S eptember 4, 1996 • T he P ortland O bserver
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If the White House were for sale
It c o st $23 2 ,3 7 2 to bui Id nearly 2 0 0
y ears ago. In the 1960s, its estim ated
re p lacem en t value w as $11 m illion. If
the W hite H ouse — hom e to President
C lin to n and coveted by B ob D ole —
w ere put on the m arket today, its a sk
ing price w ould be $63,893,550, a c
cord in g to a survey released T hursday
by a leading national real estate firm.
In a first-of-its-kind survey that
yielded responses from the w him sical
to d o w n -to -th e -p e n n y serio u sn ess,
C oldw ell B anker R esidential A ffili
ates Inc. polled a gro u p o f its to p
R ealtors nationw ide to com e up with
a suggested asking price, assum ing the
hom e w as for sale.
U niquely qualified to conduct the
survey, C oldw ell B anker w as involved
in the sale o f nearly 1,000 properties
w orth $1 m illion or m ore last year.
T he listing price w ould vary d e
pending upon w hich R ealtor you ask,
but one thing is certain — the 42,840-
s q u a re -fo o t (e x c lu d in g b a se m e n t)
W hite H ouse, p erch ed on 18 acres o f
prune, d o w n to w n p roperty, is an irre
placeable national icon.
“T he house is the m ost well built in
the country, if not the w orld,” said
M ike M elton, ad m in istrativ e officer
o f the W hite H ouse H istorical Society.
C oldw ell B an k er p olled its P re
view s P rogram p roperty sp ecialists
from co ast to coast, asking them to
estim ate the value o f this irreplaceable
n a tio n a l m o n u m e n t an d its lan d .
C oldw ell B an k er P review s property
sp ecialists are professional R ealtors,
experienced in the m arketing o f luxury
properties.
T h e W h ite H o u s e H is to r ic a l
A sso ciatio n ’s M elton said he recalls
seeing a d o cu m en t that indicated it
w ould co st m o re than $ 1 1 m illion to
replace the pro p erty du rin g the 1960s.
“T he W h ite H ouse is an in tern a
tional icon and is sy m b o lic o f e v e ry
thing A m erica stands for," said G eorge
$600,000.
The w orld’s m ost fam ous residence,
first occupied in 1800 by John A dam s,
o u r second president, is located at
16iX) P en nsylvania A ve., W ashing
P e lto n , n a tio n a l d ir e c to r o f th e
C old w ell B an k er P review s P rogram .
“ Y ou can put a price tag on the W hite
ton, D .C .
D uring the late 1940s, the hom e
w as in such disrepair, according to
H ouse, but it should n ev er be so ld .”
L yn K arol, a sales asso ciate from
Incline V illage, N ev., said the 13-story
h eight lim itation and inner-city loca
tion m ight h am p er the sale o f the p ro p
M elton, that an en g in ee r surveying the
then 150-year-old house said, "T he
only reason this house is standing is
out o f habit.” A $6 m illion renovation
during the T ru m a n A d m in istratio n
ensued.
A nd if y o u ’re looking to sidestep
your w ay into the W hite H ouse w ith
out going through a grueling and heated
national political cam paign, h e re ’s a
viable option — the W estern W hite
H ouse, an authentic copy o f its East
C oast nam esake, com plete w ith its
ow n O val O ffice and rose garden, is
for sale for $8.5 m illion.
erty.
P eter G . M iller, a national real e s
tate ex p ert and au th o r o f “T h e M o rt
gage H u n ter” and “ B uy Y o u r First
H om e N o w ,” said: “W ith a c o n v e n
tional 3 0-year, fixed-rate loan at 8
p e rc e n t in te re st an d a 10 p e rc e n t
d o w n p a y m e n t, the new o c c u p a n ts
w ould need an annual incom e o f $25.7
m illio n ” to q ualify for this ty p e o f
ju m b o m ortgage. M iller estim ates the
m onthly house p ay m en ts w o u ld run
Developing Northeast
by P amela
J ordan
W hen P eter W ilcox co m es to w ork
at his new office in A lb in a C o rn er each
day, he know s it’s m o re than ju s t a
place to w ork.
It’s h om e for 48 indiv id u als and
fam ilies. It’s a future place o f business
for a bank, restaurant and o th er shops.
