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Metro Detroit Real Estate Voice

Timely tips and news from Metro Detroit real estate expert, AL BLOCK, serving all Detroit suburbs, focusing on the Tri-County area of Macomb, Oakland, and Wayne Counties.

CONTEST: Perform a CMA and win a Lowe's gift card. Deadline March 17th, 2007

By: Al Block
Wednesday, February 28, 2007 12:36 PM

Goes to show how ineffective writing gives ineffective results.  Reposted here is a post from the other day regarding the value of the most coveted house in the free world, The White House.  Read the former post and see the details of what you need to do.  In their last contest Point2 gave away $100 per day for 10 days to total $1,000.  I figure the prize in my contest is not petty since Point 2 revenues (low guestimate) is about $5,000,000 plus per year.  $1,000 represents .0002% of revenue.  My prize is pretty healthy when you look at it that way.  Good luck Big Smile

14:57 E.S.T., February 26, 2007:  Associated Press, Washington, D.C.    Department of Public Information, United Nations:   United Nations Secretary-General, Mr. Ban Ki-moon and White House Press Secretary, Tony Snow would have no comment today on the validity or financial consideration on what could be the most famous real estate deal in history. 

Of course  they have no comment, because a Realtor has not been retained for proper advice and representation to sell one of the most famous parcels of residential real estate in the world.  Imagine getting the phone call to go out on what would be the most important listing appointment in history.  It is doubtful that such a treasure would ever be sold, but lets just pretend for a minute you are being called to list this property.  What would be the list price you propose? How did you come up with the price, comparables, etc.?  The citizens of the United States are now your sellers, you don't want to let them down. 

CONTEST:  I am a licensed appraiser and although I have not given this any serious time consideration, I have come up with a figure.  The agent(s) to contribute value estimate and approach to value closest to my number by 11:59 PM (EST) St.Patrick's Day will win a $20 gift card to Lowes.  All submissions must be posted as comment to this blog.  Keep it simple.

Here are your details to work off of:

1600 Pennsylvania Avenue
Washington D.C. 20500

  1. 18 acre parcel of land, fence, with ornate gardens/land improvements such as an outdoor swimming pool, jogging track, tennis court, and putting/practice green.  Located in the most desired location of downtown Washington, D.C
  2. Sandstone facade capsules 55,0000 square feet of living area with 132 rooms of which 16 fare amily-guest rooms, 32 bathrooms, 2 kitchens, bowling alley, movie theater, & game room.
  3. Other amenities include state-of-the-art security systems, elevators, television, radio, public address systems, and secret underground bunker capable of withstanding nuclear attack.  Bunker and certain areas will be off limits for showings and advertising.
  4. Condition of property:  assumed all systems and improvements to be in "close to new" condition as a result of constant overseeing by maintenance staff.
  5. Original cost of construction and year built:  $232,373 U.S.D., 1792 A.D.  Possible lead contamination: exterior is coated with a mixture of lime stone dust, rice glue, casein, and lead.

Good luck! 

BTW, the day our government starts selling national treasures is the day I defect.  [ap] [ip]

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Comments

Mary DeWitt
Member Since '05

Mary DeWitt said:

First of all it could not be appraised. It is priceless! I would recommend, if you really were to sell it to auction it off.  No doubt this would bring the highest price! I'm sure there would be international interest.

Our county is being bought and sold off already!

This would be someones icing on the cake!

Hopefully such a sale would not see the light of day!

mary dewitt

February 28, 2007 12:25 PM
Todd Clark
Member Since '06

Todd Clark said:

Based on the senates paying $500 for a hammer and $1,000 for a toilet seat. I have a feeling that we are going to have a seller that won't sell for what we advise them the property is worth.

