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A Tale of Two Real Estate... Moguls, Tycoons or?

By
Real Estate Agent with The Gasset Group & Get It Done For Me Virtual Services 13253167-SA00


A Tale Of Two Real Estate... Moguls, Tycoons or? 


Jorge Perez looks like he has aged quite a bit since the real estate boom days when his legacy of changing the landscape and skyline of Miami was coming into fruition. Jorge Perez is the Chief Executive of the Related Group. 

This is a story of rising prosperity and into trials that define a person's character. It is a story of triumph in spite of the market and the resiliance along with determination that makes an entrepreneur pick himself up off the floor once he has fallen. 

Jorge Perez is born of Cuban parents. I know the industrial nature of Cubans and since my husband and our children are Cuban I am partial and biased. Jorge was born in Argentina. He graduated from the University of Michigan with high honors with a Masters in Urban Planning. 

In 2005 Time Magazine named Jorge one of the Top 25 most influential Hispanics in the United States.  

The Related Group is the largest Hispanic owned business and had an excess of $10 Billion in development projects in the United States.  Forbes had him listed in the top 400 Richest people in America in 2008. 

He is a self made Billionaire. He started out building low income housing, moved into building affordable housing and then moved into building high- end luxury condo projects. 

Mr. Perez considers the past few years to be his best work. We would watch these amazing condominium highrises dotting the skyline from West Palm Beach to Fort Lauderdale to Miami. 

He is 62 years old and is up and running again after taking a huge hit in our South Florida market when it crashed and left Jorge still carrying the bag. There were buildings still under construction when the bust hit here. There were many units that ended up without buyers for awhile. A lot of buyers simply walked away from their deposits because they were speculators and were planning on flipping the condos before they were built out. 

Jorge could have taken the easy way out. He did not ask for a bail out and he did not declare bankruptcy. He has been fighting for two years to save his company. He said that you do what you have to do and then at the end of the day, you live with the results. Without risk there is no reward. A combination of the condo crash, the economic meltdown and the recession resulted in his company losing Billions of dollars. 

He has been working diligently for the past two years to work something out with all the lenders on his projects.  After this time, he has been able to work out deals with at least 10 of his lenders and has negotiated a way out of seven of his debt strapped condo projects in South Florida. 

He was on the verge of deep losses and now is debt free. 

Jorge is not finished and he is not retiring. His drive to success is something I admire. He is keeping his pulse in real estate and has already made plans to start building middle class family homes in India. He is also planning on affordable rental housing in South Florida and yes, as soon as the market turns, more Miami Condos. 

Jorge Perez says that the last two years of these tough negotiations with the lenders were the worst years he ever experienced in business but also considers this as his greatest professional accomplishment. 

Jorge and his company The Related Group survived and from that we can each learn a lot about our own business, develop a good work ethic and get back up when we fail. 

Stay tuned for tomorrow as we go to the flip side with the story of David Stearns. Lessons in what NOT to do in business and life. 

 

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Copyright © By Katerina Gasset 2011*A Tale Of Two Real Estate.... Moguls. Tycoons or?


 

 

 

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In real estate we service Utah County, Salt Lake County, Wasatch County, Tooele County. This includes many towns and cities. Some of which are: Provo, Orem, Salt Lake City, Draper, Springville, Spanish Fork, Payson, Lehi, American Fork, Vineyard, Saratoga Springs, Eagle Mountain, Pleasant Grove, and more. 

Katerina Gasset is a real estate agent who is also a digital marketing strategist, website designer and consultant for real estate brokerages, agents, entrepreneurs and small business owners. She is also the owner of Get It Done For Me Virtual Services. 

Katerina is a Certified AI Marketing Specialist. She can help you with ChatGPT, Content at Scale, Neuronwriter, prompting, and many other AI tools. 

She develops products and online courses to empower real estate agents to reach their marketing, SEO, social media and branding goals. Katerina Gasset is a blogger, author, podcaster, and keynote speaker.  

Text Katerina with your name + number to work with her:

 561-502-1577 

 

 

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Comments (11)

Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

The "American Work Ethic"  pull on your boots, get busy and make it work.  What a novel concept.  I admire him for not begging for a hand out, walking away or taking what would have been the easy way for most.  He's kept his integrity intact.  GOOD FOR HIM!  

Feb 24, 2011 07:03 PM
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI Real Adventures

The great thing about this is anyone could do this.  I will be watching for the next blog

Feb 24, 2011 11:54 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

What a lesson and a great example of adapting, toughing it and succeeding at the end. . 

Feb 25, 2011 12:07 AM
Kevin Robinson
Twin Falls, ID
Fractional Developer

We can all learn from him. Hard work and perseverance pay off.

Feb 25, 2011 01:38 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

I agree, often our most glorious accomplishments occur after we've been knocked to our knees but bounce back bigger and better without compromising our character and values.  Bravo, Jorge!

Feb 25, 2011 03:00 AM
Christine Pappas - REALTOR®
eXp Realty - Willoughby, OH
When You’re Ready To Move, I’m Ready To Help

Being able to like what you see in the mirror is the most important thing.  I admire a person who stands on their beliefs and follows thru.  May God Bless him!

Feb 26, 2011 02:32 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Thanks for your comments. I am busy writing the next story that does not have such a happy resolve as Jorge does, and you can tell me why, I think it will be obvious. 

Feb 26, 2011 03:16 AM
Virginia Kail
Investments, starter houses, luxury homes,farms, acreage - Cookeville, TN
True Blue Realty, Homes and Land for Sale

I love motivational stories like Jorge's. Reminds me to get busy, and stick with it no matter how tough things are.

Feb 26, 2011 04:24 AM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Katerina,

As the old saying goes,"people are like tea bags... who they are comes out in hot water." Your commentary on Jorge is a good example.

Best,

Steve

Feb 26, 2011 07:09 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Katerina, I cheated I read the 2nd post first.

Wow, what a difference in stories, but really CHARACTER.

Did you see Beck yesterday? I loved it!

Feb 26, 2011 08:58 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Missy- Yes, of course I saw Beck yesterday.  I loved it too;) Faith, Hope and Charity:) We really must start to obey the ten commandments. 

Feb 26, 2011 10:29 AM