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?
It’s true. It’s dropping like a lead balloon.
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.
Lucky stiff.
