Value of White House Drops by More Than $15 Million
(CNBC) It just goes to show you, not even the president is immune to the real-estate slump.
As analysts slice, dice, mince and wedge the president’s first year in office, Zillow.com decided to take a look at his property’s performance, and found that the value of 1600 Pennsylvania Avenue has dropped by $15.6 million, or 5.1 percent in the past year.
The 132-room, 55,000-square foot home, which includes an underground bunker, was recently valued at $292.5 million, down from $308.1 million a year ago and $331.8 million in 2008, Zillow reports. ( View the Zillow listing.)
That’s despite improvements the Obamas made in the past year, such as adding a vegetable garden and a fancy swing set — not to mention all the celebrities who’ve graced its halls, including Microsoft [MSFT 30.60 -0.50 (-1.61%) ] chief Bill Gates, Goldman Sachs [GS 167.79 0.93 (+0.56%) ]honcho Lloyd “I’m doing God’s work” Blankfein, and her O-ness, Oprah Winfrey.
Now before you go blaming Obama’s health-care reform plan or his crackdown on Wall Street bonuses for the declining value, consider that the Zillow home-value index, which measures the value of homes across the nation, was also down 5 percent in the past year.
And, it’s an improvement from when the home’s value dropped more than 7 percent during the prior year—while a certain Texan with very different politics resided there.
Still, it’s tough to cope with declining real-estate values. Do you think Obama’s contacted his bank about refinancing?!
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