A nd it’s the rock solid co rn ersto n e for
This week the Albina Com m unity
Bank (A B C ) will alsocall A lbinaC om er
home. Leon Smith, A C B ’s chief execu
tive officer thinks the bank will fit right in.
“T he location is extrem ely co n v e
nient for m any o f o u r cu sto m ers to
p articipate in a p ro ject o f this size in N /
N E P o rtlan d ,” said S m ith. “ A project
focused on the lo w -to-m oderate in
lo w ed thro u g h o u t the desig n an d co n
stru ctio n p h ases o f the b uilding.
O ne event that b ro u g h t that hom e
pay for the project.
T h e d esig n ers also receiv ed m ajor
for W ilcox w as the d ay P C D an d 20
co rp o rate funding to org an ize an M L K
going to be there,” W ilco x .
W ilcox ought to know . H is o rg an i
to M artin L u th er K ing B o u lev ard and
p ro fit and g o v ern m en t parties.
the A lb in a co m m u n ity , w as designed
zation, P ortland C o m m u n ity D esign,
to set a hig h standard for future d ev el
T hose involved in the sum m it worked
to address transportation, econom ic de
d ev elo p e d A lbina C orn er.
“W e d id n 't w ant to pu t in another
opm en t on the boulevard.
velopm ent, housing and arts issues.
ch eap building that m in im izes the p o s
sibilities. W e w anted a b u ild in g that
ex p ressed w hat this street can really
vide m o re u sab le sid ew alk s; covered
b e,” said W ilcox.
E arn est Bailey w atch ed for m onths
as the build in g w ent up, w aited eagerly
for a ch an ce to inquire ab o u t renting,
and w as thrilled w hen he finally got a
w alk w ay s, aw n in g an d an interior
co u rty ard add to the design.
T h e co u rty ard featu res m asonry
pavers, three large trees, built-in seat
ing, cast iron lights, a fountain, and
four b ro n ze w ildlife sculptures.
“T he co u rty ard w as d esig n ed to be
an am enity because the residents live
in a busy, urban neig h b o rh o o d ,” said
W ilcox. “I think it’s w orking w onder
here, this is som e place I can call
fu lly "
C o m m u n ity input w as essential in
Senior housing
advocates needed
A re you concerned about the future
those w ho cannot advocate for them
o f low and intxlerate incom e housing
selves The H ousingTask Force meets on
for the elderly ?
Do you have som ething to say about
the shortage o f lo w -in co m e rental
units?
Are you interested in issues o f safety
the second M onday o f every month from
and security for the elderly tenants o f
2:(X)pmto4:(X)pm in the dow ntow n area,
accessible by public transportation.
For m o re inform ation an d an ap p li
cation p acket, call K arylinn E chols at
P M C o A at (5 0 3 ) 823-5269.
subsidized housing?
If so, you need to particip ate in the
H ousing T ask Force.
People over the age o f 6 0 -eld ers of all
races and backgrounds, and those with
At the heart o f this m ission is the
urgent need to advocate on a variety o f
housing problem s faced by low and
m oderate incom e elders.
This one year com m itm ent will be
exciting, challenging, and fulfilling. You
will make new friends as youadvocate for
VISA
we were all m oving in together. Both the
business people and the residents it all felt
like our home. There w as an immediate
camaraderie that w as really special.”
C O N S T R U C T IO N
DEVELOPM ENT
M aking Tools G ardener-F riendly
these designs as “positives for
wheelchair gardeners and others with
mobility impairments.”
Here are some other “user-friend
ly” features to look for in the new gar
den tools:
• Curved handles increase power
and control of tool head.
• C om puter b alan cin g allow s
smoother, easier swing requiring less
muscle and energy.
• Reversible tool head doubles
each tool’s function and makes for
quick job changes.
• Various handle lengths allow
you to change positions such as
standing, bending, kneeling or sitting
while gardening.
• Various shaped tool heads that
are engineered to specifically handle
such gardening functions as digging,
p lanting, cultiv atin g , trenching,
clearing, chopping and weeding.
These new landscaping tools are
available at home and garden centers.
For an informative catalog, write:
V&B Manufacturing Company, P.O.
Box 268, Walnut Ridge, AR 72476, or
call 1(800)443-1987.
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Pleasanton, Norton pointed out, tw o
years ago had vacancy rates o f 20 to 22
percent while the vacancy rate is now
hovering around 5 percent. A t the same
time rents in the area have gone up from
$ 1.25 per square foot to $ 1.45 to $ 1.75.