This would be an overpriced listing and like working with a couple getting divorced. You would have to have 200 signatures on the sales agreement and someone from the other party will want a extra added on line 238 for their state as a consesesion. That would go on for 2 years why others debate why we shouldn't sell or what we need in return. I will pass it to you with a 20% referral fee. You can mail the referral check to ...... (LOL)

Best of luck,

Todd

February 28, 2007 12:44 PM
Thomas Preston
Member Since '06

Thomas Preston said:

Well it actually consists of three lots,Since I am in NY and it is outof my area of expertise and licensure ill give it a go all in fun.

Lot 1

Location

Property address 1600 Pennsylvania Av NW

Washington, DC  

Square 0187  

Suffix S  

Lot 802  

Location Attributes

Property type COMMERCIAL  

Use code 52  

City ward 2  

Land area 230400  

Neighborhood name MALL  

Vacant property N  

Base house number 1600  

Street name portion PENNSYLVANIA AV  

Street name standardization code 6981  

Quadrant name NW  

Vacant property N  

Most Recent Tax

Total Assessed Value  $253,932,370  

Property Tax $0  

Most Recent Sale

Sale date 1/1/1901  

Sale price not available  

Land and Improvements Values

Base year-Land value $115,200,000  

Base year-Building value $78,726,900  

Prior appraised-Land value $142,387,200  

Prior appraised-Improvements value $97,306,450  

Total Prior appraised - Land and Improvements value $239,693,650  

Current appraised-Land Value $169,322,540  

Current appraised-Improvements value $97,306,450  

Total Current appraised-Land and Improvements value $266,628,990  

Current Phase-In Land Assessment $156,625,920  

Current Phase-In Building Assessment $97,306,450  

Deeds

Date of deed 1/1/1901  

Deed Status for current year  

Links

Sex offenders Search  

Ownership Summary

Show Hide

PropertyShark pulls ownership information from many different sources. This allows you to compare them and gives you the best chance of finding the actual owner.

2006 Assessment Roll United States Of America

Search for phone number

Add to Address Book

From Owners File United States Of America

Non-Taxable

Search for phone number

Add to Address Book

Latest Sale

Show Hide Sale price Sale date Type of propety sale Deed date

$0 0000-00-00 0 0000-00-00

Property Taxes - Assessments and Exemptions

Show Hide Mixed use property

First mix

Tax type one US  

Tax class of first mix 2  

Tax rate  0.02  

Percentage of the land affected 0%  

Value of the land affected  $0  

Percentage of the improvements affected  0%  

Value of the improvements affected  $0  

Second mix

Second tax type  US  

Percentage of the land affected 0%  

Value of the land affected  $0  

Percentage of the improvements affected  0%  

Value of the improvements affected  $0  

Current year Property Tax

Year Description 2006 FIRST HALF  

Tax sale flag  

Commercial Property Description

Show Hide Construction

Class Reinf Concr  

Grade Excellent  

Ext wall Concrete  

Stories no 8  

Wall hght 8  

Units no 1  

Gross area 347083  

Basement -93930  

Year Built

Year built 1840  

February 28, 2007 4:15 PM
Thomas Preston
Member Since '06

Thomas Preston said:

Lot 2

Location

Property address 1600 Pennsylvania Av NW

Washington, DC  

Square 0187  

Suffix S  

Lot 801  

Location Attributes

Property type COMMERCIAL  

Use code 52  

City ward 2  

Land area 228960  

Neighborhood name MALL  

Vacant property N  

Base house number 1600  

Street name portion PENNSYLVANIA AV  

Street name standardization code 6981  

Quadrant name NW  

Vacant property N  

Most Recent Tax

Total Assessed Value  $221,797,730  

Property Tax $0  

Most Recent Sale

Sale date 1/1/1901  

Sale price not available  

Land and Improvements Values

Base year-Land value $114,480,000  

Base year-Building value $53,520,000  

Prior appraised-Land value $141,497,280  

Prior appraised-Improvements value $66,150,720  

Total Prior appraised - Land and Improvements value $207,648,000  

Current appraised-Land Value $166,736,900  

Current appraised-Improvements value $66,150,720  

Total Current appraised-Land and Improvements value $232,887,620  

Current Phase-In Land Assessment $155,647,010  

Current Phase-In Building Assessment $66,150,720  

Deeds

Date of deed 1/1/1901  

Deed Status for current year  

Links

Sex offenders Search  

Ownership Summary

Show Hide

PropertyShark pulls ownership information from many different sources. This allows you to compare them and gives you the best chance of finding the actual owner.

