Tim Geithner’s Escape From DC Now Includes Listing Bethesda House for Sale
It looks like Tim Geithner will not be using his Bethesda, MD home to pen his new book. The former U.S. Treasury secretary and his wife have listed their Beltway dwelling for sale, now that one of the key players in the Obama administration’s economic recovery team has left his post.
The Geithners bought the 4-bedroom, 2.5-bathroom Cape Cod-style home for $950,000 in 2009, soon after Geithner was tapped to lead the Treasury Department. The home is now listed for $995,000, according to Curbed DC.
With the housing crisis playing a big role in the economic recession that struck in 2008, it’s interesting to see that the Geithners are seeking only a modest profit on the 2,300-square-foot home, perhaps just enough to cover real estate fees. The list price for the home is just above the $868,000 median list price for properties in Bethesda.
Despite his pedigree as the head of the Federal Reserve Bank of New York, Geithner has not been immune to the housing market’s disruption. In 2009, he listed his home in Larchmont, NY for the same $1.6 million he and his wife paid in 2004. So this is the second home he has listed for sale that has shown little appreciation during the time he owned the property.
Maybe his new book will outline a way in which U.S. housing prices and the mortgage crisis can be addressed, or prevented from happening again.