The developer of some of the most exclusive real estate properties in Kootenai County and Spokane is optimistic but realistic in what the future holds for him and others in the business.
"Anybody today in the development business who tells you things are a bowl of cherries is a liar," Chesrown said.
He's right. It's not the end of the world, but it's definitely a different world.
"No one anticipated the slowdown to be as deep and wide as it's been. When we budgeted for 2006 -2007 or 2007-2008 we were looking at a slowdown estimated at 20 percent, not 75 to 100 percent."
Black Rock cut about 70 percent of its administrative personnel to a staff of about 25 and closed its downtown sales office. Chesrown has taken on the position of sales director.
He started putting his personal property on the market early last year. He sold one home in California, while Black Rock Ranch near Harrison and another ranch in Texas are for sale, with plans to keep the one that does not sell.
"Obviously the ranch is a passion, but to have those kind of things, you can't put those kind of assets ahead of your business," he said. "The other thing, when you're asking lenders and different entities to work with you on restructuring, you have to be willing to make the tough decisions. The tough decision sometimes is on a personal note."
Now this I admire - it takes a confident man to make hard decisions and then live by them.
Article here.
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