When it comes to real estate there are certain divisions. There are condos, apartments, and lofts; there are houses, luxury homes, and even mansions; but then there is another class of residence entirely: that of the political leader.
So far at Movoto Real Estate, we’ve evaluated the value of political pads like the White House in Washington, DC, we’ve looked at castle costs, and we’ve even covered the price of Mitt Romney’s summer home.
In the spirit of being politically correct, we’re heading north to our friends in Canada and answering the question on everyone’s mind: Just how much is the Prime Minister’s house worth anyway, eh?
The answer: $7.2 million—and that doesn’t even count the historical value of the building.
So, Canada, read on to find out how we got this number and perhaps even some interesting things you didn’t know about your Prime Minister’s pricey place.
How We Did It
Canada’s natural beauty may seem like something from a fairytale, but luckily, it is as real as real Canadian bacon. So finding the value of the Prime Minister’s house was a bit different than our typical novelty real estate post, like finding the value of a property from the Harry Potter series, for example. But just like our more fictional properties, to find the value of 24 Sussex, we needed three things:
- The location
- The size
- Comparable properties
The great thing about evaluating a real place, rather than, say, Princess Jasmine’s palace, is that it’s real. Finding the location, size, and some comparable properties were comparatively easy. Let’s start with the location.
Finding 24 Sussex Drive
Finding the location of a home that is named for its location was pretty simple. 24 Sussex Drive is, as you might expect, located at 24 Sussex Drive, which is in the New Edinburgh neighborhood of Ottawa, Ontario, Canada. But something you may not have known is the origin of the home’s official name, Gorffwysfa. The name was bestowed upon the house by the original owner and Member of Parliament, Joseph Merrill Currier. It is a Welsh word meaning “place of peace.”
But just how big is this peaceful place?
Sizing Things Up
Finding the size of the Canadian Prime Minister’s home was easier than saying “Gorffwysfa!”
Unlike some of the fictional evaluations we’ve done, which required us to approximate the size according to photos, we were delighted to find that information on this home was easy to come by. That’s the beauty of non-fiction.
It turns out that this home contains 34 rooms, including dining rooms, a kitchen, offices, a library, sun room, and bedrooms. Lots of bedrooms.
All told, the home is 12,000 square feet and comes with four acres of land, a swimming pool, and historic furnishings from the Crown Collection for use in the public rooms of the mansion—from musical instruments to chairs and tables.
24 Sussex is unique amongst political leaders’ homes in that this is one of the few that is strictly used as a residence—the Prime Minister does his work at Langevin Block near Parliament Hill. The home’s other unique feature is that there are no decorating rules for the current inhabitants, so the prime minister is free to go crazy with leopard print, should they so choose.
What’s Like Gorffwysfa?
We know, the official name of 24 Sussex, Gorffwysfa, makes it sound like something out of the “Never Ending Story”; but as fantastical as it sounds, it really is just a house. A huge, 34-room, mansion of a house with gardens, a pool, and acres of land.
In looking for comparable properties in order to find its approximate price, I made sure to look for other huge mansions of houses with gardens, a pool, and acres of land. And you know, this wasn’t exactly difficult to do in Ottawa.
After adding up the square feet in eight large homes in the area, many of which had pools and lots of outdoor space, I found an average price per square foot of about $600 USD, or $627 CAD. To put this into perspective for you, this is about the same price per square foot for a luxury home in Albany, New York.
O Canada, That’s a Lot of 0’s
With a price of $600 USD, at 12,000 square feet, the Canadian Prime Minister’s home at 24 Sussex comes in at a whopping $7,200,000 USD, or $7,523,280 CAD.
Of course this price doesn’t include the home’s paintings, historical furnishings, or décor—but depending on whether your taste includes leopard carpeting, I’m not sure whether this would be an added cost or a discount!
via Business 2 Community http://www.business2community.com/oddball/canadian-prime-minister-lists-house-7-2-million-0694265?utm_source=rss&utm_medium=rss&utm_campaign=canadian-prime-minister-lists-house-7-2-million
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