To find out, we went back into our previous analysis of the value of the President's primary residence in Chicago, Illinois, and updated it using the Federal Housing Finance Agency's latest revised data for how housing prices have changed in the Chicago metropolitan area over time.
Using that revised and updated data, we found that the value of President Barack Obama's Chicago house has fallen in value more than $682,000 below the amount he paid for it back in the second quarter of 2005. We estimate that the property for which he paid $1.65 million for then is worth less than $1 million today.
That figure isn't helped by the fact that then Senator-elect Obama overpaid nearly $220,000 for the house at the time when he bought it. Using the FHFA's housing price change data and the previous owner's purchase price of $1,237,500 back in the third quarter of 2000, we've projected that the home's value was approximately $1,430,000 in the second quarter of 2005, far below the $1,650,000 price Obama negotiated for it.
We note that then Senator-elect Barack Obama's first two offers for the house of $1,300,000 and $1,500,000 were consistent with this estimated value, as well as the value of similar properties in close proximity to the house.
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