What Would It Cost to Move into the White House This Year?

[July 02, 2004]

What Would It Cost to Move into the White House This Year?

BELLEVUE, Wash. --(Business Wire)-- July 2, 2004 -- $106 Million, According to HouseValues, Which Surveyed Real Estate Agents Nationwide to Determine the Market Value of the World's Most Famous Residence

Today, the average price of a home in America is $223,000 - a lot of money, indeed, but nothing compared to the $667,000 monthly mortgage payment for what would undoubtedly be the most expensive home in America - if it were only for sale.

The White House.

Top real estate agents nationwide were asked to estimate what the White House's listing price would be if it were for sale in today's hot real estate market.

After scouring price-per-foot data, reviewing the home's features and historical significance, the agents' collective answer is that the world's most famous residence would command an asking price of $106 million, according to a national survey by HouseValues Inc.

To qualify for a jumbo 30-year, fixed-rate loan at 7.5 percent, and assuming 10 percent down, the proud new owners of the 132-room house at 1600 Pennsylvania Avenue would need to pull down an annual salary of at least $18 million.

"We've provided home evaluations for just about every size, color and style of property imaginable," said Ian Morris, HouseValues president and CEO. "However, we don't see a lot of homes with their own dentist office, movie theater, running track and bowling lane," Morris said.

Knowing that the American people are the real owners of the White House when all is said and done, the chances of it ever coming on the market are somewhere between slim and none. A booming real estate market, combined with Americans' ongoing fascination with the value of their most significant asset - their homes - were reason enough to ask some of the nation's top real estate agents to estimate the market value of what Morris called "the ultimate listing."

Agents who accepted the challenge faced a couple of formidable obstacles. First, the White House truly is incomparable, so there literally were no comparables or "comps" - an agent's stock in trade in helping to determine a home's market value. And second, how to account, from a pricing perspective, for the White House's stature as a national treasure and perhaps the world's most enduring symbol of democracy?

Susan Zagorsky, a Re/Max agent from San Diego, said there were a number of things she considered before coming up with her estimated asking price, including:

-- Anyone can visit for free, so privacy is somewhat restricted.

-- The West Wing was added on.

-- Contrary to popular belief, George Washington never lived in the White House.

Staci Dancey, a top producing real estate agent with Century 21 Masters in Walnut, Calif., looked overseas for the nearest residences she could find to use as comparables. In a detailed letter addressed to the President, Dancey provided witty descriptions along with features, historical tidbits and listing and selling prices for several other well-known residences, including Prime Minister Tony Blair's 10 Downing Street in London, and Horst Koehler's Federal Chancellery in Berlin.

About HouseValues Inc.

Founded in 1999, HouseValues Inc. has helped more than 3 million consumers determine the value of their homes using HouseValues.com. Each day, the company provides thousands of real estate professionals with leads, technology, training and support to help increase their businesses. Considered a growth-oriented company to watch, HouseValues was named the fastest-growing technology company in Washington State by Deloitte & Touche two years in a row. In 2002, Deloitte & Touche named HouseValues the fourth fastest-growing technology company in all of North America. Also that year, Washington CEO magazine named the company one of the state's "Best Companies to Work For."

Note to Editors: A color photo of the White House is available free from Business Wire by clicking: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=4654310 -0- *T A Tale of Two Homes The White House Typical American House Price: $106 million $223,000 Monthly Mortgage: $667,000 $1,235 Income to Qualify: $18 million $63,000 Down Payment: $10.6 million $22,300 Size: 132 rooms, 35 baths, 3 bedrooms, 1.5 bath, 29 fireplaces 1 fireplace Number of gallons to paint exterior: 570 gallons 15 gallons Square Feet: 42,480 2,000 Year Built: 1792 1975 Average Time Between Moves 4 years 7 years Source: HouseValues.com *T

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