There is a “for sale” sign in the front yard, not that potential buyers would see it. The street is closed to nonresidents by order of the US Secret Service. The house at 5040 South Greenwood Avenue, next door to the Hyde Park residence of President Obama, hit the market over the weekend.

The house is causing quite a stir, and not simply because it is a gracious, century-old, 17-room house with stained-glass windows. Here is what the owners say makes it a deal: you could not get more impressive neighbours. They are stately, and they come with a full-time security staff like no other Neighbourhood Watch.

Bill and Jacky Grimshaw are selling their 6,000-square-foot house after 36 years. The price? Hard to know estate agents say, because not since Richard Nixon lived in a New York City apartment has the market tried to assess the value of immediate proximity to the president in a dense urban neighbourhood. The Grimshaws paid $35,000 in 1973; other homes in the area have sold for $1 million to $2.5 million.

“We don’t know what the Obama effect is,”said Matt Garrison, the listing agent with Coldwell Banker. Garrison said he had tried to scout similar parcels of residential property, but pointed out that there was no family living next door to the White House. “I tried to look at 12 Downing Street, but that’s all offices,” Garrison said.

On the third floor, a large window offers a sweeping view of the red brick Georgian-style house that Obama bought in 2005 for $1.65 million. Looking out that window, Garrison was taken by surprise. “Obama’s roof needs some work,” he said.

... contd.