Housing Crisis Over!
- Former Mayor Richard Daley has sold his longtime Near South Side town house to his daughter and her husband.
Property records show Daley sold the 3,040-square-foot home in the 1400 block of South Prairie for $750,000 on Sept. 13. The buyers were daughter Nora and her husband, Sean Conroy, vice president at Grosvenor Capital Management.
Records further show that Daley’s family trust provided a mortgage of $739,557 to the buyers.
The former mayor and his late wife, Maggie, bought the four-level unit in 1993 for $410,000 from MCL Cos., the developer of the project in the Central Station complex.
A profit of $340,000 during the worst housing downturn in history. And sold to a Daley with a mortgage from the Daley family trust.
Huh?
Must be some accounting trick we never heard of.
Labels: sarcasm AND silliness
posted by SCC at 12:03 AM
57 Comments:
Apparently goes for daughters too...
“If I can’t help my sons then they can kiss my ass!” the Old Man (Richard J. Daley) thundered to a meeting of the Cook County Democratic Central Committee. “I make no apologies to anyone. There are many men in this room whose fathers helped them, and they went on to become fine public servants. If a man can’t put his arms around his sons and help them, then what’s the world coming to?”
Richard J. Daley, 1971
One enters public service not to enrich themselves, but to serve the...
Oh, that's right. This is Chicago.
Jessie Sr. done had a baby.
probably zero interest
Heh a 1.5% down stroke.
Probably gets the mortgage interest tax write off for paying back money into his own family trust right?
Later when they sell that place since the cost basis is so highly inflated they'll prob. beat a cap gains tax too.
It's a way to give your child money and avoid taxes. He has them pay the higher price so that becomes their basis for when THEY sell the home (it looks like they are making little profit when they sell). Dad finances the deal so kid doesn't actually have to pay that amount right now, and doesn't have to worry about appraising for high enough for a traditional bank loan. Dad forgives $26,000 worth of the debt every year to stay within the gift tax exclusion limits (basically giving the couple $ 26,000 worth of house every year). His estate forgives the remainder when he dies.
Former Mayor Richard Daley has sold his longtime Near South Side town house to his daughter and her husband.
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Did it come furnished with a taxpayer-funded mischief of clout-heavy CPD rats disguised as "Security Specialists"?
He's the main culprit in our pension mess yet he carries on with government pensions, 6 figure jobs, taxpayer provided bodyguards and vehicles. You know cause this pension mess is OUR fault.
That fucker ought to be in jail. What he did to our pension fund was political malfeasance. Instead the beat goes on and Rahm says its OUR fault and we must take a cut to be fair to the taxpayers!
bought with parking meter money.fuck the daleys.
Future Mayor "Lally" needs to meet jer residency requirements
Of Course!
There's got to be a benefit to someone, somehow in the Daley family....if not, way to screw your kid!
BTW, does shortpants till have free CPD security??? Or did all of his guys just get promoted?
Let me guess?
The mortgage has no end date and I'm sure their is an inheritance provision of not having to pay the money back to the Daley trust.
Sounds like a "Vanecko Pension" scam!
Da Pelon
It's called tax avoidance. Unfortunately it's legal.
It sounds like they borrowed against the family trust for the property. Only certain trust funds allow for this, a family trust being one of them. The money has to be paid back into it. Wealthy people do this all the time.
Nice job for the son inlaw, wonder who got it for him?
Mark my words, Nora is the next to run for office.
No mystery. It is all about how his wealth is legally bequeathed when shanks kicks the bucket.
oh come on, that's a perfectly reasonable profit on a 1993 price. Had he made that much on a 2006 price, you'd have a point.
Didnt obammy pull the same trick when he and his pal tony rezko closed on their homes the same day, were next door neighbors, obammys house was purchased under market value AND they both used Patty Blago as their realtor? MOVE ALONG, MOVE ALONG, nothing to see here...
anyone know if the detail still drops off/picks up lallys drycleaning and chauffeurs her kids to school?
Anonymous said...
bought with parking meter money.fuck the daleys.
10/17/2012 03:08:00 AM
Daley now works for the law firm that negotiated that parking meter deal. He is "of counsel," that is, an employee, not a partner or associate. Mumbles is getting his "thank you" payoff money in the form of paychecks for being the dumbest lawyer in the office.