‘ “W e bought pizza and had a spontane
ous party upstairs,” said W ilcox. “Here
S u m m it o f business, residential, n o n
(NAPS)—Ergonomics is finally
m aking its way to the home gar
den. The science of developing
techniques and tools th a t m axi
mize human efficiency and comfort
has led to the creation of computer-
engineered hand landscaping tools.
These tools can offer countless
benefits and are expected to make
gardening easier and less tiring.
With 127 years of toolm aking
experience u n d e r its b elt, V&B
M a n u fa c tu rin g C o m p an y h a s
modified existing landscaping tool
designs to provide easier power for
a h o st of g a rd e n in g and
groundskeeping chores including
tu rf breaking, trenching, clearing,
planting, weeding, chopping and
cultivating.
The company’s Groundbreakers1"
line of landscaping tools have been
ergonomically designed to make gar
den work easier for professional and
am ateur gardeners as well as for
seniors with limited mobility.
In fact, the American Horticultural
Therapy Association has credited the
light weight and interchangeability of
com panies to move back into the central
city.
other tenants m o v ed into the building.
I T ’S T H E
D IF F E R E N C E
BETW EEN
W A N T IN G
A HOME AND
O W N IN G
A HOME.
Housing Task Force o f the Portland/
M ultnom ah C om m issio n o f A ging
(PM CoA). P M C oA 's mission is to im
prove the q u a lity o f life fo r o u r
com m unity's ciders.
Speedy Service
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and South Bay, Norton said. B ut today
there are vacancy rates o f under 3 percent
in Fremont, North San Jose, Foster City,
M enlo Park and Palo Alto.
"But today w e arc starting to see some
speculative building, and there is also an
abundant source o f capital. The pension
funds are willing to invest in suburban
office space, as well as space for research
and developm ent, manufacturing and
w arehousing.”
The dem and for real estate on the
northern borders o f Silicon Valley is
spilling over into adjacent comm unities,
particularly along the Interstate 58(7680
corridor, and this is turn is spurring som e
EDWARD T. DURHAM, JR.
(503) 319-0821
FAX 283-2977
31 7 B. N.E. KILLINGSWORTH PORTLAND, OREGON 9 7 2 1 1
Thinking o f
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disabilities arc needed to serve on the
Dad’s
0U
Service
the first tw o quarters o f this year, and we
expect to see the trend continuing for the
next three to five years,” he said.
In the late 80s, vacancy rates as high as
20 percent were com m on in th eE astB ay
V o lu n tary tw o -flo o r set backs p ro
ch an ce to m ove in.
“W h en I opened the d o o r for the
first tim e, I thought—“I ’ll be happy
h o m e ,’” said Bailey.
years, according to Douglas A. Norton,
vice president, industrial properties, in
CB C om m ercial’s O akland office. “O ur
firm has had record sales in the region in
"This is due both to the strong grow th
p ro v id ed the $4.7 m illion need ed to
A C B ’s m issio n .”
T he project, located at the gatew ay
Land prices in Frem ont, for exam ple,
have virtually doubled in the past tw o
and the effect o f the late 80s and early 90s
when there w as no building,” he ex
plained.
area around M L K B o u lev ard .”
C red its, and 10 o th er fun d in g sources
com e m arket isen tirely consistent with
estate market in the country ttxlay, as the
major players in the electronics and soft
ware industries look for room to expand,
say executives at CB Com m ercial Real
Estate, Inc.
o f the hardware and software industry
W ilcox. “A lb in a C o m e r is ju s t the
beginning o f o u r effo rts to e n h a n c e the
F ederal L o w -In co m e H o u sin g Tax
the revitalization o f M artin L uther King
The Alam eda-Santa C lara C ounty
bonier and the San M ateo-Santa Clara
County border may be the hottest real
"W e have held tw elv e com m unity
w orkshops and m eetings and are m ak
ing real progress in ch artin g future
enhancem ents to the co m m u n ity ,” said
the p roject. M eetin g s w ere h eld with
E lliott n eig h b o rh o o d resid en ts, and
the A lb in a C o m m u n ity Plan w as fol
Ju n io r B oulevard.
“It's entirely m asonry, it’s alw ays
Hottest real estate in
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