Pity Party Time: Geithners Could End up LOSING Money Selling Their N Y Home!!

[leftchick]

http://www.luxist.com/2009/03/10/timothy-geithner-in-new-york-estate-of-the-day/


Gallery: Timothy Geithner in Larchmmont, NY



Treasury Secretary Timothy Geithner is making his move to Washington D.C. official and is selling his New York home. The English Tudor style home has a Larchmont, New York address but is actually in the village of Mamaroneck. The five-bedroom brick home was built in 1931 and sits on .18 acres. It is listed at $1.635 million.

Geithner, who already lives in Washington may not make much of a profit on his home due to falling real estate prices. The AP found the property records which show that Geithner and his wife, Carole Sonnenfeld Geithner paid $1.602 million for the home back in 2004. Throw in the agent fee and transfer taxes and the Geithners could end up losing money especially since people are tending to make offers below the listing price these days. The Geithners are motivated sellers and have priced the home at a rate comparable to, or even slightly lower than, similar homes appearing in the MLS. The casual and comfortable home includes a large kitchen with black granite countertops, a living room and den separated by French doors and a bookcase-filled home office.

[we can do it]

1. That might sell for $350k in Ohio

[leftchick]

2. about the same where I live

perhaps even over forty thousand. I live in a neighborhood of older homes.

[KittyWampus]

3. sounds more like breaking even. Washington real estate is probably somewhat devalued as well