learning curve was tipped in my favor. George groomed me to take over his business so he could pursue other interests.
SCB: What lessons did Best teach you then that you carry with you today?
KK: First, George emphasized integrity – that honesty wasn’t the best policy, but the only policy. That builds a foundation of trust which is critical to any lasting business enterprise, especially in real estate. Secondly, to constantly look out for the interests of your client; it is as simple as the sage admonition to, “Do for others as you would want people to do for you.” Finally, the importance of actually getting to know your client and helping them make the journey from what they want to what meets their needs and doesn’t become a financial millstone around their neck.
SCB: Where do you see the market in Brevard County today?
KK: The most critical factor that everyone is looking at is the future of the Space Center. If the layoffs are even close to what is projected we could be looking at an extremely soft or even declining market for the next eighteen months, but it could be much longer.
SCB: Are there other factors?
KK: Yes, one of the biggest is that banks aren’t loaning money. Though they have received billions in federal bailouts to stabilize and stimulate the economy, what is being stabilized and stimulated are the banks’ bottom lines; homeowners, investors and developers are having trouble getting or renegotiating loans. I have had banks want to reevaluate the terms of loans and the question is not whether I am current, but whether – because of changes in the property values – do they consider me creditworthy? Though I am paying on time, because my balance sheet has changed they are not willing to negotiate with me, but will sell my properties for fractions of their values to others.
SCB: You are selling properties. Who is buying?
KK: As you know “cash is king” and people that have resources can make out handsomely in this market. Also I find that doctors, lawyers in large established practices, and corporate executives can get loans of up to 95% LTV (Loan To Value) and great rates, so they are buying. In many cases they are purchasing new homes, while still waiting to sell their exist- ing properties. Realize that just as the home that was valued at $300,000 can now be bought for $190,000, the estate home that was worth $2 million can be picked up for $1.2 or less.
@
Read more of Kirk Kessel’s interview online at
SpaceCoastBusiness.com
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