Timothy F. Geithner, who finished his term as U.S. Treasury secretary in January, has found a buyer for his house in Bethesda, Maryland, just a week after listing the home for $995,000.
Geithner’s four-bedroom property on Ogden Road is under contract with some contingencies, but isn’t dependent on a buyer selling a current house to close the deal, according to the website of brokerage Redfin Corp. It was listed March 14.
The quick deal is a contrast to Geithner’s attempt to sell his home in New York’s Westchester County in 2009, which ended with him renting the house out. U.S. home demand is rebounding as employment improves and buyers seek to take advantage of low mortgage rates, while inventory is tight. In Bethesda, there’s about a 1.5-month supply of houses listed for sale, compared with a six-month supply in a normal market, according to Mark Butterfield, owner of Re/Max Realty Services in Bethesda.
“We have a shortage of inventory,” said Butterfield, who isn’t involved in Geithner’s home sale. “Multiple offers are very common. Good stuff sells quickly.”
Matthew Maury, the real estate agent for Geithner’s home, with Stuart & Maury Inc., declined to comment. Jenni LeCompte, Geithner’s spokeswoman, also declined to comment.
Geithner bought the home in August 2009 for $950,000, according to public records. Built in 1954, the 2,500-square-foot house has hardwood floors, a family room with a “soaring ceiling,” two recreation rooms, and a deck that overlooks the backyard on the 10,000-square-foot lot, according to the listing.
Geithner still owns a home in the Westchester County village of Larchmont that he bought in August 2004 for $1.6 million, according to the Town of Mamaroneck Assessor’s office, which estimated the property’s value at $1.32 million in 2012. He put the house up for rent for $7,500 a month in 2009 when he failed to find a buyer, after being appointed Treasury Secretary.
© Copyright 2013 Bloomberg News. All rights reserved.