KEY BISCAYNE MAGAZINE | APRIL 2007
Sharing the Secret to Success: Ed Easton
By Sabr ina Azadi
Photos by Olsen & Reinfeld Photographers
Click here for article PDF
On a beautiful Saturday morning I was invited to Ed Easton's home for our feature interview. Ed, his wife Amy and their nine-year-old daughter Olivia welcomed me. We sat outside looking onto their private beach and the glorious azure waters of Hurricane Harbor. I asked him questions about business, family and life. Ed Easton is a soft-spoken man yet he likes to look at you straight in the eye when he speaks. Somehow he commands attention and you want to listen to what he has to say. He's not one to brag about his possessions or his accomplishments and feels more comfortable talking about giving rather than taking.
His success speaks for itself; he's the chairman and founder of The Easton Group, a real estate brokerage, management and development firm located in Miami since 1974. Easton oversees a company that manages, leases and owns over 4.5 million square feet of commercial real estate in South Florida. His appointments such as being on the Board of Trustees for The John F. Kennedy Center for the Performing Arts and The US National Parks Foundation are just some of the things he is passionate about. He belongs to numerous civic and professional organizations. His beliefs stem from simple values and he applies them to every aspect of his life.
Before I left he gave me a DVD of "The Secret." Amy had given it to him for Valentine's Day and he loved it so much he went out and bought 30 copies to give to his family and friends. He also gave me a copy of the last book he had read "An Invitation to Love" by Father Thomas Keating. I realized that's just the kind of person he is. All along I wanted answers to figure out how he has become so successful and I left knowing exactly why. I walked in for an interview, yet I walked away with so much more.
How long have you lived in KB?
I moved to the Key in April of 1967, further down from here on 750 Harbor Drive. We moved for a while to Gables Estates but always wanted to come back to the Key. One day Amy called me and said she's looking at a piece of property and for me to come down and take a look at it. As soon as I saw this house I made an offer on the spot. But my first ever home on the Key was a rental. I lived in a 3/1 Mackle home on 462 Woodcrest Rd. It was a rental and we paid $150 a month. At the time it seemed expensive!
You studied at the University of Miami and later received your MBA there, are you a Miami native?
No, I am from Pittsburg, Pennsylvania I came here in 1962 to study at the University of Miami. I loved it so much I decided to stay. It had a lot more opportunities than Pittsburg at that time and it turned out to be the right decision. I am also on the Board of Trustees at the University of Miami and have been since the 1980s.
You're involved with commercial real estate, but you've partnered with The Related Group to build Aventura Marina Condominiums. Why the shift to residential real estate?
We're a real estate entrepreneurship boutique and whatever works we go in that direction. How did your partnership with Jorge Perez come about for this venture? I found the piece of property and I brought it to him. It's a 378-unit project, and the last units are closing next
What is the one piece of commercial real estate that you would like to acquire?
I always say that I've never seen a piece of property I didn't like!
Have you thought of purchasing property in KB for commercial purposes?
No, I live here. In KB I prefer to be involved to help the community in whatever way I can.
Many of the businesses on the Key are finding it difficult to survive with the high cost of rent, what do you think about the situation of the business owners of KB?
Well it's about supply and demand. As a community we need to figure out a way so that they do survive because they provide such an important service to us.
What are your thoughts on the Sonesta project?
I think it's probably one of the most beautiful properties in Miami. I believe that there will be some 3rd party that will be the white knight and come in and develop something with low density and keep everyone happy. I would like to see something super elegant go up there.
How did you get started in this business?
I worked as a sales associate for Stanley at Dodd Realty Corp. That's how it all started. He did property syndications and I was there while I did my MBA.
Have you always wanted to work for yourself?
I had three jobs while I was in college so I've always liked to work, but I always wanted to be on my own.
What was your first real estate project?
My first project was on 129th Street and US1, it was a 14,000 sq. ft. warehouse. My partner put his land in and I built the building. It cost $7.86 per sq. ft. to build and we sold it for $14 per sq. ft. in 1969. I loved it, I just loved it! My favorite thing is going out to look at a piece of property.
You're good with numbers and dates. Do you have everyone's phone number memorized?
I used to before these things (pointing to his cell phone). I tend to remember numbers and dates. Numbers tell stories. I think statistics, history of numbers and financial statements give us a lot of clues.
Miami is growing at a spectacular rate, it's estimated that 1000 people a day move to Florida. How does this affect the housing and commercial real estate market in your opinion?
As populations increase people need more housing, shopping and offices. It's a rule of thumb that when populations increase or decrease by 1% it means an increase or decrease in property values by 4%.
What is your vision for Miami?
It will continue to be a major international city. The population is at two million and is growing. There are always going to be people that want to be in Miami because of its location.
What do you think of the Miami real estate market right now and how will this affect the commercial market?
There are two parts to the real estate market the residential part of the condo market is clearly overbuilt and is probably on the downside in the short term, but the commercial market is vibrant because of the need for warehouses, offices and retail shops. The lure of Miami with the sunshine, beaches and geographical location means it won't be losing value.
Do you see a trend towards mixed-used development such as Midtown, where you work, shop and live in the same vicinity?
There is definitely a trend towards urban living.
Do you think affordable housing is still available in Miami?
No, it's difficult unless there is a tax credit for your participation since land costs are high and construction costs are very high.
