End is near for luxury builder Nohl Crest Homes

OLDSMAR — Nohl Crest Homes, the Tampa Bay area semicustom home builder founded in 1985, is close to going out of business.

Sales are only a fifth of what they were two years ago, and the Oldsmar-based builder has laid off 90 percent of its employees.

With banks pressing it to repay loans on some of its 100 building lots, the company likely won't survive the year, Nohl Crest co-founder and president Kenneth Emery said Wednesday.

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

Emery and business partner Peter Tibma created Nohl Crest 23 years ago to serve the luxury market now filled by the likes of Arthur Rutenberg Homes and Hannah Bartoletta Homes.

Since that time, it's built close to 2,300 houses in such midscale to upscale neighborhoods as Hunter's Green and Ladera in Hillsborough County, Lansbrook and Winslow Park in Pinellas County and Plantation Palms and Seven Oaks in Pasco County.

Nohl Crest was slammed by the general downturn in the market that has cut housing construction in half the past year. Its higher-than-average prices made it extra vulnerable when banks clamped down on mortgage lending.

As late as 2006, Nohl Crest employed 68 people. Only a half-dozen executives and salespeople remain, Emery said.

"We can't sell homes for $500,000, $600,000 and $700,000," Emery said. "People just don't qualify for those sorts of homes anymore."

Nohl Crest is the third locally active builder to declare bankruptcy or signal its anticipated closing. Levitt & Sons filed for Chapter 11 in November. Tousa filed in January. Nohl Crest isn't publicly traded like the others.

"They are a private company, so they don't have the deep pockets like a national builder does," Tampa Bay area housing consultant Marvin Rose said. "When they lose money, it comes out of the owners' pockets."

Even though the Nohl Crest name will probably disappear, Emery said, he plans to stay in the building business. The company said it will honor commitments to remaining customers.

Comments on this article

by Ted	Mar 25, 2008 1:38 PM
Yes, kick them while they're down! They must be to blame. Of course, as a builder, I do not recall forcing a single customer to buy from me over the last five years. In fact, I didn't set the prices, my customers did! But I guess I miss

by Cindy	Mar 25, 2008 1:36 PM
Stop whining. It's simply the law of supply and demand. Without the demand there would never have been the supply. Simple as that!!! You asked for it, they delivered!!!

by alan	Mar 25, 2008 9:40 AM
please these press wood homes you could throw a rock through the walls garbage homes set in a cow pasture that will fill up with water soon and who is in trouble then after he is gone ,,thats right the homeowner thats who ,,,another shaft for the peo

by alan	Mar 25, 2008 9:39 AM
thank god these builders and others have ruined this county building everywhere and now gost towns and the cattle are gone and so are the woods that i played in as a kid ,,for money and yankees yuk,,should have never happende in the first place,,

by Paul	Mar 24, 2008 8:35 PM
When does the City share some of the blame? They allowed the over-building that has led to this situation. There never seems to be a plan inTampa, just build, build, build. Who couldn't see this coming? Anyone heard of moderation?

by Chris	Mar 24, 2008 7:39 PM
Mike (4:41pm): Does it matter if Steve is a developer? He's got a valid point... Some development is good. Otherwise, we'd be the same as Tampa was in the 1800's....

by Mike	Mar 24, 2008 4:41 PM
Hey Steve (who commented at 4:17pm) - you wouldn't happen to be a developer would you?? Save the self-righteousness, please.

by Steve	Mar 24, 2008 4:17 PM
Why don't you add up the huge amount of jobs created and the taxes and impact fees evil developers have paid towards your roads,parks,schools etc. Everything,grocery stores,your house, malls, offices were built by developers. Why not live in a t

by karen	Mar 24, 2008 1:06 PM
These builders glutted the area with high end homes, while ignoring the need for starter and mid-level income homes. My area is full of super large homes on postage stamp lots. They are victims of their own greed.

by Ted	Mar 24, 2008 1:05 PM
BOO HOO

by Lynn	Mar 24, 2008 1:05 PM
Why is this so SAD?? Builders made obscene amounts of money and now they walk away, owing many people who are hurting. They come back under another name, and make MORE obscene money. I feel SADDER for people who work just as hard but have no money.

by jackie	Mar 24, 2008 1:05 PM
Greed and Florida's inequitable tax system. Citizens of Florida created most of this disaster with their SOH and total disregard for snowbirds and 2nd home owners. And the salaries stink

by jon	Mar 24, 2008 1:05 PM
I'm glad to see all these greedy builders finally having to pay the piper. They ruined the market and have priced average people right out of the ability to own a home and raise a family. I smile at the thought of them all losing their businesse

by Amber	Mar 24, 2008 1:04 PM
SERVES THEM RIGHT! ALL THE BUILDERS SHOULD LOSE THEIR BUTTS AND THE REALTORS TOO. THEY WERE ALL SO GREEDY AND THE HOMES WERE NOT 1/2 WORTH THEY WERE ASKING. WHAT A BUNCH OF GREEDY MORONS...AND NOE HOPEFULLY THEY WON'T SURVIVE HERE IN FLORIDA..

