Tim Geithner May Take Loss on Home Sale

The Treasury secretary could find out just how tough the real estate market is first hand.

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Talk about lousy timing. Treasury Secretary Timothy Geithner apparently bought his New York home in 2004 and is trying to sell it now--right into the teeth of the real estate crash. According to this AP article, the Treasury Secretary could face a loss even if the property sells at its asking price. But in a market like this, getting an asking price is a tall order.

From The Associated Press (Via Zillow Blog):

Geithner, now living in Washington, is trying to sell his five-bedroom Tudor home in the New York City suburbs, and it looks like he'll be taking a loss even if he gets his asking price.

The house, which has a Larchmont mailing address but is just outside that village in the town of Mamaroneck, is listed at $1.635 million. Records show Geithner and his wife, Carole Sonnenfeld Geithner, paid a little less than that when they bought it in 2004 _ $1.602 million.

After their agent's fee and land transfer taxes, the Geithners will probably clear less than what they paid, said real estate agent Debbie Meiliken of Coldwell Banker in Scarsdale, who is among the agents showing the house to potential buyer…

Had the Geithners been selling in 2006 or 2007, the house, which sits on less than a fifth of an acre of land, might have gone for $1.8 to $2 million, Meiliken said…

According to the Geithners' real estate listing, the house at 32 Maple Hill Drive was built in 1931. It has four full bathrooms, one half-bath, a fireplace, a patio, a lawn sprinkler system, an alarm system and a finished basement.

Meiliken said the Giethners, who have two children in high school, have "priced to sell," listing their house below other similar homes.

"He wants to sell it fast," she said. "He's moving to Washington."

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