There Are 22 Responses So Far. »

1. Pingback by Chicago Developer Was Mole For Feds, Target Obama Buddy Tony Rezko — The Real Estate Bloggers on 24 June 2007:

   [...] If you follow politics you will know many of these names in a developing story of corruption in the Chicago commercial real estate market. John Thomas, convicted of business fraud in New York, went to Chicago to “facilitate” commercial real estate deals. One of the people he did business with was Rezmar Corp. owned by Tony Rezko, the shady developer who gave neighbor Barak Obama the sweetheart deal on a piece of land. [...]
2. 

   Comment by Phil Krone on 1 January 2008:

   Actually, Barack got the house he wanted, paid a more than fair share for an extra ten feet of the adjoining lot (which would eliminate even the appearance of impropriety), and which did not reduce the value of the adjoining lot (still 50′ and therefore developable), and because it has frontage on Hyde Park Boulevard has of right zoning for up to 16 units. From a practical standpoint, and because it is in a historic district, the ‘profitable solution’ would be to have 4-6 townhouses, or 4-6 edifices which appear to be townhouses (with floor through condos) or one mansion appearing edifice with 8 – 12 condos. Even with zoining approval for 16 units it is difficult to plan for more than 12. In any event, the land price per unit of housing makes the price paid for the vacant lot a real steal.

   He obviously didn’t want the vacant lot, although he did want to get a larger side yard. He also wanted a fence that met his awesthetic standards, and the reason he mowed the mpty lot aas well as his house’s yard (ant the additional 10′ he purchased) so that it would have a proper appearance.

   If anyone has questions concerning my remarks feel free to email me.
3. 

   Comment by Mary on 10 January 2008:

   Oh please. AT the time Obama purchased the property, he couldn’t afford the additional lot and the one who could make it affordable for him was Rezko, an indicted political operative who incurs favor with political figures such as this guy and extracts contracts and other favorable deals. So the suggestion that Obama was innocently just looking for a nice yard is absurd and suggests that all of us are so stupid that we cannot see this deal for what it truly is. Even Obama didn’t go that far. He admitted that it was a “bonehead” decision on his part, which I don’t think he would have said if he felt that he was truly innocent in this mess. Regardless, I believe that all of this will now be aired out by the Clintons for the remainder of this campaign.
4. 

   Comment by Yermal on 23 January 2008:

   The land deal is still clouding the image of Obama when we exaamine the deal developments. The seller had two adjacent separate lots. One has the old Georgian renovated mansion in which Obama was interested and the adjacent lot was vacant. The seller wanted to sell both the lots together. Obama could not afford to buy both the lots. He discussed the matter with his buddy Tony Rezko, the shady real estate developer, and Rezko wanted to help Obama, a rising political star. It is no surprise that Rezko decided to purchase the adjacent lot so that Obama would be able to buy the mansion in a transaction which was carried out on the same day.

   Obama was able to purchase the masion for $300,00 less than the asking price while Rezko, an astute developer, paid the full asking price of $625,000 for the adjacent lot of 9000 square feet. Soon after, Obama wanted to have a larger yard for his mansion and purchased one-sixth of the Rezko’s lot for one-sixth of the price ($104,500) Rezko had paid. However, the appraisal value of that piece of land was estimated at $40,500, when Obama got it appraised. If this value is applied to the entire lot of Rezko, the value of it amounts to $243,000, about $382,000 less than what Rezko had actually paid to the seller. Considering the above matters, it appears that the land deal of Obama and Rezko raises important questions to be further investigated.

5. Pingback by Real Estate News This Morning - January 30, 2008 | Real Estate Radio USA on 30 January 2008:

   [...] Obama For Change? Seems Like Every Other Politician  / (Doesn’t He?) [...]
6. 

   Comment by Phil Krone on 2 March 2008:

   Everyone who has posted since mine is missing the point. First of all Rezko contributed to many excellent public officials. Secondly any developer would have done well to purchase the adjacent lot to Obama’s house. The fact that the price of the house was reduced from $1,950,000 to $1,650,000 and the empty lot’s price was not reduced is irrelevant. What has not appeared in either the Tribune or the Sun Times is that the house Obama paid $1,650,000 for was purchased by the sellers for only $825,000 in 2000. Obama is honest and honorable and so is his wife.

   I offered to communicate with anyone who wishes to email me, but no one did. The problem with most people who leave comments is that facts mean nothing to them.
7. 

   Comment by Mary on 4 March 2008:

   The facts mean everything to me but apparently nothing to Obama who is not honorable nor honest. If he practiced the transparency he preaches, he would tell us how many fundraisers Rezko threw for him. He would tell us the total amount of money that Rezko contributed and/or bundled for him. He would tell us why Rezko needed to conduct a walk through with him before making this big purchase. That is just the beginning. Even his media supporters, i.e., Lynn Sweet and Carol Marin, are asking these questions and noting that he is not forthcoming.

