White House Value Increases With Obamas in Residence

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    It’s certainly not your round-the-way single-family home, but it’s a residence nonetheless that has a hefty price tag of $294.9 million. The White House, which has been the official residence and workplace of every president of the United States since John Adams, has actually gone up in value since the Obamas moved in four years ago, according to the online real estate database Zillow.

    The value growth of the White House actually exceeds the national average over the same period. When President Barack Obama and First Lady Michelle moved in to the famed 1600 Pennsylvania Avenue, Washington, D.C., address, the home had an estimated value of $275.6 million.

    By comparison, the home value index in Washington, D.C., rose almost 13.6 percent to $397,000 from $349,600 over the period of January 2009 to November 2012.

    What’s so special about the house that James Hoban built between 1793 and 1800? The White House has undergone numerous additions and renovations over the past 200-plus years. It currently features 55,000 square feet of indoor space, 132 total rooms, 35 bathrooms, 16 bedrooms, three kitchens, and 18 acres of premium downtown Washington, D.C., land.

    If the Obamas decided to rent out their home, according to Zillow, they could pull in a hefty $1.75 million per month.

    Zillow’s chief economist, Stan Humphries, sums up our feelings about that big symbolic home that majestically stands out in our nation’s capital, “The White House is more than just a home; it’s a symbol of America.”

    Read more http://newsone.com/2148876/white-house-value-obamas/

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