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This page contains a single entry from the blog posted on June 2, 2010 7:42 AM. The previous post in this blog was Multi-modal miff. The next post in this blog is Your new competitor: City Hall. Many more can be found on the main index page or by looking through the archives.



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Wednesday, June 2, 2010

Dan Saltzman made $790,000 last year from real estate

According to Willy Week, old "Legend" has "a dizzying array of real estate investments" on the side of his Portland City Council gig. Whoa. To throw off $790,000 in partnership income, you've got to be worth eight figures, no? But remember, he relates to all Portlanders, especially the children. And his real estate partners never get any favors. Really.

Interesting that this news gets broken after the election.

Comments (29)

To throw off $790,000 in real estate profits in 2009 is particularly amazing. Since 95% of real estate investors lost huge amounts in 2009 how is this possible? If the "investment" made a 20% profit he would have to have invested $4 million cash. Where did that come from?

Can we have some transparency here please?

We already suspect that Sten might have done something fishy when getting his $1 million mortgage for his west hill home. How do guys who make a middle class salary pull these deals off?

I really want to know how Scam Adams virtually destitute and facing foreclosure in June of last year, yet was able to get completely current on two mortgages by October ...

Lots of envelopes changing hands at the front desk?

Partnership with any of the big developers who are so active in Urban Renewal areas would be a material fact. I would hope he would report that publically...

And Dan never, ever, ever votes in Council in a way that benefits his real-estate interests. Right.

John - It's quite possible to make $790,000 in real estate profits in the year 2009 in a legit way. I work in Real Estate, and I'm pretty sure 95% of Real Estate Investors did not lose huge amounts of money in 2009. There are all types of real estate investors. Those who are conservative, and take the long term approach may have done very well this year on real estate they purchased many years ago. Those who bought into the condo boom likely lost their shorts.

Garage Wine - My Guess is that Sam quit blowing money on frivolous things. After all, the dummy makes over 100k a year. He shouldn't have money making his payments if he was fiscally responsible. But, he is not, yet the idiots of Portland trust him with our money.

He was too shy to report it.

To throw off $790,000 in real estate profits in 2009 is particularly amazing. Since 95% of real estate investors lost huge amounts in 2009 how is this possible? If the "investment" made a 20% profit he would have to have invested $4 million cash. Where did that come from?

If it's lease / rental income, then it's possible.

If it's capital gains, then the article didn't say when he bought the properties. It may well have been before the bubble burst.

But the latter does raise the question: Why is he selling now? Has he no faith in the Portland market?

*Have Trouble Making His Payments.

Saltzman comes from family money. I don't remember the details, but my understanding is that he's never needed the income.

His family owns several highrise and midrise properties in downtown Portland plus other properties. They have been investors/owners for many decades. It would be very easy to have $790,000 of income on sale of one more properties after 30-50 years of holding property in their portfolio. Their building near the Portland Bureau of Development Services at 1900 SW 4th alone would have rent income of $790,000.

It is interesting that Willamette Week is nearly endorsing Saltzman for Mayor. This 12 year veteran didn't know where to send citizens for budget information. He suggested the Office of Neighborhood Involvement. I told him the city has a budget office and budget info is on the front page of the city's website. Not that it matters to a commissioner or mayor.


Did any properties like that even sell in 2009 when financing was practically non-existant? Most rental properties saw massive vacancy and credit losses in 2009. More detail please.

Huh? A rich guy on City Council that's completely out of touch with the average Portlander? You're kidding me!!!

$790K of passive income for a guy like Slatzman is probably nothing new at all. For all of you that voted for him, I'd like to know why you think that a guy that was born into such wealth can make decisions that are meaningful for the rest of us...seriously.

PD, your argument lacks merit.

Sorry, John. I'll stop bagging on Mr. Salty. Let me re frame my "argument" (which it wasn't meant to be).

Having this kind of wealth is probably why Mr. Salty thinks that sending $600k to his girlfriend's charity is no big deal and he can pass lack of disclosure off as just "being shy"....To Dan, $600k is nothing at all.

I don't think wealth is a bad thing at all, and for those who have it...good for them. But maybe, juist maybe, it clouds Dan's judgement...don't you think?

Commissioner Saltzman's father, the late Jack Saltzman, started the family business in 1946 and was a long-term investor in real estate. His family continues to own, operate, and manage the properties as long-term investors, not as fast-turn developers.

So, Saltzman's family business owns/operates Harrison Square. Saltzman is the commissioner in charge of the Fire Police Disability Retirement Bureau -- which happens to be located in Harrison Square.


