| | 
|  |
| |  | | 
| | | (click for larger version) | |
December 19, 2008
A smaller development company, Longview Properties Group was formed in January 2006 with four partners and offices in Roswell and Suwanee. Company President Bill Compton previously had his own home renovations business, but Longview builds homes.
"Longview began as a luxury home builder doing only high-end new construction, and that's how it's remained for the last two years, almost three years," he said.
Company assets are probably around $6 million, with three homes and three additional lots.
The company has construction in two developments, The Overlook at Litchfield in Roswell and Blue Valley Estates in Cherokee County, both Chatham-owned properties. Blue Valley has an equestrian theme, much like what Milton strives to preserve. That's good for the subdivision's future, because later phases of the 225 homesite development – on 400 acres of land – are across the Cherokee line in Milton.
With tongue firmly in cheek, Compton said The Overlook homes are more modestly priced than those in Blue Valley, which also are $1 million-plus properties.
Longview temporarily has dropped prices below what it actually cost to construct them – but only until the end of the year. Those deals disappear after Jan. 1, when the company has plans for other financing that will allow it to put prices back to include at least a small profit margin.
"The deals offered today, once this crisis is over, they just won't be there anymore," Compton said.
"I don't want to suggest that we are completely not in trouble. If we were to continue down this path for a number of years, we couldn't' survive," he said. "Our intent is to keep our promise to the bank. ... We told the banks if they made a loan to us we would repay them."
"Now that new construction has slowed down, we've moved into additions, basement build outs, renovations, things like that," Compton said.
Home renovations and build outs were always part of Longview's business plan, but it wasn't the focus in the company's first years. Now it has opened that business unit.
Even when construction surges back, Longview will keep both sides of the company working.
Longview has had inquiries and has made bids on home renovation projects, including a full basement build out. But like most homeowners, those contacts are waiting until the new year to make a decision.
"I think people in the marketplace are still nervous about spending money. But they are interested in what it costs to get things done. That segment of business we really just started scratching the surface of," Compton said.
 View images.
|
