city will allow me to combine my passion for world sporting events and real estate.
For real estate investors, the 2016 Olympic Games in Chicago mean one thing and one thing only, BUSINESS! Some will argue that if the city does not win the bid, then not much will happen.
Not true.
Irrespective to whether or not Chicago gets the Olympic Games for 2016, the city will redevelop the south lake and south shore area.
For anyone who is familiar with the Bucktown neighborhood in Chicago, you have an idea for how that area is going to be.
Chicago has already pledged $57M to renovating the south shore area and prepping it for development.
As its stands right now, the Olympic Stadium is going to be smacked in the middle of South Shore Neighborhood.
Take it from someone who has been to 2 Olympics, the area around the stadiums are always beautiful, modern, and expensive.
For those not familiar, the South Shore area is east of Chicago Skyway between 67th and 79th.
This area is currently in need of some TLC.
The area is mostly full of lower-income renters who use CHAC vouchers.
The area has greatly benefited from the mortgage problem and 2-4 unit buildings are being bought 50-90k and sometimes lower.
Most repairs will run you $15k - $20k per unit.
The after repair values in the area for a brick 3 unit building is $320k!! It gets better; taxes are dirt cheap compared to similar buildings in post-gentrification areas like Bucktown, Wicker Park, and Roscoe Village.
DON'T WAIT!! This year the city is planning on buying up property all over this area and appreciation will increase steadily in the next 2-3 years.
So if you want to get in before its "cool", the next few months are important.
For complete information in regards to the city and its plans for 2016, click here [http://www.
chicago2016.
org/bidbook.
html].