The White House was built on the back of slave labour between 1792 and 1800 at a cost of $232,272 USD. On the January 20th, 2008, the 44th President of the United States, Barack Obama, will be the first African-American, together with his family, to take up residence in the Pennsylvania Avenue property.
Ok, it’s not for sale, and the historic nature of the property certainly adds a huge unknown. Nonetheless, the valuation exercise certainly shows how property prices appreciate over time which, despite the current economic downturn, credit-crunches and bailouts (and every other negative terms journalists have come up with), ultimately should those that are in the property market for the long-term good reason to be positive.
So what are the basic facts that can be taken into account?
- There are 132 rooms;
- Size: 55,000 sq ft, 18 acres
- There are 16 family-guest rooms;
- It has an underground bunker;
There are, 3 kitchens, 3 elevators, and 28 fireplaces
And what other considerations:
- The most expensive home sales in Washington DC in 2008 (taking into account the sale price, tax issues, and their physical aspects)
- A number of properties sold in Washington DC with historical value (to discover the premium that historical homes possess compared to standard homes with similar attributes)
- The features of the White House (such as number of bathrooms, bedrooms, living areas)
- The land size of the White House
- Calculations involving all of the above, taking into account the premiums of historical homes (with the White House being considered the most premium)
And the price Zillow determined? $308,058,000 USD
Some other interesting points to note:
- Not even the White House is immune from the economic downturn. The above value is 7.2% less ($23m USD since January 2008)
- Since President George W Bush took office, the value of the property has more than doubled, being valued at $167,861,500 since January 2001.
(steel-frame renovation courtesy Truman Library)
Obviously there are some immensely priceless elements of the White House, so it doesn’t hurt to mention them here:
- the underground bunker that should withstand a nuclear fallout
- the one-lane bowling alley installed at President Nixon’s demand
- the extensive redecoration of Jackie Kennedy, or massive steel-frame renovation
of course the basketball court, horseshoe pit, putting green, doctor’s surgery, stunning gardens, offices, and specialty rooms that makes the White House more of a mini-city than a house
The leaders and representatives of nations throughout hundred’s of years that have been guests of the property, which is in many ways more of a museum and monument to the history of the United States, is quite simply “the best public housing” in the word’s of former President Truman.
If walls could talk!
MORE INFO: Take an interactive 360 degree tour of the White House