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.
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.
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.