The value of the beach house owned by Joe Biden has increased by 700,000 dollars. He bought the beach house in 2017, which is situated near Rehoboth Beach, Delaware. The value of the real estate was on the rise before the pandemic.
Pandemic increased the value of the assets in Delaware
We find a surge in the market when the lockdown hit the country. It is 10 minutes walking distance from Biden’s beach house to the sea. One may see the view of the Atlantic sea from here quite easily. The property is standing beside the wooded street with the other multi-million-dollar asset. But, the thing that has made it very distinctive is that the owner of this asset is the present president of the United States.
Joe and Jill bought the property in 2017. They used the part of the $11 million earning, which they got mostly from speaking engagements and book earning. This 4,800 square feet property has six bedrooms. In that year, it was the largest investment of that couple.
It was a smart buy for Biden, and he was always seduced by the thought of the real estate business. Study shows that the houses in the Rehoboth Beach are getting a sale for roughly 15%. The pandemic has accelerated the demand. People are looking for a safe house for their home office and for the homeschooling of their children. According to Forbes, Biden’s house is now worth $3.4 million. Investors around the different regions of the US are now showing their interest in buying properties from Delaware in advance with comparatively cheap rates.
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