One of the Statelines most visible and successful developer talks about developing new strategies to cope with this challenging economic landscape.
"It is too late to avoid what's going to happen over the next 6 to 12 months." That's why Sunil Puri of First Rockford Group decided to change some of his business practices two years ago.
"Some of the people in my own office thought I lost my edge. I was getting scared." But according to Puri he was just appealing to his common sense.
"Common sense told you you cannot have an 80 percent increase in a home value when salaries at the same time went up by 21 percent over a five year period."
"These are tough times and I think we'd be lying to each other to say they're going to be easier next year."
And nothing was easy about the Economic climate when Puri graduated from college and broke into the business in 1982.
"When we had 26 percent unemployment that was not a good time. We had powdered milk and Dominick's cheese lines back then on 7th street but we made it out of that and did well."
And while the same strategies may not work this time around the same attitude will according to Puri. "Hope is not a strategy. Hope is not a management tool we have to be assertive."
Some solutions are easier for Puri to see like expanding the stretch on I-90 from Belvidere to Marengo from 4-to-6 lanes. "If we choke the traffic that comes from Chicago a lifeline that's going to have far more impact long term then one interchange is."
Other solutions may be harder like dealing with pensions. "A man who graduates from high school this may is going to have 11 different careers in his life he's not going to be stuck in one job trying to earn a pension. Those are things that are going to change."
And change is a key word for First Rockford Group."We are absolutely reinventing ourselves, we don't even know what development's going to be five years from now."
We asked Puri what advice would he give to President Elect Obama. A man he supported. Puri said he should be transparent and speak truthfully to the American people..