White House Resale Value Rises; So Does Woodworker Optimism

By Michaelle Bradford | Posted: 11/26/2012 12:26PM

 

Built in 1792, the White House has 132 rooms and is 55,000 square feet. Signs of a recovering housing market abound with some indicators at their best level in over four years. Housing starts are up 3.6 percent for October; builder confidence rose 5 points in November and property values are rising, including the listing price for the White House (although its not on the market).

Approximately four years ago the White House was valued at $280.8 million, according to the real estate web site Zillow, dropping to as low as $271.6 million during the height of the recession. Currently, Zillow estimates that it is valued at $290.2 million -- another sign of the housing comeback.

But it is not just the White House, surrounding home values have risen consistently as well and Washington, D.C. is on the National Association of Home Builders (NAHB) list of Improving Housing Markets, which was expanded to 125 in November, adding 22 additional markets.

“Not only did 22 additional markets qualify for the improving list in November, but the geographic distribution of included metros expanded from 33 states to 38 (plus the District of Columbia), while 97 out of 103 markets retained their spots on the list from the previous month,” observed Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This shows that a housing recovery is firmly taking root and helping generate needed jobs and economic growth across much of the country...”

All of which points to signs of a very prosperous New Year for remodelers, custom woodworkers and contractors.

 

About the Author

Michaelle Bradford

Michaelle Bradford is Managing Editor of Woodworking Network magazine and Custom Built Interiors Weekly eNewsletter. She can be reached at mbradford@woodworkingnetwork.com or Google+.

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