Want to Be Obama's Next-Door Neighbor?

When buying a house, there's more to consider than just location, location, location. There's also the neighbors. So how would you feel about your new home if your next-door neighbor was the President of the United States?

Such a house is on the market in Chicago, and it can be yours -- if the price is right.

CBS News correspondent Dean Reynolds reported that the Obamas' neighbor Bill Grimshaw has the perfect sales pitch for the house he's trying to sell on Chicago's South Side:

"It's the safest place in the city by far," Grimshaw said.

Grimshaw, a semi-retired university professor, and his wife, are now empty-nesters who are ready to move out of the 17-room house.

Grimshaw, who used to chat over the back fence with the Obamas, warned that living next door to the President does require an adjustment.

"It's like getting into East Berlin every night," he said. "They had bomb-sniffing dogs. Mirrors that went under the car. We had to get out of the car, let the dogs sniff us. That part was not too nice."

However, Grimshaw's realtor Matt Garrison pointed out the home has "the Obama premium," which he said he believes will drive the price up for the eight-bedroom, three-and-a-half bath home.

Grimshaw paid $35,000 for the home back in 1973. He doesn't have an asking price for the 103-year-old house. Reynolds reported Obama paid 1.6 million for his home four year ago. Houses in the neighborhood generally sell from $1.5 to $2 million, Reynolds said, but because of this one's special location, the sky could well be the limit.

The listing is so special it has its own Web site, 5040 Greenwood.com, which recorded 60,000 hits its first week.
So, is Grimshaw sitting on a good thing?

"If you're getting calls from Singapore and Saudi Arabia, London," he said, "yeah, it's an amazing thing."