Very interesting article on the Zillow Blog about Tim Geithner’s home shown above.
I disagree with Whitney’s comment: “Treasury Secretary Tim Geithner claims to see signs of economic improvement for the nation, but the same does not appear to be true for his personal pocket book.”
Whitney, if Geithner thought the market was NOT currently improving and did NOT believe in the upward tend, he would be selling it now vs. renting it. By taking it off the market and renting it, he is confirming his belief that he sees “signs of economic improvement”, not the other way around.
Or maybe he’s just an unrealistic seller who won’t listen to a good agent.
Or maybe he doesn’t have enough equity at this time to sell for market conditions because of a refi to pay his IRS tax bill.
Greg,
We all know you are a good agent. Why wouldn’t a good agent advise someone to sell later vs. now if they thought prices would be higher later? Other than making a commission today, of course 🙂
Greg,
We all know you are a good agent. Why wouldn’t a good agent advise someone to sell later vs. now if they thought prices would be higher later? Other than making a commission today, of course 🙂
Greg,
Kinda like never listing a property on December 30th for obvious reasons.
Greg,
Kinda like never listing a property on December 30th for obvious reasons.
I think it’s speculation either way – now, one of you is going to have to ask him 😉
Different areas of the country will recover in different times.
The timing of whether to buy and or sell is a very individual issue, compounded by many influences.
I agree with David G. Let’s ask him. The only way we’ll know what he was thinking.
Seems to me everyone is missing the point here…what am I missing?
Zillow says renting equals you think prices will go down…not so. Renting means you think prices will go up. That simple. Sell later = higher price later, not lower price later.
So if you believe in the economy short term, you rent…as he did.
Seems to me everyone is missing the point here…what am I missing?
Zillow says renting equals you think prices will go down…not so. Renting means you think prices will go up. That simple. Sell later = higher price later, not lower price later.
So if you believe in the economy short term, you rent…as he did.
Ardell:
There are two different minds at play (at least).
Geithner decides he is better off renting out, rather than continue current losses with vacancy, or to sell at a loss.
Un-named renter decides it is better to rent a house of an incredibly influential financier and goverment czar, than it is to buy it, thereby ensuring some access and potential notariety.
Hmmm…how much DOES it cost to get 90 seconds of Tim’s time?
I’d be more intersted in the guy’s stock picks!
Re the article….it’s celebrity RE fluff…barely worthy of your interest. You deserve better adversaries.
I’m busy getting a townhome in Capitol Hill ready for market…so “fluff” is all I got for you today, Roger. It took my days to do my last two posts…so I was due for a quickie 🙂
Also just put a sale into escrow since Sunday and already completed the home inspection…see property, make offer, won multiple offer, had inspection, all from Sunday afteroon to yesterday at noon…the market may not be “hot”, but it definitely isn’t stagnant 🙂 It was for quite a while…so something’s up, that’s for sure.
Besides…a brick tudor has such a Seattle feel…doesn’t it? We have more brick tudors around here than I’ve seen anywhere else. Where is Geithner’s house…I forgot to notice.
Ardell,
By your mindset, it would stand to reason that all the active sellers have put their homes on the market currently because they are at their ‘peak value’. I don’t think that is actually the case. Actually, I don’t think any home sellers believe their home is currently at its’ peak value.
Hey now — “celebrity RE fluff” is not the deepest, most insightful stuff in the industry, but if you’re a people-watcher and need a diversion, this is fun stuff. At least, our traffic on these posts indicate people want to read this stuff. Thanks for the “quickie,” Ardell.
It’s in NY state, Larchmont, not that I would know where that is.
And you all gotta stop saying quickie…, it’s too distracting 🙂
Sorry, this weather can make a Puget Sound native a little nuts! Too much sun…aargh!
It’s in NY state, Larchmont, not that I would know where that is.
And you all gotta stop saying quickie…, it’s too distracting 🙂
Sorry, this weather can make a Puget Sound native a little nuts! Too much sun…aargh!
Where are the bubble people when you need them…?
Scott…it has nothing to do with “peak”…there is no peak in the present or future, that resembles the past. We are never going to use the word “peak” again 🙂 Well, let’s see. 1990 to 2007…17 years. OK, you can say peak again in 2025. I’ll be 72. I’ll be playing shuffleboard.
Roger,
When I worked East Coast, it was really hard to sell a tudor there. That could be part of the problem. Someone tell Tim.
“Where are the bubble people when you need them…?”
Here I am!
Been to Larchmont. Not my kinda people. It’s what passes for an exclusive suburb of NYC if 2 hour commutes are your bag.
I think my house is at peak value, at least going forward.
Now it’s at peak value again! A little lower than the last one.
Woops, another peak!
I’m on record on the PI a year or two ago as saying that houses will never, ever be worth as much as they did then. I still think so, taking into account the printing presses of course.
