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 several facts:
- 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.
The White House, of course, is highly unlikely to ever be on the market. But the booming real estate market and Americans’ ongoing fascination with the value of their houses prompted asking agents to estimate the market value of what Ian Morris, HouseValues president and CEO, called “the ultimate listing.”
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