Chicago Bears moving to Arlington Heights

Rental Property Investor · Schaumburg, IL · Member since 2019 · 8 posts · 6 votes

My beloved team is moving to Arlington Heights! This might be a great opportunity to purchase a home for airbnb. The houses in this area range from $260k-$1million. Great schools and if the deal goes through, local businesses will generate more business! (Schaumburg included)

Anyone else thinking the same?

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John Warren

Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes

@Alvin A. Gonzalez I have no idea if this will actually happen, but its not like Arlington Heights was some undervalued area where you can snatch up deals. It is an A class suburb and super stable. If this happens, I doubt it will increase home values dramatically. I personally wonder if it might have the inverse effect as people that move to Schaumburg and Arlington Heights normally are looking to get away from the city and get into a quieter area.

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Jonathan KlemmBusiness Member
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Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
5y
@Alvin A. Gonzalez - To be honest I wish the bears wouldn't leave Chicago and solider field but hopefully, the new place will be awesome and bring us some much-needed help lol
That's actually probably not a bad idea to do an Airbnb and get in before everyone else but I would just say rules can always change so make sure the deal works a couple of different ways.
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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
5y
@Alvin A. Gonzalez I have no idea if this will actually happen, but its not like Arlington Heights was some undervalued area where you can snatch up deals. It is an A class suburb and super stable. If this happens, I doubt it will increase home values dramatically. I personally wonder if it might have the inverse effect as people that move to Schaumburg and Arlington Heights normally are looking to get away from the city and get into a quieter area.
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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
5y
Their lease with Soldier Field is through 2033 and the earliest they can break it is 2026 with a $84 million fine. So they have a few years to develop and transition. Until the deal closes I wouldn't speculate but I don't think it will drastically impact home values. There are 8 home games a year, is that really going to do much? The area around the United Center is cheaper than areas 1 mile east
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Scott Mac
Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
5y
Why do they want to move?
What is wrong with the current field?
Area going bad, stadium not upkept, bad winds????
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Alvin A. Gonzalez
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Rental Property Investor · Schaumburg, IL · Member since 2019 · 8 posts · 6 votes
5y
Solider Field is the smallest stadium in the NFL. If the bears were to pay the 85mil, which I think they can. They can build a bigger Indoor stadium, which can potentially attract more concerts, trade shows and maybe host the Superbowl.
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Allen McGlashing
Investor · Cambridge, MA · Member since 2017 · 195 posts · 106 votes
5y
@Scott Mac they probably want change because they’ve been terrible for so long in that stadium.

@Alvin A. Gonzalez correct me if I’m wrong, but I thought they agreed to do SuperBowls only in warm weather climates because the year they did it in NY they lost a lot of revenue due to it being so cold for the outdoor attractions. If they did bring it to that stadium you could make a lot on a Football themed Air BNB.
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Bob Floss II
Attorney · Northbrook, IL · Member since 2017 · 719 posts · 549 votes
5y
@Scott Mac They don't own the stadium. Soldier Field is owned by the Park District of Chicago. The team has to negotiate with the City to do anything and everything. Any game day events, extra fan experiences outside the stadium, all of it requires City approval, permits, red tape, and I imagine quite a few tickets for city employees. The Park District has been extremely difficult and fights with the team constantly.
The turf is a joke and they constantly fight the city about spending any money on it. The Park District allows the field to be used all the time to generate revenue without much concern for the quality of the field for Sundays. I've personally been to games where they allowed a high school championship game be played on Saturday and the grass between the 40's was obliterated. It was nothing but dirt and sand on the 50 yard line. Kanye West just did a concert at Soldier Field and they let him build a custom stage on the field that trashed it. When the City finally gets around to putting down new sod, it looks like I did it. I've seen running backs try to cut up field and the sod will move underneath their feet. The reporters affectionately refer to this as the Turf Monster and will have a separate box score for tackles and sacks by the turf.
I think the NFL is also pushing them to move. The emphasis in the NFL is for teams to own their stadiums, but also to move to locations where they have more autonomy and room to grow. The NFL views the Cowboys and 49'ers stadiums as a huge success and they are located far from their respective cities where they have more land, room to grow, and can plan bigger events.
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James Lee
Investor · Bayside, NY · Member since 2015 · 1 post · 0 votes
4mo
Looks like the Bears may be moving to Hammond. I have some property there, any idea what the affect will be to prices (rental/sales)? I think the construction is going to take a few years. I'm hoping I don't get killed on property taxes.
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Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
4mo
I get this question a lot in Los Angeles. With stadiums being built, people think that property values will skyrocket. But is that really the case?
Look at other markets where things like this have happened and track the results. My guess is values take a bump up because of hype but in the long run may not do well/flatline. Not sure about you but I don't want to live near traffic, drunk drivers, and noise. Especially during the week where there may be concerts, etc.
The only exception to this might be condos, where that lifestyle of being in the hustle and bustle is acceptable.
Track the data and let us know the results!
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