Turns out, President Obama has a lot more than the election in Massachusetts to be worried about.
Have you heard how the White House is losing its property value?
Zillow, the online real estate database, gave the president’s residence an estimated value of $292,386,000 as of January 18th. That’s down $15.6 million since Obama first took office last year. And it had already lost $23.8 million the last year President George W. Bush was in office.
I have to wonder how Zillow came up with these estimated values. In a standard appraisal, the appraiser looks at homes of comparable value. Where do you find homes that compare with a 55,000 square-foot building that sits on 18 acres, and has 132 rooms including 16 family-guest rooms, an underground bunker, three kitchens, three elevators, and 28 fireplaces?
And does the popularity of the president sitting in office affect the property value? It shouldn’t — just as my likeability as a person shouldn’t affect my own home’s value — but does it, in the case of the President of the United States?
Regardless, he’ll never to worry about resale.