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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.

lw,

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.
http://www.opidportland.com/commercial.html

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.

Coincidence?

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?

...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.

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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