2006 Assessment Roll United States Of America

Search for phone number

Add to Address Book

From Owners File United States Of America

Non-Taxable

Search for phone number

Add to Address Book

Latest Sale

Show Hide Sale price Sale date Type of propety sale Deed date

$0 0000-00-00 0 0000-00-00

Property Taxes - Assessments and Exemptions

Show Hide Mixed use property

First mix

Tax type one US  

Tax class of first mix 2  

Tax rate  0.02  

Percentage of the land affected 0%  

Value of the land affected  $0  

Percentage of the improvements affected  0%  

Value of the improvements affected  $0  

Second mix

Second tax type  US  

Percentage of the land affected 0%  

Value of the land affected  $0  

Percentage of the improvements affected  0%  

Value of the improvements affected  $0  

Current year Property Tax

Year Description 2006 FIRST HALF  

Tax sale flag  

Commercial Property Description

Show Hide Construction

Class Reinf Concr  

Grade Excellent  

Ext wall Stone  

Stories no 8  

Wall hght 8  

Units no 1  

Year Built

Year built 1840  

February 28, 2007 4:16 PM
Thomas Preston
Member Since '06

Thomas Preston said:

lot 3

Location

Property address 1600 Pennsylvania Av NW

Washington, DC  

Square 0187  

Suffix S  

Lot 800  

Location Attributes

Property type COMMERCIAL  

Use code 89  

City ward 2  

Land area 787439  

Neighborhood name MALL  

Vacant property N  

Base house number 1600  

Street name portion PENNSYLVANIA AV  

Street name standardization code 6981  

Quadrant name NW  

Vacant property N  

Most Recent Tax

Total Assessed Value  $459,170,980  

Property Tax $0  

Most Recent Sale

Sale date 1/1/1901  

Sale price not available  

Land and Improvements Values

Base year-Land value $314,975,600  

Base year-Building value $25,024,400  

Prior appraised-Land value $389,309,840  

Prior appraised-Improvements value $30,930,160  

Total Prior appraised - Land and Improvements value $420,240,000  

Current appraised-Land Value $451,199,370  

Current appraised-Improvements value $30,930,160  

Total Current appraised-Land and Improvements value $482,129,530  

Current Phase-In Land Assessment $428,240,820  

Current Phase-In Building Assessment $30,930,160  

Deeds

Date of deed 1/1/1901  

Deed Status for current year  

Links

Sex offenders Search  

Ownership Summary

Show Hide

PropertyShark pulls ownership information from many different sources. This allows you to compare them and gives you the best chance of finding the actual owner.

2006 Assessment Roll United States Of America

Search for phone number

Add to Address Book

From Owners File United States Of America

Non-Taxable

Search for phone number

Add to Address Book

Latest Sale

Show Hide Sale price Sale date Type of propety sale Deed date

$0 0000-00-00 0 0000-00-00

Property Taxes - Assessments and Exemptions

Show Hide Mixed use property

First mix

Tax type one US  

Tax class of first mix 2  

Tax rate  0.02  

Percentage of the land affected 0%  

Value of the land affected  $0  

Percentage of the improvements affected  0%  

Value of the improvements affected  $0  

Second mix

Second tax type  US  

Percentage of the land affected 0%  

Value of the land affected  $0  

Percentage of the improvements affected  0%  

Value of the improvements affected  $0  

Current year Property Tax

Year Description 2006 FIRST HALF  

Tax sale flag  

Commercial Property Description

Show Hide Construction

Class Reinf Concr  

Grade Excellent  

Ext wall Stone  

Stories no 3  

Wall hght 8  

Units no 1  

Year Built

Year built 1814  

Year remodeled 1952  

February 28, 2007 4:16 PM
Thomas Preston
Member Since '06

Thomas Preston said:

