How much would you pay for a single family home at 1600 Pennsylvania Avenue, NW, Washington, DC? Hint – it is not on the market. This large home has over 100 rooms on 18 acres, 16 family-guest rooms, three kitchens – one perfect for a professional chef, three elevators, 28 fireplaces, and an underground bunker. Oh, and of course, this home has never been sold since it was built over 200 years ago, but the residents come and go, generally every four to eight years.
Of course, it is the White House. Like other homes in the metro area, the White House reflects the changes in the housing market. According to Zillow, 1600 Pennsylvania Avedropped in value by 5.1 percent—from $308 million to $292.5 million in 2009 and by 7.2 percent in 2008.
The current Zillow Estimate is up from eight years ago to a whopping $394,525,626. That Zestimated price has been stable over the last thirty days. Zillow expects the value of 1600 Pennsylvania Avenue to go up over the next year to $400,759,131. If you aren’t interested in buying this property, but would like to rent it, then Zillow thinks you should plan on paying $2,069,094 a month (which reflects a decrease in value of $9,607 over the last 30 days!)
The White House is going to have a new tenant starting on January 20, 2017. At least now you know how much Zillow thinks the house is worth and what the rent should be!
If you want to know what your home is worth – don’t rely on Zillow. Get a real valuation from a real person – give the Lise Howe Group a call at 240-401-5577. We have been Realtors from nearly 30 years! We are happy to provide you with a complementary valuation of your home.