It is not literally under water.  I suppose if you consider the federal deficit it is.  The 132 room presidential mansion has lost 23.7% in value according to Zillow.  This place has 16 bedrooms, 35 bathrooms and sits on 18 acres in Washington, D.C.

I am not a true believer of the Zillow valuation process.  Their accuracy leads a lot to be desired.  Zillow valued the White House at the top of the market at $331.5 million dollars.  According to Zillow the White lost 23.7% in value.  It is only worth $253.1 million dollars.

It seems to me that 18 prime acres in Washington, D.C. would be worth more than that.  The point is that the "people's White House" lost value like the rest of us homeowners.  Of course we have to pay our own bills while the taxpayers pay the subsidized housing costs for the President.

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Posted by Webster, Ma Conrad Allen, Realtor on 01/10/2011 06:15 PM   Comments (4)  
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4 Comments on READ ALL ABOUT IT -WHITE HOUSE UNDER WATER

JAN
10
2011
631,102 Points 5 Featured Posts Localism Sponsor Outside Blog

Just make an offer dated for 11/07/12. The occupant would take it.
6:29pm • #1
JAN
13
2011
392,434 Points 12 Featured Posts Localism Sponsor Hit Router Called Shot Master

Very funny, Conrad.  As you know, Zillow is a computer and therefore can not even begin to consider all of the features and upgrades made to the interior.  Thus the value must be way off.
2:53pm • #2
JAN
14
2011
648,450 Points 69 Featured Posts Outside Blog Attended Rain Camp

Hi Kathryn - I so agree with you.  The problem is that the public believes that Zillow is the gospel.  One of the reasons that real estate got in trouble was the AVM's
7:44am • #3
JAN
16
2011
360,054 Points 76 Featured Posts Outside Blog Called Shot Master

I wonder who would hold the mortgage.  Probably Goldman Sachs.
3:27pm • #4


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