Why the home next to obama's isn't selling

[Ben Yehuda]

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The street may be closed to non-residents, and you'll have to be nice to the Secret Service, but crime certainly isn't going to be a problem when you live next to First Family's Chicago residence.

This 103-year old, 6,000 square foot, 17-room house is located next door to the Hyde Park residence of the Obama family. The Obamas paid $1.65 million for the house next door in 2005, and homes are generally priced between $1 and $2.5 million. See the Full Listing

Initially put on the market in early September, it was recently registered with the local MLS at an offering price of $1.85 million.

Matt Garrison, the property's real estate agent, told ABC News that despite interest from all around the globe, the few formal offers were unacceptably low.

Would you pay almost $2 million to be the Obamas' neighbors? Here are some of the reasons the home is still on the market:

- Prospective owners won't face daily searches, according to Mr. Garrison, but visitors will likely have to be cleared in advance.So that may cramp your social agenda for at least the next three years.

- The Wall Street Journal has reported a glut of high-end homes, particularly in the Chicago suburbs, for homes priced over $750,000 price range.

- The home may just be overpriced for the current market. According to our home valuation estimator, the market rate for this home is more like $1.25 million. Zillow indicates the home is worth roughly $1.7 million.

- The listing agent told the Chicago Tribute the home may needs "significant work." In this picture, you can see some of the wood features, but that may require some polishing and re-staining.

- In pictures obtained by Chicago Now, the backyard and landscaping look a little dated.

Don't forget, if you're in the neighborhood, viewings are by appointment only.

I can think of another reason it's not selling.