What's the White House worth?
Home prices have edged up in Washington, DC, making the president's mansion slightly more valuable than it was 4 years ago.
In Washington, D.C., home prices have edged up slightly. And that means President Barack Obama can say that his house, at least, is better off now than it was four years ago.
The White House is now worth about $284.9 million, or about 1.5% more than the $280.8 million in was worth in 2008, MarketWatch reports. If homes in the area continue to increase in value, then the White House's worth could rise an additional 1.1% in the next year to $288 million. MarketWatch got the data from real-estate site Zillow (Z).
So why is the D.C. area doing so well when other parts of the country are not? Washington is home to four sectors that have done extraordinarily well even in the housing downturn: health care, government, education and military, Zillow CEO Stan Humphries told MarketWatch.
A recent report found that D.C. home prices rose 4% in the third quarter from a year earlier, The Washington Post notes. Sellers there are getting about 98% of their asking prices.
But the White House still hasn't reached the value hit during the years of President George W. Bush. In June 2006, the building was worth $299.9 million.
My question: Has Zillow figured the White House's mysterious renovation into its value calculations? The mansion has wrapped up an $86 million, two-year project that appeared to build something deep underground, The Associated Press reports. No one in the federal government will talk about it, though.
More from Top Stocks
- Starbucks: Buy it, own it, love it
- Sandy: Beware the bubble in storm stocks
- In retail, pessimism doesn't pay
Whats the White House worth?
Ask Obama He has all the change in his pocket!!!!
Zillow is completely useless. Why anyone would trust a valuation from this site is beyond me.
In my neighborhood one home was completely rebuilt but never changed hands while another is in its original 1960's condition but recently sold. Zillow has the older home worth three times as much as the new home. It simply cannot be even remotely accurate.
Zillow is not used by real estate people who are legit. It is a worthless sight. As to the White House - it will be worth more after Nov. 6, 2012.
Maybe the Federal Government can use the White House to borrow debt on. Some lender might be willing to loan say 125% of the value.
Its been worth billions to Soros, Buffet and friends Just thinking????????
Your money is worth less and you just have to pay more for stuff and just be prepared to pay more in taxes.
In fact the real estate value of the White House should have decreased with the report of Pennsylvania Avenue making the most endangered landscapes list and a preservation group blames the problem on neglect and maintenance issues but to admit the truth about the neighborhood would not allow the steady and predictable increase in real estate taxes.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
When it comes to efficiency gains, a watt saved is a watt earned.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.