Back in May, Movoto Real Estate set out to price the White House. We came back with a ludicrously high list price that would be somewhere between $110 and $115 million. Since then, however, the election season has ramped up, with commentators and politicians working hard to parse the current state of the nation and its future.
One question that has raised its head this election cycle, and every election cycle, is: Are Americans better off now than they were four years ago? It’s a tough call. Your opinion will likely be colored by what side of the political divide you inhabit.
One thing is for certain, however, when it comes to the White House as a piece of property–it is definitely better off today than in 2008. In the past four years, the alabaster mansion added somewhere between $15 million and $16 million to its list price.
- In 2008 the White House was worth somewhere between $95 and $99 million.
- In 2012 the White House is worth somewhere between $110 and $115 million.
Why So Expensive?
The White House is a hefty piece of property. Locking in at 55,000 square feet, much of the mansion’s value is attached to its size and location in the swanky Washington, DC area. Those with enough cash flow to put in a bid for the White House will get:
- 132 rooms
- 35 baths
- 6 levels
Of course, these are the bare bones. While we are certain the White House has fancy features such as secret escape routes and bulletproof windows, these weren’t factored in. In this case we focused on available public knowledge, but discounted the structure’s history. If both the extra features and history were included, there’s no doubt the White House’s price would increase.
In addition, we should point out that four years ago the United States was in the middle of a housing crisis. This crisis hasn’t disappeared, but we are on the road to recovery. This has helped increase the White House’s list price.
How’d We Do It?
To calculate the White House’s list price in 2008, we compared the difference in property values in the Washington, DC area to today’s price. During this time in November 2008, the price per square foot of a home in Washington, DC was $378. Today the cost per square foot is $433. This means with the increase in price, the President’s home gained a hefty chunk of change.
So is the White House better off now than four years ago? We have 16 million reasons to say it is.
White House For Sale
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