So Geitner’s an idiot. We already knew that. 😉
Is that what you were looking for, Ardell?
Honestly, I think the high-end markets and the market for the regular joes are currently, and perhaps permanently disconnected, because those who own in the high-end market are much less likely to end up in a distress-sale situation. They can sit tight and wait for inflation and salaries to catch up, so they won’t feel like they took a bath (even though they did).
“Where are the bubble people when you need them…?”
Here I am!
Been to Larchmont. Not my kinda people. It’s what passes for an exclusive suburb of NYC if 2 hour commutes are your bag.
I think my house is at peak value, at least going forward.
Now it’s at peak value again! A little lower than the last one.
Woops, another peak!
I’m on record on the PI a year or two ago as saying that houses will never, ever be worth as much as they did then. I still think so, taking into account the printing presses of course.
So Geitner’s an idiot. We already knew that. 😉
Is that what you were looking for, Ardell?
Honestly, I think the high-end markets and the market for the regular joes are currently, and perhaps permanently disconnected, because those who own in the high-end market are much less likely to end up in a distress-sale situation. They can sit tight and wait for inflation and salaries to catch up, so they won’t feel like they took a bath (even though they did).
Cam!
I will never get used to your using your “real” name. I’m probably the only agent on a blog who is endeared to anonymous monikers. Whatever happened to “Ubersalad”?
Here’s what I’m looking for. Forget Geithner. Forget “the tudor in NY”. To me this statement is just plain out WRONG.
“Geithner claims to see signs of economic improvement for the nation, but the same does not appear to be true for his personal pocket book.
Cam!
I will never get used to your using your “real” name. I’m probably the only agent on a blog who is endeared to anonymous monikers. Whatever happened to “Ubersalad”?
Here’s what I’m looking for. Forget Geithner. Forget “the tudor in NY”. To me this statement is just plain out WRONG.
“Geithner claims to see signs of economic improvement for the nation, but the same does not appear to be true for his personal pocket book.
Heh.
Obviously, I agree with you, Ardell, given my comments on the ever sliding peak.
I was simply suggesting that there might be a more nuanced view for high-end. Beyond the psychological factors in play that make people loathe even the perception of losing money on an investment such as a house, The (Other) Tim might actually believe the “logic” of that nonsense he has been tasked with selling to the general public in his quest to justify buying up the toxic assets on the banks’ books at a higher rate than the market is willing to bear ( I can’t keep track of the acronyms – TALF this time around, maybe?), namely:
It’s all liquidity. Because of the frozen markets in upscale Tudors in posh up-state enclaves, the value he would get is currently “artificially depressed below the long-term market value”, to paraphrase our latest reluctant landlord.
I don’t happen to believe that load of malarkey, but maybe The Other Tim really does?
Heh.
Obviously, I agree with you, Ardell, given my comments on the ever sliding peak.
I was simply suggesting that there might be a more nuanced view for high-end. Beyond the psychological factors in play that make people loathe even the perception of losing money on an investment such as a house, The (Other) Tim might actually believe the “logic” of that nonsense he has been tasked with selling to the general public in his quest to justify buying up the toxic assets on the banks’ books at a higher rate than the market is willing to bear ( I can’t keep track of the acronyms – TALF this time around, maybe?), namely:
It’s all liquidity. Because of the frozen markets in upscale Tudors in posh up-state enclaves, the value he would get is currently “artificially depressed below the long-term market value”, to paraphrase our latest reluctant landlord.
I don’t happen to believe that load of malarkey, but maybe The Other Tim really does?
“Obviously, I agree with you, Ardell”
Thanks. I’ve been feeling like I’m travelling in an alternate universe ever since I saw this on msn.com:
“GM Files for Bankruptcy; Stock Market Soars!”
Cam,
I don’t want to insult the many people with tudor homes, but I honestly think that’s an issue. They can have very awkward floor plans, small choppy rooms, too many walls and not enough appropriately placed windows and those wood accents on the stucco went out of style in 82.
I wonder how much the lack of Jumbo financing has to do with Geithner’s issues and pricing. If he really wanted to sell the home, couldn’t he simply lower the price? Or is he’s too short of funds to lower too far because he had to pay those darn pesky back taxes once he became the United States Secretary of the Treasury?
That house is just plain ugly. Needs a makeover. Makeovers cost $$$. Maybe he can float some side bonds to the Saudis when oil goes back up this summer.
I actually like how tudors look, and even tried to talk my wife into one, that, other than the fact it was a tudor, was perfect for us.
No luck. We just could figure out how to make one decent bedroom out of the 5 half-beds in the house.
I actually like how tudors look, and even tried to talk my wife into one, that, other than the fact it was a tudor, was perfect for us.
No luck. We just could figure out how to make one decent bedroom out of the 5 half-beds in the house.
I like tudors… I don’t like this one.