(Chicago Olympics) = (enormous windfall for everyone)
Right? That's certainly the feeling in real estate. Clients talk to me all the time about speculating on property on the south side near the Olympic Village and the event center sites. Their goal: gouge the desperate tourists with incredibly high rent rates. Light cigar. Laugh all the way to bank.
To give perspective to everyone trying to get their piece of the pie, Chicago 2016 hired Tootelian & Associates to do an economic impact study of the games. The 24-page report looks at tax revenue, job creation, tourism, construction and more.
Although the report doesn't talk about impact on local real estate prices, it does mention how the construction obligation would affect building elsewhere:
"...construction of the Olympic Village likely will cause local real estate developers to reduce the rate of development they otherwise would have undertaken in recognition of the housing supply that will be brought to market post-Games."
That sounds good. Developers: focus on building the Olympics. We have enough condos (for now).
(Side note: this will begin in 2011. That's 2 years away. Damn that came up quick.)
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