White House Has Dropped Over $80 Million in Value Since 2007





White House - Price Reduced - IllustrationIt's not just your house or condo that has plummeted in value of the past couple of years - the White House has also taken its lumps due to the plummeting US real estate market as well.

According to Zillow.com, the 16 bedroom, 35 bathroom White House is currently valued at $251,617,000.

The house, which was designed by Irish architect James Hoban and built in 1792, is 55,000 square feet and sits on an 18 acre chunk of land in the middle of Washington, DC. There are three parts to the White House - the Residence (where President Obama and his family lives), the West Wing (Oval Office, other offices of top executives) and the East Wing (First Lady's office and offices for her staff).

The White House was valued at $334.7 million back during better times (fall of 2007). Since that time, the value of the White House has dropped over $80 million, thanks to the real estate downturn that has obliterated the net worths of millions of American households.

Having said that, the White House is still worth far more than it was in February of 2001 ($170 million), at least according to Zillow.com.

According to Zillow, the value of the White House has fallen $5.4 million over the past 30 days.

In case you were wondering, the White House is currently valued at $4,574/sq foot.

If you wanted to purchase the White House (not that it's for sale), you could expect to make monthly payments of $1,040,066 after putting down a down payment of $50,323,400 (20%).

Source: Zillow.com - 1600 Pennsylvania Ave NW




Filed under: The Economic Meltdown

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