There Must Be A Pony In Here Somewhere
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Why a Pony? To be clear, there were no ponies harmed in the making of this blog. The blog’s name, “There Must Be a Pony In Here Somewhere,” comes from an old joke, a favorite of Ronald Reagan’s, that essentially means, with a pile of you-know-what this big, there MUST be a pony—a bright side—in here somewhere!
Value of White House Drops by More Than $15 Million
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CNBC.com Staff Writer
It just goes to show you, not even the president is immune to the real-estate slump.
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Source: Zillow.com MUST SEE! 16-bed, 35-bath home with breath-taking views of park and Treasury. Includes underground bunker, lawn big enough to land a helicopter on, and more. |
As analysts slice, dice, mince and wedge the president's first year in office, Zillow.com decided to take a look at his property's performance, and found that the value of 1600 Pennsylvania Avenue has dropped by $15.6 million, or 5.1 percent in the past year.
The 132-room, 55,000-square foot home, which includes an underground bunker, was recently valued at $292.5 million, down from $308.1 million a year ago and $331.8 million in 2008, Zillow reports. (View the Zillow listing.)
That's despite improvements the Obamas made in the past year, such as adding a vegetable garden and a fancy swing set — not to mention all the celebrities who've graced its halls, including Microsoft [MSFT
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] chief Bill Gates, Goldman Sachs [GS
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] honcho Lloyd "I'm doing God's work" Blankfein, and her O-ness, Oprah Winfrey.
Now before you go blaming Obama's health-care reform plan or his crackdown on Wall Street bonuses for the declining value, consider that the Zillow home-value index, which measures the value of homes across the nation, was also down 5 percent in the past year.
And, it's an improvement from when the home's value dropped more than 7 percent during the prior year—while a certain Texan with very different politics resided there.
Still, it's tough to cope with declining real-estate values. Do you think Obama's contacted his bank about refinancing?!
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