Navigation

Current news for this company:

Nohl Crest Homes - luxury homes; Tampa, FL-area

Search

 

2008-03-22

Comment on this article | Subscribe by email!

stories: tampabay.com

Nohl Crest Homes' 23 years of home building has spanned the housing slumps of the 80's, the savings and loan farce of the 1990s and the dot bomb induced real estate bust in 2000. But the builder will be flattened like a beach hut in a tsunmi by the back lash of this housing bubble burst:

"Will we be here a year from today? I don't think so. That's not going to happen."

That statement by Nohl Crest co-founder and president Kenneth Emery, straightforward as it is, actually belies the severity of this crash. With nearly 2300 homes to its credit Nohl Crest employed 68 people as late as 2006, the height of the housing bubble, but now only six remaining executives and salespeople according to Emery. Two years ago Nohl Crest sold 150 homes last year the number was 30.

Unfortunately for Emery, homes in the $500,000 to $700,000 range just are not selling these days. "People just don't qualify for those sorts of homes anymore." The problem is of course that they never did, but the lenders lent and the builders built anyway -- Nohl Crest Homes along with them -- until overbuilding pumped the bubble up, then defaulting mortgages punctured it. The ensuing implosion has crushed even powerful national builders like TOUSA and Lennar, leaving the smaller builders like Nohl Crest with virtually no chance. The Nohl Crest name will never heard of again, but for now they exist and say will honor commitments to remaining customers, so we list them here as an "imminent implode".

permalink to this record | forum thread


Comments:

EmployeeAdvocate at 10:30 2009-12-04 said:
Nohl Crest Homes was a very corrupt home builder. In the late 90s, they started skimping on their materials and I would be surprised if any home built by them after that would stand up to even the mildest hurricane. Additionally, they treated any employees poorly and if you were a whistle-blower, look out! Worst of all, perhaps, was the rampant drug use by one of the owners. This was a company that was bound to fall apart eventually, even if the economy was stellar. Permalink
Homski at 03:25 2012-02-02 said:
Tampa Bay area from Sarasota north to Pasco County is, generally, a very beneficial place to build homes and people use every single opportinity to gain this profit. I'd much delighted to live cell phone spyware somewhere in that place, or at least rent it. Permalink

add a comment | go to forum thread

Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.