Speculation is running wild this week about whether or not Chicago will be the big winner Friday and be selected to host the 2016 Olympic games. Among the hopes that hang on our selection is a turnround in home sales throughout Chicago. More specifically, on the south side near where many of the proposed venues will be constructed. A look at some current listings in the area surrounding Washington Park will tell you that listing agents are banking on it; one we found even has a map which indicates that the Olympic Stadium and the Olympic Aquatics Center will be just steps away from the listed property. The announcement hasn't even been made yet and already people are hoping that the 2016 games will be a catalyst for a real estate rebound. Case in point: this weekend, Coldwell Banker's Hyde Park office will be holding an "Olympic Sized Open House" to promote more than 100 homes for sale in Hyde Park, Washington Park and the South Shore.

NBC Chicago recently compared the real estate circumstances surrounding the Atlanta games in 1996 and the Salt Lake City games in 2002. Both hosted the Olympics during different economic times, but in both cities, the housing effect was short term and didn't lead to any long-term benefits.

So, if Chicago is the name on the lips of the Olympic committee members on Friday morning, what will happen with local home sales here? It seems the only place they've got to go is up, at least in many south side neighborhoods and suburbs. When Chicago Magazine released it's annual sale prices chart in the October issue last week, it put into numbers just how hard those areas have been hit. In fact, home values in several areas have actually declined back to 1994 prices. Meaning that even if we do get the 2016 games, many homeowners will still need a lot more than an Olympic Village to see the kind of appreciation they need.