Flip This Treasury Secretary's House: Geithner's Home Sale
Senior Editor, CNBC.com
Tim Geithner is looking to sell his home. And judging by the listing price, the former Treasury Secretary hopes he can do with his former digs what the government managed to do with its bailout of insurance giant AIG—turn a profit.
Linnette Lopez of Business Insider reports:
Now that Tim Geithner has been relieved of his duties as Treasury Secretary, he can do all the things that former Treasury Secretaries do—write books, speak on TV programs, hang out with his family, and most importantly, leave Washington.
That's why Geithner's Bethesda, Maryland home is now on the market, Curbed DC reports.
Geithner and his wife bought it for $950,000 in 2009 and are now selling it for $995,000.
In case you were ever wondering, Tim Geithner is not a fancy guy. His four bedroom house is fairly modest—certainly by Washington standards—yet spacious.
Curbed DC has some more details:
The rambler-style home has four bedrooms and 2.5 baths plus two recreation rooms. The kitchen has had some upgrades since the original 1954 build date so Corian and stainless steel make an appearance, naturally. No war rooms for planning world domination that we could find, but there is a deck overlooking a large backyard.
For the former Treasury Secretary's sake, let's hope he has more luck selling this house than he did with his prior home in Larchmont, New York. After moving to Washington, DC in 2009 to run Treasury, Geithner put his Tudor home up for sale. The home, which he purchased in 2004 for $1.6 million in the New York City suburb, was listed at $1.65 million.
The house was "priced to sell," Coldwell Banker real estate agent Debbie Meiliken told Zillow at the time.
"He wants to sell it fast," Meiliken said to the publication. "He's moving to Washington."
Unfortunately, given a global crisis and a free-falling housing market, 2009 wasn't exactly a good year to sell a home. Alas, the Geithners were forced to pull it off the market a few months later. It was rented out to a European family at one point, according to a source who lives nearby.
Zillow reports that the Geithner's have been paying nearly $30,000 a year in taxes on the house.
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