Geithner Puts Home on the Market, Likely Facing a Loss

Judging by how poorly he's performed as Treasury Secretary, Tim Geithner might want to hang on to his Westchester home. He may not be staying long in Washington.

As he tries to rescue the country from an economic and housing crisis, Treasury Secretary Timothy Geithner is getting a firsthand lesson in the volatility of the real estate market.

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 buyers.

Geithner was president of the Federal Reserve Bank of New York when President Obama picked him to be Treasury Secretary in the midst of a worsening recession.

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.

Property taxes on the home total $27,039 a year.

Ouch.

It's a shame Obama pal Tony Rezko is in prison. Could have maybe helped Geithner flip it for a profit. The least Obama could do is get the guy some help, but apparently he's got other priorities.