Isn't that a remarkable coincidence?
So the City of Chgo financed the mortgage, with some of the $$ he stole from the City of Chgo!
Daley was always good at selling things:
He sold the skyway
He sold the parking meters
He tried to sell Midway airport
Yes, Daley has been an attorney for many years, but never was in private practice, always in government service. But he has managed to amass a fortune during that time and is a multi-millionaire and he has enriched many of his family members as well. i really do not know of one attorney in govt. service who can afford a 700 thousand dollar home.
Hold on, so you mean to tell me none of you would do the same thing (which is legal) for your children if you could?
Actually my first instinct here is that they had to keep the house in the family. Too many questions about all the "renovations" and "upgrades" that the former mayor didn't have "receipts" (chuckles...) for.
In most families, non-criminal of course, properties are left to the children. Unfortunately they couldn't cover the "vig" and opted for the slush trust fund.
did he move into his condo that Walsh construction holds the deed to at Millenium Towers next to CulturalCenter at Randolph and
michigan.I m sure he came up with the $700k the condo is worth.
The Really SAD PART is that MANY Police AND the UN_ENLIGHTENED Will Continue To Vote For The
Dem-O-RATS!!
Is he moving back to Bridgeport? Probably missed the hot dogs.
He sold his house! So what. He sold hs soul long ago.
MCL developments also known for glomming Cabrini land and DePaul area plots for diddly. No Daley connection.
The Daley Family Trust, so does that mean The Kings gold is protected from lawsuits and seizures?
Sure seems like ShortShanks is liquidating his tangible assets, but why? JJjr. is too.
Listen to the guy when he often said "being Mayor of Chicago is the Greatest Job Ever!"
What do you think he was talking about?
Hint.... it wasn't opening the newest library.
Hey that is probably about right. You have to remember that the $410,000 that Daley purchased it for was probably half the going rate at the time. He probably had every upgrade there was available and then some. The 410 was probably the going rate for a unit empty. Remember that the developer need "city hall" approval for building all of it.
His unit probably was worth $1,000,000 when he purchased it.
Don't worry about a thing. Rahm's delay tactics to keep from revealing the cuts and tax increases about to be unleashed is working just fine.
You know...that city budget based upon an improving economy...We see the improvements all around us.
Here's another one today in fact.
Abbott Labs cuts 550 workers, 100 here; hundreds more next year
Updated: October 17, 2012 12:30PM
North Chicago-based Abbott Laboratories is laying off 550 workers globally, including 100 in the Chicago metropolitan area, and plans to cut hundreds more next year, the company said Wednesday.
The diversified medical products maker, which will soon split into two companies, said the cuts are across its nutritionals, vascular, branded generics and molecular diagnostics businesses.
http://www.suntimes.com/business/15804350-420/abbott-labs-3q-profit-up-without-year-ago-charges.html
The layoff-ees need to get in line over at the mayors community college so that they may be re-trained for the jobs of the 21st century. Not this old school pharma stuff. Take a welding class and get to the back of the line...see if you can repay your six figure education cost with that!
We are so, so proud that the mayor has successfully pulled this off so that his campaign fund raising trips and parties are not effected.
Oh yeah...and crime's down.
Where's the Mayor?
He's partying like it's 1999 with all his corporate friends in Florida. Screw this hell hole Sanctuary City man we gots $10,000/plate lunches to go to.
It's a way to give your child money and avoid taxes. He has them pay the higher price so that becomes their basis for when THEY sell the home (it looks like they are making little profit when they sell). Dad finances the deal so kid doesn't actually have to pay that amount right now, and doesn't have to worry about appraising for high enough for a traditional bank loan. Dad forgives $26,000 worth of the debt every year to stay within the gift tax exclusion limits (basically giving the couple $ 26,000 worth of house every year). His estate forgives the remainder when he dies.
_____________________________________
This is not a bad analysis. The forgiven debt will lower the tax basis. But if this actually happens, then the IRS might rule that it was a sham transaction and treat the property transfer as a gift.
Future Mayor Lally is a Deadhead.
Actually Shortshank is giving his daughter a deal. Nice way to avoid inheritance or gift taxes.
Considering the millions he's pulling in he can afford it. She's the only one who has given him grandchildren so far. Gotta spread those high IQ Daley genes.
