White House Real Estate Value Drops

AOL Real Estate ^ | Jan 3rd 2011 | Sheree R. Curry

[Baladas]

Think the value of your house has dropped this year? Take a look at the White House. The value of 1600 Pennsylvania Avenue has dropped nearly $80 million from its $331.5 million value at the peak of the housing boom to today's $253.1 million, reported the Los Angeles Times. A year ago, 1600 Pennsylvania Avenue was worth $292.5 million, according to WalletPop.

Nor is the president's home alone in that slump, despite the many, small improvements President Obama made to the property when he moved into the Oval Office.

Many luxury homes in "the Washington Metropolitan area [are] going the way of the White House," local agent Gretchen Koitz, of the Koitz Group with Coldwell Banker Residential Properties, told AOL Real Estate.

[Baladas]

I'm not going to say it.

[Diana in Wisconsin]

I’ll say it: The BIGGEST improvement to that property would be if 0bama and his grifter entourage would just up and leave in the middle of the night, leaving no forwarding address!

[outhousepatrol]

Cabrini Green East!

[Track9]

You said it.. and I’d even let them take the flatware and all the P’s off the keyboards.

[skr]

I’m finding it hard to believe that a market value can be assigned to the White House, no matter who the occupants are.

[Diana in Wisconsin]

LOL! :)

[Figment]

“I’m not going to say it”

I will. The American electorate are no more than “blockbusters”

[biggredd1]

What about tony rezko’s place in chicago? The place where the moochers have only been back to 3 times in 2 years.

[Ramius]

That’s just it. There’s hardly a more pointless exercise than trying to assign a market value to a building that is not and will never be on the market.

[Crooked Constituent]

Why bother assessing it, isn’t it tax exempt? One would have to base value on reproduction or replacement cost because there are no true comps (sales comparisons).

[Cicero]

Only worth $282.5 million?

There goes the neighorhood!

[Secret Agent Man]

I bet its value goes up the day Obama leaves.

[coldtexan]

It may never be “sold”, but the “Lincoln bedroom” (and who knows what else) has been “rented” many times. Ole Billy C got some high rent when he was the “householder”.

[beethovenfan]

There went the neighborhood.

[Truth is a Weapon]

I would say it is underwater. Considering we have a $14 trillion mortgage on it. Can we just drop the keys in the lenders’ mail box?

[smokingfrog]

And the rodent problem doesn’t help either.

[Lazlo in PA]

If they are digging up the grounds to install hippie gardens, you can just imagine what the inside looks like now. It ain't all real estate price drops. Shag and sofas in the Oval Office don't help.

[Iron Munro]

Neighborhoods always lose value when liberal moochers move into government housing.

[Blogatron]