Jan
31

Chicago Bears’ John Fox: Creating Value in Unexpected Places

January 31, 2015

Soldier Field in ChicagoAs of January 2015, John Fox has taken over as the Chicago Bears’ newest head coach. Fox started as an NFL football player and worked his way up through many coaching positions, eventually becoming  a head coach for both the Panthers and the Broncos. Now, Fox is the head coach of the Chicago Bears, bringing his defensive-minded strategies to the team. Residents of Chicago are hopeful that he will be able to lead them to more victories, stirring up excitement around the downtown Chicago area.

Some say hiring Fox is a strange shift in coaching for the Bears considering the team recently restructured its program away from defensive-minded coaches to an offensive-minded head coach. The team went through some struggle with the shift to an offensive mindset, which many considered to be a ‘rebuilding’ period. For the Bears to now hire a historically defensive minded coach is, seemingly, a step in the wrong direction. However, opinion has been generally optimistic. Fox said in a press conference on Monday that, “this is a ‘we not me’ profession . . . I think that type of culture and that environment is paramount to be successful on the field . . . I’m looking forward to building that with our coaching staff moving forward.”

Despite the outcome of the season and the differing opinions surrounding the Bears’ new strategy, the downtown Chicago area surrounding Soldier field is sure to take an upturn. A new coach means new hope for fans and locals. Consumer research has shown that people tend to spend money when they’re optimistic. The optimism garnered from a new head coach could be a spark in an already booming market, creating more incentive for patrons, visitors and real estate consumers to purchase rental property in the downtown Chicago area to lease to game day patrons, weekend visitors, young professionals and university students.

Neighborhoods such as South Loop in downtown Chicago have seen the direct effects of the growth seen during 2014, as well as the growth prior to the recession. Over the last fifteen years, the South Loop area has gone through a massive transformation, and it continues to do so to this day. The area is mostly residential with high-rise condo buildings and apartments, such as the South Loop Apartments, which range from $1,500 to $3,500 for rent.

Another neighborhood seeing real estate revenue growth is the Gold Coast. Gold Coast properties range from the $100,000s for high-rise condos to the $3 million-plus for single family homes. In addition, River North and Streeterville, two other booming neighborhoods, both have similar pricing for high-rise condos and single-family homes as the Gold Coast area.

The future is bright for Chicagoans. The city’s growth is a powder keg and John Fox is a spark. 2015 should prove to be a great year for all of those invested in and living in the Chicago area.

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