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If the White House would be "for sale"

The White House is the official residence and principal workplace of the President of the United States, located at 1600 Pennsylvania Avenue NW in Washington, D.C. It has been the residence of every U.S. president since John Adams in 1800.

      The modern-day White House complex includes the Executive Residence, West Wing, East Wing, the Eisenhower Executive Office Building—the former State Department, which now houses offices for the President's staff and the Vice President—and Blair House, a guest residence. The Executive Residence is made up of six stories—the Ground Floor, State Floor, Second Floor, and Third Floor, as well as a two-story basement. The property is a National Heritage Site owned by the National Park Service and is part of the President's Park. In 2007, it was ranked second on the American Institute of Architects list of "America's Favorite Architecture".

      President Barack Obama and his family will be moving out of the White House in a few months. But as far as people know, they aren’t looking to sell. Of course, it’s not in any president’s power to actually sell the White House, and it’s unimaginable that the historic home will ever be sold. How much would 1600 Pennsylvania Avenue fetch on the market?

      Barrons wanted to find out, and Ann Gray, of the Los Angeles–based Gray Real Estate Advisors, estimates that $90 million would be a fair price for the president’s residence. The ballpark figure came after the realtor incorporated factors such as the cost of construction ($232,000 in the 1790s, or about $100 million today), potential rental operating income from the home’s 16 bedrooms ($5 million a year), and the market price for comparable properties (Donald Trump’s 17-acre Mar-a-Lago Club in Palm Beach is valued at $100 million).

      Some real-estate pros think $90 million underestimates the White House’s real value. Florida Realtor Cara Ameer explained on Realtor.com, after researching her own set of comparable properties, including the Hugh Hefner’s Playboy Mansion, which was originally listed for $200 million and sold for $100 million.

       Everyone agrees that if all of the artwork, historic artifacts, and American memorabilia were included in the sale, the asking price would soar—to upwards of $250 million.

      According to Zillow, even that’s a huge underestimate. The website, which gives estimates for real estate all over the country, says that 1600 Pennsylvania Avenue in Washington, D.C., is worth roughly $389 million. The site notes, though, that the property is “off market” as of now.



Projects from this area

10 Harbor, USA, Hollywood

10 Harbor will offer 10 exclusive luxury 3 bedroom townhome residences planned by Sunset Harbor Residences.

Each unit will be delivered with flooring throughout. Each residence will feature it’s own private boat/yacht slip, private elevator, and private 2 car garage as well as 3 full baths, a powder room for guests, wood cabinetry in the kitchens by Mia Cucina with high-end gas ranges and appliances, floor to ceiling high impact glass windows, oversized private terraces with private hot tub, summer kitchen, and sweeping views of the Intracoastal Waterway and Hollywood Beach.

LOCATION - 2800 N. OCEAN DRIVE, HOLLYWOOD, FL 33019.

10 Harbor is located on the Intracoastal Waterway in the fast-growing neighborhood of Hollywood. The property is in walking distance from Hollywood Beach overlooking West Lake Park and just 15 minutes from the Fort Lauderdale-Hollywood International Airport. It is also in close proximity to local attractions like Gulfstream Park, South Florida's premier race track, and Aventura Mall, one of Miami’s top destinations for high-end shopping and dining.

UNITS / FLOORS

10 units; 3-stories plus garage. Each unit ranging in sizes from 2,721 sq ft to 2,805 sq ft. Ceiling heights up to 11’-3” in some areas.

BOAT / YACHT

Private boat/yacht slip approximately up to 60' in length and 19' beam.

TIMETABLE

Construction should be underway in the second quarter of 2016 with completion slated for Fall 2017.

PRICE RANGE

Pre-construction finished unit prices starting from $1.419 million residences.

(Prices are subject to change without notice)

10 HARBOR

Nestled between Miami and Ft. Lauderdale, the city of Hollywood is known for its beautiful stretch of beaches and excellent outdoor attractions. From oceanfront hotels to the newly opened Margaritaville Resort, owned by Jimmy Buffet, visitors will find no shortage of accommodations for a weekend getaway or long stay. Experience unique shopping, beachfront restaurants and bars, and a host of activities from sightseeing to live music along

Hollywood's Boardwalk. Hollywood is also seeing a rapidly evolving arts and culture scene, which includes grand murals, art installments, galleries, and the booming Arts Park at Young Circle, which is becoming one of South Florida's premier weekend hot spots. The expansion of the area, from strategic urban development to walkable streets, is catching the attention of locals and out of out-of-towners alike. Those looking for delicious food and a vibrant nightlife will discover much to do in Downtown Hollywood, with its various options perfect for any budget and preference. To make it even easier to take in everything the city has to offer, trolley services are available to transport guests to and from Hollywood Beach to Downtown Hollywood.


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The Manhattan, USA

The Project:

Classic building on the following address: 351 East 82nd  . including 26 units for rent, with high  occupancy.

The project’s condition is required different levels of renovation.

The average rent price in this project is: $1830, comparing to the average rent price in the buildings in the neighborhood: $2590  (for 1 bedroom flat).

The location:

The Upper East Side is located between the 59th St. and  96th St. and is east to Central Park.

Well established classic neighborhood with a wealthy population (including families such as: Kennedy, Roosevelt, Rockefeller and others).

Culture and Leisure: The 5th Avenue, Central Park, The Museums area: Metropolitan, Guggenheim and many more.

Education and Health: The famous University and Hospital: Mount Sinai.

The classic buildings, the wide pavements and the relative quite area attract high quality tenants.

The average household annual income is: $147,000- among the highest in the city.

The Strategy:

1.       Each apartment will become vacant once contract is terminated.

2.       Cosmetic and Gut renovation of all units, bringing them to high end market standards.

3.       Completion of the upgrading process within 24 months.

4.       Realization of the property at updated value, and creating substantial capital gain.


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