WHile your at it, you may as well include Earl Bluemanure in the multi-millionaire club also, he did pretty well off property investments in Portland.

Knowing this guy makes $790,000 for doing nothing other than breathing makes me dislike him that much more.

Seeing Dan coast through life on Dad's money, I do have to give some grudging props to Sam and Randy. They had to really work their way up from the bottom rungs of the ladder to get to where they are with no silver spoon to suck on.

Maybe their flaws and the Faustian bargains they made to get to where they are now make them unfit to lead, but you do have to give them some small smidge of credit for getting to the Council with none of the connections and advantages Silent Dan enjoyed.

But the real question is: Did he pay his "fair share" of taxes on that $790,000? do have to give them some small smidge of credit for getting to the Council with none of the connections and advantages Silent Dan enjoyed.

Do you really think that Sam would have been elected Mayor if he wasn't connected to Vera as her chief of staff?

True, but how did he get himself to the point where he could be plucked from obscurity by Katz? From all the accounts I've read he grew up poor and by dint of hard work and ambition (not to mention some lucky breaks and kissing the right a**es) shrewdly positioned himself to get to where he is. And he clearly is smart and willing to put in grueling hours (although, of course, activity does not necessary correlate with accomplishment).

I'm not saying I like him or approve of what he's doing. Far from -- if he runs for re-election, any viable challenger to him (read: pretty much anyone who can fog a mirror) automatically gets my vote. The sewer-funds-for-bikes thievery was my last straw.

But if you go for up-by-the-bootstraps stories, and feel that public office needs to be earned and not bought with family money, than a fair person has to give Adams some credit for what he's accomplished.

Nothing wrong with having at least one city commissioner, especially in budget season, who understands the difference between a million and a billion.

I doubt a fair commenter could suggest Saltzman perpetuates the Police and Fire disability system. I think exactly the opposite is true if you've been paying attention. He seems to be the only one willing to do anything about it.

If you begrudge the guy for coming from family money, boo hoo. We would all be so lucky. He's modest about it from what I've seen. Nice to have somebody in office whose interests aren't dependent on pandering and creative uses of our tax dollars.

And he clearly is smart

I think the adjective you're looking for is "glib."

Or "delusional."

After doing some reading on the good posts here I want to apologize to Saltzman. If what I read here is true, his income seems legit and I don't disparage him for it.


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In Vino Veritas

Lange, Pinot Gris 2015
Kiona, Lemberger 2014
Willamette Valley, Pinot Gris 2015
Aix, Rosé de Provence 2016
Marchigüe, Cabernet 2013
Inazío Irruzola, Getariako Txakolina Rosé 2015
Maso Canali, Pinot Grigio 2015
Campo Viejo, Rioja Reserva 2011
Kirkland, Côtes de Provence Rosé 2016
Cantele, Salice Salentino Reserva 2013
Whispering Angel, Côtes de Provence Rosé 2013
Avissi, Prosecco
Cleto Charli, Lambrusco di Sorbara Secco, Vecchia Modena
Pique Poul, Rosé 2016
Edmunds St. John, Bone-Jolly Rosé 2016
Stoller, Pinot Noir Rosé 2016
Chehalem, Inox Chardonnay 2015
The Four Graces, Pinot Gris 2015
Gascón, Colosal Red 2013
Cardwell Hill, Pinot Gris 2015
L'Ecole No. 41, Merlot 2013
Della Terra, Anonymus
Willamette Valley, Dijon Clone Chardonnay 2013
Wraith, Cabernet, Eidolon Estate 2012
Januik, Red 2015
Tomassi, Valpolicella, Rafaél, 2014
Sharecropper's Pinot Noir 2013
Helix, Pomatia Red Blend 2013
La Espera, Cabernet 2011
Campo Viejo, Rioja Reserva 2011
Villa Antinori, Toscana 2013
Locations, Spanish Red Wine
Locations, Argentinian Red Wine
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Shatter, Grenache, Maury 2012
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Primarius, Pinot Gris 2015
Januik, Merlot 2013
Napa Cellars, Cabernet 2013
J. Bookwalter, Protagonist 2012
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Marchigüe, Cabernet, Colchagua Valley 2013
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Balboa, Rose of Grenache 2015
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G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
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Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
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Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
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The Occasional Book

Phil Stanford - Rose City Vice
Kenneth R. Feinberg - What is Life Worth?
Kent Haruf - Our Souls at Night
Peter Carey - True History of the Kelly Gang
Suzanne Collins - The Hunger Games
Amy Stewart - Girl Waits With Gun
Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 113
At this date last year: 155
Total run in 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269

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