White House's Estimated Value Drops 5%

If the White House were to hit the market this week, its price would be $292.5 million, down 5.1% from a year earlier, according to Zillow.com.
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WASHINGTON (TheStreet) -- Even the White House is not immune to the woes of the housing market.

One year ago, just as

President Barack Obama

and his family were moving into their new digs,

Zillow.com

crunched out a hypothetical estimate for what the White House and its surrounding property would be worth if it were to be put up for sale.

The site estimated its value at $308 million based on its physical attributes and historical value, and the Washington

housing market

. However, if the White House were to hit the market this week, its price would be $292.5 million, down 5.1%, according to a new assessment.

Lest a wave of partisan fury draw politics into the academic exercise at hand, it should be noted that the White House's value was already dropping during the previous administration. From January 2008 to January 2009, it lost almost $24 million in value, a decrease of 7.2%. The sharp decline came after years of increased equity. When George W. Bush took office in January 2001, the White House had an estimated value of $167.8 million.

So what would today's asking price get you? The 55,000-square-foot residence has 132 rooms situated on 18 acres. There are 16 guest rooms, 35 bathrooms, three kitchens, three elevators and 28 fireplaces. There's also a bowling alley (built by President Richard Nixon in 1969), tennis and basketball courts, a horseshoe pit, putting green, doctor's office, dentist's office, multiple gardens, a music room, a sun room and a variety of offices for the President, First Lady, visiting dignitaries, press and Secret Service. And don't forget the underground bunker that would be perfect for a man cave or home theater when not pressed into post-nuclear service.

In a blog post, Zillow's Katie Curnutte says the White House's

hypothetical loss of value

is in line with the hit homes throughout the nation have faced.

"It is a trend that's playing out over much of the country," she writes. "According to our latest data, the November Zillow Home Value Index for the United States fell 5% year-over-year. Not great, but consider how far it fell during the previous 12 months: 11.9%."

The Washington area fared a bit better than its most famous home. Zillow's Home Value Index for the region fell 3.6% during that period, a marked improvement over the 15.6% decline of the previous year.

-- Reported by Joe Mont in Boston.