Your company The Easton Group also has properties in North Carolina, New Jersey, Ohio, Texas and Alabama. What made you choose those locations?
My two boys are also involved in the business and we thought it was wise to diversify geographically.
What do you look for in a piece of real estate property?
Something we can increase the value of.
How do you use your power and wealth to create positive change?
By helping others, I'm involved in Christian endeavors. I was the chairman of the Salvation Army and Amy is past President of Habitat for Humanity. Doing anything to help people that are less privileged is very appealing to us.
You have five children and 10 grandchildren; do you come from a big family?
Yes we do. I'm one of eight. My father passed away 7 years ago, and my mother lives in Jacksonville. We have 10 grandchildren and our daughter Nancy has another one on the way so we will have 11 grandchildren.
Tell me about your wife Amy and how long have you been married?
Amy is a very special human being; we've been married 15 years. She's a great wife and a super wonderful mom. The way she loves us makes things even more peaceful. My four children feel like they have an extra mom, and she loves the grandchildren, she loves them like she's their grandma but she certainly doesn't look like a grandma! How did you meet? We were introduced by a mutual friend, Bill Colson.
Tell me about your children?
I could write a whole book on them. Of all the blessings that God has given me, my children are the best. They are wonderful children. Did you want them to follow in your footsteps? Thank God they're all healthy, I want them to follow in their own footsteps.
What do you do to relax?
I exercise; I play golf, and tennis. My work, family and church (St. Agnes) are relaxing to me.
How important is the spiritual aspect in your life?
It's the most important; it gives me peace.
What's the best thing about success?
It gives me independence to do what I want to do. It offers freedom.
How do you deal with work pressures and setbacks?
I've always thought that adversity builds character. Anyone can handle winning. I think it strengthens us and true character shows up when a person is losing. It's a builder rather than a detractor. I'm not looking to fail but I'm not afraid of failing.
President Bush appointed you to The John F. Kennedy Board of Trustees. You're in your first year of serving a six-year term that began in August of 2006. You're also on the Board of The National Parks Foundation. How did these appointments come about?
The Whitehouse thought it was a good fit for me. I've really enjoyed both Boards very much.
Have you ever had aspirations to get involved in politics?
No, not at all.
Who is the one person you take advice from?
From many people; all my mentors, my wife and my mom.
What is your weakness?
I have a hard time saying no to a real estate deal!
What other profession do you think you would be good at?
The gift that the good Lord gave me; I'm good at anything entrepreneurial. I've always wanted to be the best at what I do and thought the money would follow. Success comes out of love not dollars.
Where do you like to go to on the Key?
I walk around everywhere, I love it here, there's nothing about Key Biscayne I don't like. I think if all of us could take an hour a week of our time to put into this community we can make this fantastic community triple fantastic. I take my daughter to school every morning in a golf cart! What is special about the home you live in? (Points out to the water). I think there are only something like seven houses on the Key with a beach and this is one of them. This house has understated elegance thanks to Amy's taste. She has wonderful taste.
Do you use the beach (in front of your house) often?
Yes; my daughter and friends are on the beach and climbing the trees all the time. You're active in the community and serve on many boards. How do you make time? I try and devote 10% to 15% of my time to help others. It's when I don't do that, that I feel bad.
Are you good at managing your time?
I guess so. I try and keep my meetings to 30 minutes. No meeting should last more than 30 minutes.
Well, this one is certainly going to go over 30 minutes. (Note: our interview lasted 2 hours).
This is very enjoyable.
Speaking of enjoyment when and where was your last vacation?
We did a cool thing in the summer, from our home in Aspen. We took off and visited nine National Parks in the Western United States. We stayed at each one for four to five days. It was a great experience. I think seeing things and traveling is as good an education as being in school is for Olivia.
Do you think its possible to be a great (and successful) businessman and still keep your integrity?
Yes, by keeping things simple. I think if you are trustworthy, committed and caring in every aspect of your life you can't go wrong.
What's your number one passion?
Love. Everything comes from the heart and from being true to it.
You're going to a family gathering later today; is this something you do often?
Yes, we try and get together every other week. We're going to my son's house for a BBQ. Our son Eddie and daughter-in-law Robbi live here on the Key with their five wonderful children. Our other son Mac lives in Jacksonville. Our daughter Lizzie lives in Miami Beach and our other daughter Nancy lives in New York.
Tell me about your parents:
My dad was in the lumber business and was moderately successful. He put all of us through college. My mom was a housewife. She's very proud of me.
What is next for you?
I want to make sure I get to heaven and take as many people with me as I can. I'd like to be peaceful at my time of death and use my talents to the fullest during my time here on earth.
You speak so calmly about death: Do you know anyone that didn't die?
We all die at some point.
Who are your mentors?
I've had so many. My mom and dad, Stanley Dodd, Dan Richardson, Alvah Chapman, Charlie Babcock, Leonard Miller and Alec Courtelis. I was blessed to have those business and civic mentors. They taught me to give back to the community; I feel it's an obligation to give 10% to 15% of my time, talent and treasures. I think one should strive to be a good coach and surround oneself with great coaches.
What has been your secret to success?
Gratitude. I think hard work is also very important but I like to say the attitude of gratitude gets rid of stinking thinking. People are going to want to work with you. Make sure in whatever you do for people you exceed their expectations. Think of others rather than yourself and be positive.
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