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Miami's King Of Condos Shares Insights

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By RICHARD PACHTER McClatchy Newspapers

The Tampa Tribune

Published: May 18, 2008

"Powerhouse Principles: The Billionaire Blueprint for Real Estate Success" by Jorge Perez (Celebra, $23.95)

If Jorge Perez were not a successful Miami-based condo developer, I'd probably never open this book. No knock on him, but most tomes professing "this is how I did it; this is how you can do it" are boring and loaded with self-righteous pontification, glad-handing, name-dropping and other effluvia.

Though reading Perez's book was initially a bit of a rough slog, I hung in there and survived. Actually, it wasn't that bad. (And it's probably worth mentioning that this is a review of the book and not of the author, his reputation or his accomplishments.)

Perez describes himself as a salesman, and he's likely a terrific talker, so the text seems like it was dictated, then transcribed and edited.

As the book stands, it's hard to see a consistent thread or narrative spine other than Perez's positive tone. Indeed, the author's enthusiasm for his profession and his role in it is palpable, and he obviously delights in offering an expansive review of his projects and the wisdom he gleaned from them.

As a set of principles, the text may ramble a bit, but the author is very consistent in his admonitions and exhortations for conducting business in an honest, ethical and upright manner. He also advocates smart things such as striving to create a perception of value, establishing personal connections with vendors and business partners by leaving some money on the table, and preparing meticulously before making any offer.

Most, if not all, of the advice is pretty bulletproof and unimpeachable, but it's doubtful he would recommend doing something illegal or unethical in print.

In real estate, the most important thing is location; in investments, it's probably timing. Given the current moribund state of the market, it would have been worthwhile to have Perez's insights on this issue, especially for ways investors might salvage projects for which financing has evaporated or, worse, situations where they've become "upside down," owing more than the property's current market value.

For real estate investors and professionals who track Perez's projects, this book will prove worthy of attention and perhaps even inspire some annotation. But for those of us whose holdings consist of family residences - in partnership with a bank - it may prove somewhat less riveting.

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