In 2009, in the depth of the housing crash, four real estate development industry veterans—Joe Davis, Tom Redwitz, Wayne Stelmar and Larry Webb—joined together with a vision to start a new home building company. The New Home Company (NEW HOME) (NYSE: NWHM) was born in Irvine, California and this week marks its 10th anniversary in business.
Now, a decade later, NEW HOME is one of California’s most active home builders with divisions in Southern and Northern California, as well as Arizona. Over the last few years, Davis, Stelmar and Redwitz each retired from NEW HOME but stayed connected with the company, and it was recently announced that Webb would transition from his role as chairman and CEO to executive chairman, a post in which he will maintain an active role in the strategic management of the company and with the investment community. He will also continue as chairman of the board.
Leonard Miller, who joined NEW HOME in 2017, will succeed Webb and has been named president and CEO effective August 30, 2019. John Stephens has served as CFO since 2015 and has been named executive vice president and CFO. Joan Marcus Webb, who has been with the company since its inception, will continue serving in her role as chief marketing officer.
After beginning with just a handful of employees, the company is now home for almost 300 team members. In 2014, it completed its initial public offering, with shares of common stock now trading on the New York Stock Exchange under the symbol “NWHM.”
“When we established NEW HOME 10 years ago, it’s safe to say that our timing was exceptional,” said Webb. “The economy was depressed, and the home building environment was challenging. However, based on our team’s collective experience, we were confident that conditions would improve, and we had a group of investors that believed in our vision and passion for home building. We’ve been through our ups and downs over the 10 years, but we are committed to launching new programs that will lead to increased profitability. And most importantly, we have a great team that delivers award-winning homes and we are making the markets where we build better places to live.”
Headquartered in Aliso Viejo in Orange County, California, NEW HOME also has offices in Roseville that serves the greater Sacramento region and the San Francisco Bay Area. In 2016, it announced a strategic expansion into the Phoenix market and opened its Arizona division, its first outside of California.
NEW HOME has dozens of communities that are actively selling or in planning and development stages in California and Arizona’s most desirable locations. The company offers a wide range of homes across all price points that result from extensive market research to ensure it delivers the most innovative and thoughtfully designed homes in each place it builds.
As part of its 10th Anniversary, NEW HOME has launched “A Celebration: 10 Years in the Making” campaign which will provide buyers between now and September 30 incentives of $10,000 to be used towards their new residence. This is offered at all NEW HOME communities in California and Arizona.