   That the sellers paid only $825,000 for the house in 2000 is totally irrelevant. No developer would want to buy a lot with the notion of immediately reducing its value by siphoning off a portion of it let alone pay full price for that lot. That it was a bad investment on Rezko’s part, and therefore was not intended to be an investment or purchased for development, is clearly established by the fact that it has been sitting unoccupied ever since the purchase. That Rezko contributed to other politicians does not exonerate Obama who is running based on claims that he is good and truthful and honest and sincere and wonderful. I don’t believe that anybody will call the present governor of Illinois an “excellent public official” as you suggest and Obama certainly has never proven that he is because he has done nothing for his constitutents. What is relevant, however, is that you are one of the people affiliated with the Obama campaign who also has thrown fundraisers for Obama.

   The problem for Obama is that all of this is slowly coming out and undoubtedly will crescendo during the Rezko trial, particularly if the defense calls him as a witness, which it should.

8. Pingback by Obama Rezko Real Estate Deal Could Play Large Part in the Election — The Real Estate Bloggers on 5 March 2008:

   [...] may want to subscribe to my RSS feed. Thanks for visiting!A year and a half ago I did a post at on Barak Obama’s real estate deal with Tony Rezko that is playing a major role in the Democratic Primaries. The post has even attracted [...]
9. 

   Comment by Mary on 10 March 2008:

   Your last entry did not link to the correct page. Would you please redo?
10. 

    Comment by dela on 19 June 2008:

    I worked for a Muslim in West Africa who was as corrupt as they get, but that does not mean that I am corrrupt. I’ve had several bad bosses, some of them might have even been part of the Mafia, when I worked in restaurants in Virginia Beach. They helped me in many ways, but they still did not corrupt me. Just because Obama knows someone who is corrupt doesn’t mean that he is also corrrupt.
11. 

    Comment by Phil Krone on 20 September 2008:

    I haven’t looked at this site for a while.

    I have previsouly asked concerned individuals, including Mary to email me. But my email never appears, so hopefully it will this time. Here it is in the body of my response pkrone1@earthlink.net . Now I repeat, while retrospectively it looks wrong for Obama to have had any dealings with Rezko, the key point is that Obama received no direct benefits, nor did he do anything wrong. The footage he purchased from Rezko’s vacant lot was paid on an equal square foot basis, even though it was the least valuable portion of the vacant lot and did not diminish Rezko’s (now since sold) zoning rights.

    The reason the price of the empty lot did not come down is because it was and is actually worth more than the asking price, and the home was sold at twice the owners’ purchase price and the reduction in the asking price reflected the real value of the house.

    Barack Obama has been subject to more villification and character assassination than I have ever seen before in 54 years of observing politics closely.

    Phil Krone
12. 

    Comment by Tom Royce on 20 September 2008:

    Phil

    Wake up and smell the coffee if you think Obama has been subject of “more vilification and character assassination than I have ever seen before in 54 years of observing politics closely.”

    His dubious relationships with domestic terrorists has barely been subject to review and he is treated by kit gloves by the media.

    If you want to see character assassination check out what has happened to Sarah Palin if you can see through your partisan glasses.

    I respect you fighting for your candidate, but the reason you are fighting this issue on a small website is that the Rezko angle on Obama is the weak link. If this information was allowed to get into the mainstream conversation you know the electorate would be dismayed.
13. 

    Comment by Mary on 24 September 2008:

    This is more pap and spin from a long time Obama insider to try to divert attention from a deeply troubling and long term relationship with a convicted felon. Obama repeatedly gave Rezko sweetheart deals where Rezko made a fortune on the backs of the impoverished in Obama’s district and Rezko paid those favors back with campaign contributions and provided Obama with what essentially is financial assistance to purchase his dream home that he otherwise would be unable to do. By buying that lot, Rezko consummated the deal for Obama. Pure and simple. There has been no character assassination or villification of St. Obama but rather the media, at the behest of people like this author, have deified Obama and cleansed his background that resume to the point where he is totally unrecognizable. I’m surprised that Mr. Krone has not called us racists for challenging Obama.

14. Pingback by Tony Rezko Involved In Governor Real Estate Payoff? : The Real Estate Bloggers on 5 October 2008:

    [...] you remember the name Tony Rezko, he was the kickback artist who “bought” the property next to Presidential Ca… and sold him a part of it to help him [...]
15. 

    Comment by LittleNana on 2 November 2008:

    It is so amazing to me that the people who repeat these scripts written by the republicans have no brains for any information outside of what their scriptwriters have written for them. They become puppets.

