Industry News

How much for the White House?

Survey asks real estate agents to determine market value

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What would it cost to buy the White House if it were for sale today? $106 million, according to a HouseValues survey of top real estate agents nationwide. And to qualify for a jumbo 30-year, fixed-rate loan at 7.5 percent, and assuming 10 percent down, the new owners of the 132-room house at 1600 Pennsylvania Ave. would need to pull down an annual salary of at least $18 million. Monthly mortgage payments would be about $667,000. The agents looked at price-per-foot data, reviewed the home's features and historical significance, but they also faced challenges in coming up with the price. Since the White House is incomparable, there were no comps for agents to look at. They also had to account for, from a pricing perspective, the White House's stature as a national treasure and an enduring symbol of democracy. Agents said they considered different factors before coming up with their estimated asking price. Susan Zagorsky, a RE/MAX agent from San Diego, Calif., for example looked at...