Posted on 10/17/2008 8:45:58 AM PDT by Brown Deer
CHICAGO - The large brick house Barack and Michelle Obama bought in June 2005 sits in a neighborhood of historic mansions.
Its 6,400 square feet included six bedrooms, six bathrooms, and a wine cellar for 600 bottles. It had been renovated five years earlier in high style: antique Chinese washbasins, mahogany bookshelves, a granite kitchen floor.
It was a fitting home for a new senator. And it was a good deal. The list price was $1.95 million, but the Obamas paid $1.65 million, the same price the sellers had paid five years before.
Obama called Rezko for advice. The men toured the property, and on the day the Obamas bought the house, Rezko's wife Rita bought the side yard. The Obamas negotiated a discount of $300,000. Rita Rezko paid full price.
(Excerpt) Read more at boston.com ...
Move along folks, nothing to see here.
Hey, this is Chicago.
When you look at how the Obamas were allowed to slice off such a chunk of the vacant Rezko lot, that is a crazy transaction (except from the standpoint of the Rezkos benefitting their friend the Obamessiah). The vacant lot becomes far less desireable once it has been narrowed so much.....
It looks like someone did well under the Bush Economy.
They probably will not live in this house again if Obama gets elected President—the Secret Service security issues may make it not viable for this purpose. He’ll probably have to live in a highly-protected mansion with a lot of buffer space (e.g., live fairly far out from Chicago) or a house out in the country like President Bush does or the late President Reagan had. (In short, he’ll probably end up asking one Oprah Winfrey for such a place.)
At a time when home prices were soaring, the seller gave the gain to Obama. What will Obama owe the seller in return?
Obama is one of the creepiest looking people I have ever seen.
Isn't Barack's carbon footprint a little larger than it needs to be? Shame on him.
A pardon (Rezko).
Did you read the article? It says the seller accepted the Obamas’ offer because they agreed to a six month escrow. It’s also not uncommon to buy a house for less than the asking price.
ping
Did you read the article? It says that Rita Rezko sold the remainder of the lot for a 9% profit, and the new owner has listed it for $995,000, which is quite a profit since the original entire lot was sold for $625,000. The new owner judges the vacant lot to be much more desirable because it is next door to the Obamas.
Because living next door to a politician is good economics? Or because it's an easy way to funnel shady cash to a politician? Or maybe I'll buy the lot and then offer to sell it to Obama for a buck as long as he...gosh, I don't know. There are a lot of options for someone who has done a politician a "favor".
You cannot be this naive.
DU Trolls usually come across as naive, not to mention brain-dead and morally bankrupt.
Yeah, but who would pay almost a million dollars for such a narrow lot? What kind of skinny house would fit on it?
All of this because the original sellers wanted a buyer very quickly, but not actually one who could move in quickly. I'd investigate all of the people involved and see what Obama has done for them: the original seller of the house, the current owner of the lot and whoever ends up buying the worthless property.
Not in 2005 it wasn't, noob.
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