    Phrases like land deal (When did a land deal become unlawful?), Shady (what’s shady? Is McCain shady for his involvement in the Keating crime gang?); hanging out with terrorists (Alluding to a man how did something as a young man (can we look into your past?) and who has been a reputable citizen for 40 years, you should be ashamed.) or calling someone dishonest just because of your prejudice of not trusting people who are not your color (It’s the ones who are your color that you need to be worried about, why do you think the biggest crimes are called “white” collar crime? It’s because it is created by “white” men, yet these criminals go on to be your hero’s!) and the implication that Obama is a Muslim when he has gone to a large Christian church for 20 years is just ???? What are you thinking? Oh that’s right you can’t think! Plus, more genocide, death and destruction in the world has been caused by Christians than any other religious group. Check history. But I guess that’s OK?

    Facts, logic, self research seem to elude you. Also when you are prejudice your brain reacts the same way. It’s like talking to a dead person! That is sad.

    I suggest to any thinking person that you leave the dead to themselves and go where there are thinking people, these dead heads are beyond help! And to the deadheads, get ready, change is coming in this country Obama or not so get ready! This movement is on track! This is for the record.
16. 

    Comment by Tom Royce on 2 November 2008:

    LittleNana

    What change is it that is coming. Viva La Revolucion change or morphing into Chicago politics sort of change. the only question raised in this post is that Obama bought land from a shady character to benefit himself. The other property is now essentially worthless. Is this the sign of a good man or a shady politician?

17. Pingback by Chicago Alderman Vrdolyak Falls In Rezko Scandal : The Real Estate Bloggers on 4 November 2008:

    [...] to my RSS feed. Thanks for visiting!It being election day, it is quite fitting that another Chicago Alderman that was tied closely to Tony Rezko has plead guilty to accepting an illegal finders fee for a Gold Coast real estate [...]

18. Pingback by Blagojevich’s Wife Now Target Of Real Estate Probe : The Real Estate Bloggers on 15 December 2008:

    [...] Chicago, and how Patti Blagojevich had a thriving real estate practice. Oh, and remember the whole Obama and Tony Rezko real estate mess? Patti did a lot of deals with Tony [...]
19. 

    Comment by Jersey on 23 December 2008:

    I love it , I bet he is a lot of fun. He seems to have a lot of spirit and will surely lead this country well.
20. 

    Comment by Phil Krone on 5 September 2009:

    Every once in a while I return to this site. Tom Royce and Mary (no other name posted)still don’t understand. The empty lot, whether it was 50′ or 60′ wide was a developable lot. (While the FAR was obviously reduced by almost 17%, the constrictions of a historic district made that fact irrelevant. It wouldn’t be developable if it were under 50′. Because it fronts on Hyde Park Boulevard it has better zoning. Because it is in an historic district and the local alderman is incorruptible (even though she received significant contributions from Rezko) it will not be asy to develop it. But I know how to do it in a amanner that would be acceptable to all concerned. I’ve been doing that professionally since the early 1970’s very successfully and without any complaints.

    I do believe that Tom Royce and Mary had adequate reasons to be concerned from their point of view, and they will never be satisfied that this wasn’t a shady deal, but it really wasn’t.

21. Pingback by Pat Dollard | Young Americans | Blog Archive » NY Times & Others: Hussein’s Dealings With Indicted Syrian Businessman Have Appearance Of Corruption on 10 October 2009:

    [...] that they had) Are we supposed to believe these guys were friends for 20 years and simply coincidentally bought two pieces of land right next to each other, on the very same day, but unbeknownst to each other? Or should we suspect [...]
22. 

    Comment by Phil Krone on 24 October 2009:

    Obama and Rezko were not ‘buddies’ although they did know each other, and I’m not sure exactly how long they knew each other and to what depth. However there is no doubt that Rezko helped Obama get the house he wanted by agreeing to buy the empty lot next to it. Rezko knew he was getting the better part of the deal by far: a developable empty lot with low taxes for a price much lower than it was really worth. If I had been Obama I would have asked to retain at least a 25% share in the empty lot for having alerted Rezko to it.

    Obama is not perfect. He doesn’t have a magic wand to solve the problems built up in more than eight years. But he is honest and intelligent and working hard. And yes, he is the most vilifed president I’ve ever seen. Not even Nixon who was guilty of a comparatively minor crime, or Clinton who was guilty of an even lesser transgression were not as verbally savaged as Obama has been, not just from the first day of his Inauguration, not from the length of his entire campaign, but also from the first day he was elected to Inauguration Day. He has had no honeymoon from the far right wing, although in fairness, most of the Congressional Republicans even while opposing him have not castigated him to the degree the two college drop outs, Rush Limbaugh and Sean Hannity have.

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