Austin TX Real Estate - Hill Country Austin Lakeway Homes for Sale: Newmark Homes files Chapter 11- Holding their head above water

Newmark Homes files Chapter 11- Holding their head above water

 

 

Another builder is in over their heads!!  Newmark's parent company in Houston, Tousa, filed Chapter 11 with "plans to fix its balance sheet."

Newmark isn't a large builder in Dallas, but they're definitely one of the larger medium builders and have 27 communities throughout Dallas and Ft Worth.  When Newmark combines with one of their sister companies, they are ranked number 10 among closings in the last Chronicle 100 survey.

They had already reduced their staff down from 3200 to less than 1400... I wonder how many communities are not manned with onsite sales reps anymore.  It's such a pain to have to call ahead and check to see if someone can meet you at the community instead of showing up between 10am-6pm and having someone there.

The company continues to accept new contracts and expects to close over 2500 properties already in process, so they'll be back and stronger.

Here's the complete story.

5 commentsDonna Harris • January 30 2008 04:57PM

Comments

I hope that they are able to come back and be stronger for the experience, but unless things change, I doubt that this will happen.  Don't be surprised to see other builders starting to drop too.

Not that I want to see it, but it's going to happen.

 

Bob Mitchell

ValueList Real Estate Services, Inc. 

Posted by R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham, Bob Mitchell (NMLS#1046286) (Bank of England (NMLS#418481)) almost 7 years ago
Hi Bob, Thanks for stopping by and commenting.  We've seen some of the small builders go away, but we haven't had any of the larger builders drop out yet.  This is a first.
Posted by Donna Harris, Realtor, CDPE & ASP - Hill Country Lakeway Austin (Donna Homes, PLR) almost 7 years ago
Donna, thanks for the update. Newmark has always been a favorite builder of mine around DFW. Sorry to hear of the parent's financial struggles. Hope that baby of yours is doing fine!
Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) almost 7 years ago
For some reason, I thought that Newmark's new name is now Wall Homes.
Posted by Loreena Yeo, RealtorĀ® | Frisco TX Community Ambassador (3:16 team REALTY ~ Locally-owned Frisco TX Real Estate Co.) over 6 years ago

Gary, Baby Alyssa is doing great, thanks for asking!

Loreena, Nope, not Wall Homes from what I have already tried to learn about them since one of my clients saw their sign in Garland.  Wall's corporate is in Arlington and was started in 2005.

Posted by Donna Harris, Realtor, CDPE & ASP - Hill Country Lakeway Austin (Donna Homes, PLR) over 6 years ago

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