Lot 3 or the above lots are 800,801,803,

Location

Property address 1600 Pennsylvania Av NW

Washington, DC  

Square 0187  

Suffix S  

Lot 800  

Location Attributes

Property type COMMERCIAL  

Use code 89  

City ward 2  

Land area 787439  

Neighborhood name MALL  

Vacant property N  

Base house number 1600  

Street name portion PENNSYLVANIA AV  

Street name standardization code 6981  

Quadrant name NW  

Vacant property N  

Most Recent Tax

Total Assessed Value  $459,170,980  

Property Tax $0  

Most Recent Sale

Sale date 1/1/1901  

Sale price not available  

Land and Improvements Values

Base year-Land value $314,975,600  

Base year-Building value $25,024,400  

Prior appraised-Land value $389,309,840  

Prior appraised-Improvements value $30,930,160  

Total Prior appraised - Land and Improvements value $420,240,000  

Current appraised-Land Value $451,199,370  

Current appraised-Improvements value $30,930,160  

Total Current appraised-Land and Improvements value $482,129,530  

Current Phase-In Land Assessment $428,240,820  

Current Phase-In Building Assessment $30,930,160  

Deeds

Date of deed 1/1/1901  

Deed Status for current year  

Links

February 28, 2007 4:22 PM
Thomas Preston
Member Since '06

Thomas Preston said:

There ya go kids the market value is 0 as it will never  be sold or bought, Add all those figures together and you have the appraised value.

February 28, 2007 4:26 PM
Joe Carideo
Member Since '07

Joe Carideo said:

Why even discuss this? Isn't that public property? Which means that if you want to sell it you have discuss it with me first and I ain't sellin'!

February 28, 2007 5:23 PM
Al Block
Member Since '04

Al Block said:

This is a "what if" you sell this property.  It is a house, it is real estate, if it was put up for sale, what do you think it is worth in today's market.  Forget all the philisophical stuff . . . what is this worth as a very large home and property??  Give me a number, that is how you win!

February 28, 2007 7:01 PM
Carmen and Jeff Bills
Member Since '07

Carmen and Jeff Bills said:

Well its almost spring here in Charleston, S.C. and I could use the $20 to start my own rose garden, so here it goes

2,249,999,999.99 I would want to keep just below the 2,250,000,000 mark so those searching up to that will still find it in the MLS, now since it is a very unquie property and will need an extra effort in the marketing end of the listing my fee would have to be 20%.DEAL OR NO DEAL

March 1, 2007 4:17 PM
Mark Cohen, Broker
Member Since '03

Mark Cohen, Broker said:

Here's my shot at it.  $1,351,552,012.  

Appraisals are just guesses and they are always out of date, even when just made.  Anything is worth at any one moment exactly what a willing buyer is ready to pay for it.  So my figure is based on the replacement value of the building, the value of the land in that area of town, and the sentimental value a potential buyer might put on owning such a prestigious property.

To get a maximized value for a property such as this, it should be put up for open bids or placed in an auction.  It is impossible to know what might happen if hundreds or thousands of wealthy people or companies or other entities entered bids for this property.  Therefore trying to place a for sale price on it is an effort in futility and a wild guess at best.

March 2, 2007 7:26 AM
Thomas Preston
Member Since '06

Thomas Preston said:

I say $1,351,552,013

March 4, 2007 9:08 PM
Jana  Davis & Marcia Demerjian
Member Since '05

Jana Davis & Marcia Demerjian said:

Hey Thomas did you notice it is "commercial" in the tax records?  Hummm in DC can you live over your business?  I think we will need to get the commercial brokers in on this.  Sorry I am a residential broker!

March 7, 2007 5:00 PM

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