With Michelle Obama In Town, Speculation About Future For Their Home

CHICAGO (CBS) — While President Obama prepares to speak at the Democratic National Convention tonight, First Lady Michelle Obama is here in Chicago, staying at their home in Kenwood.

It is something she doesn’t do very often.

And while it has been known that the Obamas plan to stay in Washington after leaving the White House, what will happen to their home here?

The White House today said the Obamas have not made a decision on what to do with the Kenwood home, CBS 2’s Derrick Blakley reports.

Both neighbors and visitors can tell when the first family is back.

“There are cars everywhere, police are everywhere,” said one neighbor.

And helicopters hovering overhead.

But how often they’ll return to the Georgian revival home in the future is an open question.

The Obamas have already said they plan to rent a nine-bedroom Washington mansion when the president’s term expires next year.

They plan to stay in D.C. at least until daughter Sasha graduates high school in 2018.

If the Obamas decided to sell the Chicago home, “the celebrity factor would definitely play a part” in driving up the home’s value, said Diane Silverman.

Her company sold the Obamas the Kenwood mansion, purchased in 2005 for $1.5 million.

The price tag now?

“My guess this is a $4.5 million house,” she said. “Maybe more.”

With the Obama library heading to Jackson Park, perhaps the home could become a piece of history too, perhaps a landmark or a museum.

The Obama home on South Greenwood has six bedrooms and six baths.

It’s 6,500 square feet and was built in 1924.

This is the first time Michelle Obama has returned to Chicago since April.

Reports say she dined on Oak Street last night.

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