How has the real estate market slump affected U.S. Treasury Secretary Timothy Geithner?
Larchmont — U.S. Treasury Secretary Timothy Geithner is likely to lose money when he sells his Larchmont, N.Y. home, a real estate agent said. Geithner and his wife, Carole, put their five-bedroom Tudor home on the market in February, when they moved to Washington, D.C. Although the Geithners have dropped the asking price from $1.635 million to $1.575 million, the property is still unsold. Efforts to find a tenant to rent the home for $7,500 a month have also come up empty, CNNMoney.com reported Thursday. The Geithners paid $1.601 million for the 1931 home in 2004. It comes with 0.2 acres and an annual tax bill of $27,000. Caught in the same burst housing bubble as the rest of the nation, home sales in Westchester County, N.Y. fell 36 percent in April compared to April 2008. Sources: http://www.themoneytimes.com/20090604/geithne
After reducing the price on his house in a tony New York City suburb to less than he paid for it, Geithner still couldn’t sell and recently rented it out instead, according to real estate agents familiar with the deal. Geithner put his five-bedroom Tudor near leafy Larchmont on the market for $1.635 million in February, after heading to Washington for his job as the nation’s top economic official. A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21, said the agents, Scott Stiefvater of Stiefvater Real Estate and Debbie Meiliken of Keller Williams Realty New York. Neither was directly involved in the rental; the name of the broker and agency that arranged it were not immediately available. Although $7,500 might seem like a lot of rent, it probably falls a bit short of the monthly mortgage payments on the Geithners’ two loans totaling $1.25 million, plus $27,000 a year in property taxes. Treasury Department representatives di
NEW YORK (AP) – The real estate market’s troubles are hitting close to home for Treasury Secretary Timothy Geithner. After reducing the price on his house in a tony New York City suburb to less than he paid for it, Geithner still couldn’t sell and recently rented it out instead, according to real estate agents familiar with the deal. Geithner put his five-bedroom Tudor near leafy Larchmont on the market for $1.635 million in February, after heading to Washington for his job as the nation’s top economic official. A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21, said the agents, Scott Stiefvater of Stiefvater Real Estate and Debbie Meiliken of Keller Williams Realty New York. Sources: http://www.komonews.com/news/business/46761412.
