Geithner faces sluggish market, rents out NY home

Source: AP

NEW YORK (AP) -- The real estate market's troubles are hitting close to home for Treasury Secretary Timothy Geithner.


AP - FILE - This March 9, 2009 file photo shows the home of Treasury Secretary Timothy Geithner in Larchmont, ...
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.


Read more: http://finance.yahoo.com/news/Geithner-faces-sluggish-apf-15419661.html?.v=6

I just tried to rent a house and got a top offer of $1300, and my mortgage is $2300.

I found a buyer and I'm going to lose $60K instead... less painful than losing $60K over 5 years and having the house drop yet another $50K in value, so I'll have to lose $110K PLUS the $60K PLUS upkeep.

I don't know if can do it at least not for another year or so. If I still have a job.

For gosh sakes, don't buy real estate now.

He could use some practical experience, IMO.

DR. MCCOY: Spock, how can you be so sure the lntrepid (a starship with an all-Vulcan crew) was destroyed?

SPOCK: I sensed it die.

MCCOY: I thought you had to be in physical contact before --

SPOCK: Doctor, even I, a half-Vulcan, could hear the death scream of 400 Vulcan minds crying out over the distance between us.

MCCOY: Not even a Vulcan could feel a starship die.

SPOCK: Call it a deep understanding of the way things happen to Vulcans, but I know not a person, not even the computers on board the Intrepid, knew what was killing them or would have understood it had they known.

MCCOY: But 400 Vulcans...

SPOCK: I've noticed that about your people. You find it easier to understand the death of one than the death of a million. You speak about the objective hardness ofthe Vulcan heart, yet how little room there seems to be... in yours.

MCCOY: Suffer the death of thy neighbor, eh, Spock? You wouldn't wish that on us, would you?

SPOCK: It might have rendered your history a bit less bloody.


(And trust me, the actors in that remake flick won't ever get to say anything even 10,000th as cool as that little scripted scene...)