Posted by: Prashant Gopal on January 08, 2009
It’s not for sale, but the Obama family is moving into what could be the nation’s most expensive home, according to Zillow.com
Zillow estimated that the White House — if it was put on the market as a residence — would be valued at about $308 million. But the estimated value has fallen about 7% or $23 million from a year ago.
The Zestimate took into account 1600 Pennsylvania Avenue’s physical attributes, recent comparable sales and local market trends. The 55,000-square-foot White House has 132 rooms, 35 bathrooms, 16 bedrooms, 3 kitchens, and 18 acres of land in downtown Washington, the Web site said.
“Zillow’s statisticians deemed the White House the most historic home in America and applied a maximum historical premium to their models to determine a Zestimate value today of $308,058,000,” the Web site said.
Zillow estimated that one would need to earn $55.3 million a year to afford a 30-year fixed-rate mortgage for the house. And by the way, the 20% downpayment would be $62 million.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.