by Mike	Mar 24, 2008 1:04 PM
A small fraction of unbridled GREED is leaving the market. Watch the dominoes fall. I agree; this is healthy for Florida.

by Cheryl	Mar 23, 2008 6:04 PM
I saw this meltdown coming in '04, but greedy investor/flippers and homebuilders continued to wear blinders. They don't build for the average homeowner. They overbuild and stick the rest of us with overpriced monstrosities. Good riddance!

by Paul	Mar 23, 2008 6:04 PM
...this is healthy...culls out the shortsighted, overindulgent participants in the unabrided idiocy of the subprime debacle...YES...Darwin's Theory applied to business...don't fret every 20-25 yrs or so the same stupidity occurs.

by Andrea	Mar 23, 2008 6:04 PM
Moved out of Florida in 5/07. I like the gentleman's question about building affordable housing for the average person. Is there something I don't understand? Oh that's right, greed!

by Alexander	Mar 23, 2008 6:04 PM
My fathers company helped to build the reputation of Nohl Crest Homes and as soon as they found a cheaper and inferior way to do things they did they were very disloyal to him and in the end of it all it was if they never knew him at all.

by Dee	Mar 21, 2008 5:40 PM
Ken Emery and Peter Tibma built an amazing company. They stood behind their product, their customers and employees. They have nothing to be ashamed of. They made the Tampa Bay area a better place to live and hopefully will continue to do so.

by Jay	Mar 21, 2008 3:10 PM
What jobs pay in Tampa for a 700K home????

by Brewer	Mar 21, 2008 2:10 PM
I new Ken & Pete before Nohl Crest. Good Guys then and they still are. For those who show pleasure at their apparent demise, you might remember that a builder built the shelter that is over your head and keeps you from the rain and cold. Good luc

by Amanda	Mar 21, 2008 2:09 PM
Its a shame everything is coming to this...It seems like the early 90s will be replaying.

by Dylan	Mar 21, 2008 11:12 AM
The reason they went out of buisness is that most people just can't afford this type of home. Alot of people who did purchase one are probably in foreclosure.

by Danny	Mar 21, 2008 11:12 AM
I couldnt help but comment on Kendall's comment about President Bush (if you can call him one). If you think he is responsible for our problems then why did you vote for a second term. Dont vote for McCain because he will be the same f

by Joshu Jones	Mar 21, 2008 11:11 AM
Florida long ago reached the saturation point for new development. I sure hope we've learned our lesson and don't start another boom-bust cycle when we pull out of the current downturn. Let's keep what remains of Florida green.

by John	Mar 21, 2008 11:11 AM
Stop crying Emery. I bought a house from you and your company was nothing but trouble once the honeymoon was over, which was as soon as you had some of my money. Missed deadlines, broken promises, and shoddy construction. Good riddance.

by JIM	Mar 21, 2008 8:29 AM
I feel sorry for the people that lost their jobs however I am not so sorry to see a developer bite the dust. Developers own this state and most of the elected officials as implied in the campaign finance article in your paper. 1 gone good.

by Jerry	Mar 21, 2008 8:29 AM
Having been in that same business since 1973, I understand the predicament they are in. You can get overconfident when you survive numerous downturns. Unfortanetly they put their chips in the game one time too many. I feel bad for their employees.

by Ken	Mar 21, 2008 8:29 AM
Ken Emery is an honest man, other builders try to put a postive spin on their situation, we hear other builders are in the same trouble, who deny it. Kudos to Mr. Emery for his honesty, and not taking the easy way out and lying to the media.

by JR	Mar 21, 2008 8:29 AM
People still qualify, they just choose not to buy. Jumbo rates are way out of line because of the credit markets, and people don't like to buy while housing prices are falling.

by buck	Mar 21, 2008 8:29 AM
Too bad. Had you managed your business properly and not purchased land in 2005 when the prices were outrageous, you woudl be able to stay in business. Your stakeholders are stuck with your greedy ambitions.

by Greg	Mar 21, 2008 8:29 AM
"We can't sell homes for $500,000, $600,000 and $700,000," Emery said. "People just don't qualify for those sorts of homes anymore." ..AND MOST NEVER SHOUOLD HAVE QUALIFIED...THAT'S THE PROBLEM!

by Ken	Mar 21, 2008 8:28 AM
We may not see the Nohl Crest name in the future, but these 2 gentlemen have made a tremendous positive impact in the homebuilding arena, All the builders are suffering,we will see more in the same situation.

by Rita	Mar 20, 2008 5:02 PM
Such a sad day. I once worked for Nohl Crest Homes and my heart goes out to Peter and Kenny.