The LeBron Effect: Home Values When Celebrities Move In
Last week, a rampant rumor spread around Chicago that LeBron James was seen getting out of an SUV to check out a house for sale on Sheridan Road in Highland Park, Ill., with Michael Jordan (who happens to live in Highland Park as well).
This was huge news, of course, since James is probably the biggest NBA free agent of all time, and many analysts seem to think the Chicago Bulls would be a great fit for the Cleveland Cavaliers star. Highland Park, many quickly pointed out, was close to the Berto Center in Deerfield, which is where the Bulls practice.
The rumor ended up being nothing more than a piece of juicy-yet-unfounded gossip. But after the Highland Park neighborhood's name appeared repeatedly in the press, the real question at hand became: Do celebrities actually help the home values in the neighborhoods they move into?