Trump’s new home value up 15 per cent
The White House has increased in value by 15 per cent since President Obama and has family moved there 8 years ago.
Zillow’s estimate of the value of the iconic home puts it at $397.9 million, the most expensive home ranked by the site. The 55,000 square foot home is expected to add a further 3 per cent to its value in the year ahead, in line with the DC average.
"President Obama's term coincided with a massive recovery of the U.S. housing market, and that's reflected in the updated value of the White House,” commented Zillow’s Jeremy Wacksman. “Home values across the country are growing at their fastest pace since 2006, with many markets setting new records -- one of the reasons why the White House is worth more now than it has ever been."
Zillow says that an average 30-year mortgage on the 132-room building would cost $1.6 million a month while a renter would pay $2 million.
Chicago sales hit 10-year high
Sales of homes in the Chicago area increased 4.5 per cent in 2016 to hit the highest volume since 2006.
RE/MAX says there were 114,569 units sold last year although the pace of sales slipped in the second half of the year to 2 per cent above the same period of 2015 as tight inventory restrained sales.
“New residential construction is increasing, but the total inventory is quite low by historic standards,” Jack Kreider, executive vice president and regional director of RE/MAX Northern Illinois said. The inventory for the metro area at the end of December was 27,106 units, a 2.8-month supply based on the average pace of sales in 2016.
The median home sales price for the metro area in 2016 was $225,000, 6.6 percent more than the prior year result.
New Yorkers face property tax hike
There’s a sharp rise in property tax ahead for New Yorkers due to the increased value of the city’s buildings.
Initial assessments and property values are up more than 8 per cent, the city’s finance department says; the total value of properties is up 8.7 per cent to $1.157 trillion, the New York Post reports while billable assessment increases are tentatively estimated at 8.45 per cent.
Homes in Brooklyn rose by 13.77 per cent in market value, the finance commissioner Jacques Jiha said, while Manhattan’s assessed value was the highest in the city at 4.79 per cent.
Homeowners can appeal their assessments until March 15.