Marathon Pundit: "Rezko lot" next to Obama's home for sale

If you're looking for a piece of land in Chicago's exclusive Kenwood neighborhood, and you'd like to live next to Senator Barack Obama, now is your chance. Between those trees and that red house--the Obama home, is the lot that was once owned by the wife of indicted Democratic fundraiser, Tony Rezko.

(I decided not to risk getting closer to the house when I took that picture in June--yes, there are secret service agents there.)

The asking price is $1.5 million. Attorney Michael Sreenan, who performs legal work for Tony Rezko, is the current owner of the property.

The Chicago Sun-Times sums up the earlier transaction:

This would be the third time the property has changed hands since June 2005, when Rezko's wife, Rita, bought the property from a doctor for $625,000. It was the same day Obama bought the doctor's adjacent house for $1.65 million. Obama paid $300,000 below the doctor's asking price; Rezko paid full price.
About six months later, Obama expanded his property when he paid Rezko $104,500 for one-sixth of the vacant lot. Obama has since called that deal "boneheaded'' and a "mistake'' because Rezko's husband was widely known to be under federal investigation at the time. Tony Rezko was indicted a few months later, accused of demanding kickbacks from companies seeking state business under Gov. Blagojevich.

What the Sun-Times failed to mention is that the home and adjacent property had in previous transactions been sold as one unit. The appearance of course is that Obama, after he purchased the one-sixth portion of the lot, was beginning the first of several transactions to recombine the two parcels--which in essence would make Rita Rezko someone who was really involved in a backhanded loan to Obama who of course in 2005 was a US Senator.

Kenwood, particularly Obama's street, is a nice neighborhood-- and Obama lives on a mansion row.

Obama is still able to draw the crowds to his speeches because of his "rock star" status, but hasn't been able to catch Hillary Clinton in the polls as both seek the Democratic Party's nod for president. And Hillary, despite the Norman Hsu controversy, is now pulling away from her pack of rivals, including Obama.

There are a lot of theories as to what's holding Obama down, but I believe he still has a credibility issue with voters because his message of a "New kind of politics" conflicts with the smell of messy Rezko deal.

Related post: Obama vows to clean up Washington as president

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