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Value of “Our House” The White House Plummets. . .Should we sell?

Jan 09

filed under: Market Conditions, Yada Yada

Value of White House Our House Plummets Should We SelllAt the top of the market, we all remember that time right, The White House i.e. the people’s house, our house, was valued at $331,500,000. The Los Angeles Times now reports that according to a Zillow Zestimate (and I’m sorry and it’s nothing personal because I’m a Realtor® or maybe it is, but I’m really suspect of their so called zestimates) in the past three years our house,
“The White House” has lost almost a quarter of  its value.  In the last month alone it’s lost almost $4,000,000. So are you sitting down, cause this is a jaw dropper, in today’s market Zillow is telling us that we would’nt get any more than $253,100,000 for our house.  These are some big numbers, should we be worried, should we think about selling before it goes down any further?  Well that’s ridiculous who’s going to buy our house,” The White House” and what do we do about the current tenants that have another two years on their lease? I’m sure that they got a real good lawyer to write that lease too, no loopholes that’s for certain. Then there’s the appraisal, how are we ever going to find comps in the area for the buyer? You gotta know they will be sophisticated buyers who will probably pay cash and I can guarantee you they’re going to want an appraisal and not a Zillow Zestimate.  Then there’s the size of it, 132 rooms, 55,000 sq ft, 18 acres, 16 family-guest rooms, an underground bunker, 3 kitchens, 3 elevators, and 28 fireplaces.

Who in today’s economic times wants a house, let alone can afford one like our house,” The White House”?  Hey wait a minute, what about China, they could be a prospective buyer. Oh for God’s sake what am I thinking?  It’s for sure they’ll give us some ridiculous low ball offer.  Maybe we should just stay put, and wait till the market turns around.

Written by Howard Harris