Just when you thought it was safe to go back into the gene pool...EEK.
Housing crisis or not he's been there for 17 years and there's still been a great deal of appreciation there.
Looks like the taxes are about $18,000 per year.
http://chicago.blockshopper.com/property/17221091270000
/1476_s_prairie_unit_d/
The estimate of the real home value is around $958,000. I asked a real estate agent I know who works the south loop what the value was and he went a bit north of there to about 1 to 1.1 million dollars.
http://www.zillow.com/homedetails/1476-S-Prairie-Ave-UNIT-D-Chicago-IL-60605/3876561_zpid/
OT-but important you read.
Read what the military is saying about oboma and his failure to act for six hours while listening to the transmission of the Benghazi attack over the phone, a call that was generated by a soldier who was killed while on the phone. In the meantime, the phone line was still open and the Pentagon, the State Dept., the White House and everyone else with authority to hear the transmission, WERE listenting to it in REAL TIME as it occurred, and which was confirmed by Ms Lamb of the State Dept, who recenty testified that she/State Dept. and all other agencies with authoritzation heard the very same transmission IN REAL Time. And oboma did nothing but iisten for six hours to the transmission..though he said he was not informed...lying again. Oboma refused to give the order to those military personnel in locations surrounding Benghazi to put into place the operational plans that would have saved lives in the Benghazi terrorist attack IF they were given the order to do so, and oboma did NOT give the order.
Oboma did nothing, and now he's scrambling to coverup what he did and did NOT do. Oboma first attempted to buy some time by saying, #1, the reason for the outpouring of rage was due to the anti-Mohammand "movie." 2. Oboma then purposely had Hillary Clinton and the Ambassador to the UN, Susan Rice, peddle the line that they did not know all the facts and were "still investigating", that the "movie" was the cause of the uprise, and would not say that it WAS a terrorist attack, when in fact they all knew the truth from the moment the terrorist attack started via transmission by phone and and security,close circuit cameras in the compound. #3 Then after days, weeks, oboma states that it "was a terrorist attack. Oboma was buying time to coverup and string out the eventual truth..almost. Whatever oboma was planning that blew up in his face, his decisions, his crass disregard for the safety of the Ambassador and the soldiers, who more than once requested marine protection, and were denied several times by the State Dept...who gave the order to refuse the Ambassador? And especially on the anniversary day of 9/11? There is blood on the hands of oboma, Hillary, Valerie Jarrett/everyone who was involved in this coverup, and they must be tried and convicted by what they DID and DID NOT DO..
Check out www.blackfive.com for the military's take on this.
Check out http://audio.wrko.com/a/64657882/col-hunt-on-the-newest-libyan-revelations.htm (select downloads..you may hear two voices initially, but hit the enter key and the transmission will clear.) Col.David Hunt, who has appeared on FOX NEWS and other media, explains during a radio interview what was testified to at Congressman Issa's Investigative Committee in Washington recently, and explains what oboma should have done, what was NOT done, and WHY oboma failed to act.
Oboma's national security policies, his deference to the Muslim Brotherhood, his failure to act when necessary (don't mention the killing of Osoma. Oboma knew the facts early on and failed to act on several occasions when Osoma could have been eliminated, per the SEALs testimony, and yet he didn't, until forced to.) were responsible for five deaths recently. Failure to get rid of socialist Oboma in November could get us killed in an attack on our country..oboma knew that the
Ambassador and soldiers were killed, and STILL continued with his campaign, appearing on David Letterman, other talk shows, holding fundraisers with Hollywood types, and continuing to lie about what really happened in Benghazi.
Remove this dangerous socialist oboma from office in November...vote him OUT and put in a man who loves this country and vows to protect us, and support our allies such as Netanyahu/Israel. Who also vows to put the muslim world in its place, and not BOW to them. Vote for Romney and take this country back from the inept socialists.
It is his money. what is wrong with lending it to a family member.
I would guess some of the speculation about why this is financially attractive might be on point. but so what if he is doing it to reduce his inheritance taxes, or because he wants some tax benefit that is available doing it this way.
the rich have a lot more options then the rest fo us do.
Hey do ya think that Lally would want to buy my Scottsdale 2 bedroom house on a slab with a carport?
Anonymous said...
