White House Appraised Value? I wonder how it is faring in this market?

I saw Mrs. Obama yesterday with the kids -- she explained that there is a bowling alley, theater, candy making shop, swimming pool, and other attractions -- so I think that would also have to be taken into consideration.  Since we all own a piece -- if it has to be sold -- how much would each person get in proceeds?

Mary-Now you have me wondering too! Joan makes a good point with all the extras that the White House offers. I trust appraising could be a little challenging! Best to you in 2009!

Hi Mary,  I like this post.  It's interesting for sure.I curiouse as Joan is above, as to how much would each person get from the proceeds if it was sold?

Ha

Portsmouth NH Real Estate

I for one would not accept that assignment.  Disregarding the fact it would have to be appraised as a Historical Property, as you stated we all have a partial ownership (or vested interest) which would be a violation of USPAP to appraise it.

Now having partial ownership would also indicate the current and past occupants were more or less tenants.  Thereby entitling all of us to rental income (or loss) and/or rental expenses.  Given the current deficeit I would also conclude the property is most likely upside-down, or under-water, whichever term you prefer to use.

Therefore a 1031 exchange would not be practical, nor would a short sale, so I propose to let it go into foreclosure, have the Sheriff evict the tenants, and repurchase it (as is) when it is listed as an REO.  :)

Well Mary  -  Thinking way outside the box only takes place for me when someone cranks that little handle on the side of my box, and plays that "Around the Mulberry Bush" toon for the top to pop open, which allows me to pop out and scare the crapes out of everyone.  Letting Obama decide between bailout money or auction on the Courthouse steps creates a dilema. 

First of all, would that auction take place on the Surpreme Court steps due to the Historical nature of the property and/or its location?  HHmmm!! 

Anyway, being a TENANT, he would not have any say in the matter, same as any other property tenant.  As taxpayer property owners, we would not qualify for any bailout funds since we would be bailing out ourselves. 

Second, the American Taxpayers are lousy Landlords to begin with.  Congress has to approve any bailouts, and Congress oversees what goes on at the White House, making them our Property Management Company.  So a bailout would not happen.

Third, if the property went into foreclosure, Obama would not have to move out due to the recent ruling of Fannie Mae allowing tenants to remain the occupants of a foreclosed property until such property is sold.  Which in this case, and with the market conditions, could easily take four years before even being listed let alone getting an offer.

POP! goes the Appraiser!!!!!!!!

No doubt if it sold it would be a short sales. I wouldn't want to be the appraiser. I've got enough headaches appraising in this market. lol

Of course, Zillow is already on the ball, with an estimate just as accurate of most of theirs, at least in my area -- a range of $144M to $408M. 

http://www.zillowblog.com/what-is-the-white-house-worth/2009/01/

Excellent idea - I say we all do a desktop appraisal and submit our answers here ;-) ... oh right... and we should all disclose our 'interest' in the property per David's comment -

I think I would rather read a report then actually be responsible for one.  Now we have a celebrity in the White House, does that bring value as well? 

White House is Appraised at about 309 million making it the most lucrative property in the United States. Source (CNN News)

This is a similar Zestimate made in early 2009 by Zillow. Value - 300,111,000$. Source

Since that zestimate, the value has increased and is now slated at 308,058,000. Source

This is a rather large increase from a previous estimate by housevalues realtors who in 2004 appraised it at only 106 million. Source

Mary  -  A more definate SOW needs to be established before accepting any assignment.

Sara does have a good idea with the DeskTop proposal.  Oh wait!  Aren't they being outsourced over seas as with Reviews - like India or someplace?  Oh well!

I'll have to pass on the Drive-By, although I do have tinted windows.  However, it is difficult to get the shots (photos that is) with the front end of the vehicle bouncing up and down, and I get altitude sickness when in a low-rider.

We may want to reconsider FHA. with Fannie Mae dropping some credit-score requirements, reducing income-documentation standards and waiving the need for appraisals in some cases...  because Fannie Mae will likely use automated models to check home values listed on applications before offering to waive appraisals - per Ann O'Rourke, FHA may make an acception due to the nature of the property.

Now if they do, we may want to consider a 203K for remodeling and fix-up expenses.  With all the non-permitted additions mentioned earlier to the original structure, the amount can be determined with a cost-to-cure adjustment in the grid, or the REO Addendum.

And don't forget the 1004MC.  I know Connie stated she would rather read the report, but we all know nobody reads reports, thus the requirement for the additional form.

Whew!!  That is a lot of work to do for the $125.00 to $150.00 that AMCs want to pay, and I'm getting too old to meet their 24 hour turn times, so I say screw it!  Let's just get a local agent to do a BPO and go have a beer. :)

I would be careful using the term Drive-By and White-house in the same sentence. You might be getting a knock on your front door, from the Secret Service! Don't forget, we need 3 comparables that closed with in the past 90 days, and are less than a mile away.

Don't forget 3 Active Listings also, and the values for 30 day "as is", 30 day "as repaired", 90 day "as is", and 90 day "as repaired" on the REO Addendum.  I would also include a 216 and 1007.

As for the SS at the front door,  free publicity on the National level may help business!!! :)