Ask Joe Werner, CEO of Intergulf Development Group, how business is going, and he'll laugh in your face -- in a good-natured way, of course.
As the leader of Intergulf's Western operations, Werner recently found himself at the center of the economic maelstrom. The Canadian real estate development firm's primary market in the region was luxury condos, one of the hardest hit segments of the housing market.
In the past two years, the company has been reduced less than a quarter of its previous size. Intergulf's ranks shrank from 45 permanent employees in 2008, to the present 10, Werner said.
However, the outlook for Intergulf is beginning to improve, evidenced by sales at the company's Breeza property, located at Ash Street and Pacific Highway in Little Italy.