It sounds like they borrowed against the family trust for the property. Only certain trust funds allow for this, a family trust being one of them. The money has to be paid back into it. Wealthy people do this all the time.
10/17/2012 08:24:00 AM
My son dies that all the time.
He says "Dad, can I borrow $30 against the family trust fund?"
And I say "Why do you need the money?"
To which he replies "I'm going out with the guys and I need some drinking money."
And I then say "Sure, just as soon as I can have the proper family trust loan documents prepared, signed, notarized and recorded with the County Clerk's office."
To which he complains, "come on dad, can't you just reach into your pocket for the cash like all the other times? You know damn well there isn't any family trust."
And I usually reply, "Your are over 30 years old, get a goddamned job!"
And then he says, "Come on, I could be out shooting dope or pulling stickups and burglaries instead of mooching off of you."
And then I reach into the real family trust, to wit my left front pocket, and fork over some cash.
Anonymous said...
Hey that is probably about right. You have to remember that the $410,000 that Daley purchased it for was probably half the going rate at the time. He probably had every upgrade there was available and then some. The 410 was probably the going rate for a unit empty. Remember that the developer need "city hall" approval for building all of it.
His unit probably was worth $1,000,000 when he purchased it.
10/17/2012 01:47:00 PM
No, it wasn't worth a million when he bought it. I was about to sign on the dotted line for the one adjacent to it, sharing the wall, when I decided I didn't want to pay the taxes on a three hundred thousand dollar home near the lakefront, so we killed the deal. The Daley purchase was announced in the next day's Sunday newspapers.
I do know his unit had an elevator installed where the front coat closet was supposed to go, which added to the cost. The price he paid for it, at least on paper, was market rate at the time.
the scams continue by the best scammer of them all.
RMD should be a part time salesman...
that house is not worth 400k.
for 700k, you should get at least a built in pool.
O Boy, these Daley' are great Americans !
Richie spends all his time in Red China.
His Thug kid hangs out with his friends from the former USSR.
Maybe the lil Man is a nervous with a new President coming in. Mitt could care less about the Chicago Machine and all it political criminals.
The new U S attorney General will have a field day in Chicago.
God bless the great USA.
The top guy at that Grovsnor company is also Rhammy's "money guy" for the city. Check it out.
And then I reach into the real family trust, to wit my left front pocket, and fork over some cash.
10/17/2012 06:16:00 PM
you'd do better with a dog, even considering the cost of rawhides these days.
It is his money. what is wrong with lending it to a family member.
10/17/2012 04:54:00 PM
you have a pretty loose definition of what 'his money' means.
or do you really believe he's actually earned what he's gotten over the years?
His unit probably was worth $1,000,000 when he purchased it.
10/17/2012 01:47:00 PM
his unit has never been worth more than the value of wasted nuts.
Anonymous said...
Hey do ya think that Lally would want to buy my Scottsdale 2 bedroom house on a slab with a carport?
10/17/2012 05:38:00 PM
Nora, Daley's eldest daughter bought the town home, not Elizabeth (Lally), his youngest.
Anonymous said...
Hey do ya think that Lally would want to buy my Scottsdale 2 bedroom house on a slab with a carport?
10/17/2012 05:38:00 PM
Nora, Daley's eldest daughter bought the town home, not Elizabeth (Lally), his youngest.
10/18/2012 12:36:00 AM
which is why, what?
Anonymous said...
O Boy, these Daley' are great Americans !
Richie spends all his time in Red China.
His Thug kid hangs out with his friends from the former USSR.
Maybe the lil Man is a nervous with a new President coming in. Mitt could care less about the Chicago Machine and all it political criminals.
The new U S attorney General will have a field day in Chicago.
God bless the great USA.
10/17/2012 09:06:00 PM
The new US Attorney is handpicked by Durbin and Mark Kirk. They are not going to stick another Patrick Fitzgerald in there. Expect a life member of the good old boys club. Someone who goes after the small fry and leaves the whales alone.
I wonder just how much cash the Daley's have buried in Mason jars on their property in Michigan.
you all know that Grovesnor is just a financial vehicle to funnel money to the dumbocrats right? a artner of Grovesnr that lives in the northern burbs gave $40000 to daley's campaign a few yrs ago.. gotta wonder why... follow the money
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