Add to the list of people who bought at the high end of the Real Estate Market, one Timothy Geithner, United States Treasury Secretary. Mr. Geithner and his wife bought in trendy WestChester County, New York in the village of Mammaroneck. My cousin retired as the Police Chief of said Village so I can attest to its Trendiness. (Yeah right, John. Go John). Mr. Geithner purchased the home for $1.602 Million Dollars and listed it in May for $1.635 Million Dollars. Didn't anyone tell him about the "Bubble" and the Slump in the Economy? I guess he was expecting a Bailout or some other miracle. Anyway, after a month he got a little aggressive and dropped his asking price to $1.575 Million Dollars. $60,000 Dollars of motivation later did not hook a Buyer. What to do? He already Relo'ed down to Washington so he decides to Rent out the home. One problem- the $7,500 a month doesn't cover his Mortgage. And he's running the Treasury Department? I'm sure he has access to the money presses. Said house is pictured below. 5 bedrooms, 3. baths, 3,600SF on a lovely .18acre. So you see, in this Market even the "Big Gonzamacher", doesn't take his Realtor's advice and sell lower. Take the hit now and move on with your life. Tim, your home is OVERPRICED!
Talk to you later. Oh, and, "Selling homes, you gotta love it"!
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