Comstock Homebuilding Cos. / CHCI
About Comstock Homebuilding Cos.
11465 Sunset Hills Rd., Fifth Floor, Reston, Va. 20190
www.comstockhomebuilding.com
| 703-883-1700
| Founded: 1985
Industry: Real Estate | Category: Public Companies
Comstock went public in late 2004, then scored strong home-sales orders early in 2005. The home-building market boomed in the first half of the year, with home prices appreciating at double-digit rates. By fall, however, many prospective buyers had developed cases of sticker shock, and home purchases slowed. Many investors, meanwhile, exited the market, canceling orders for homes they had contracted to buy. Comstock's share price, along with those of many other home builders, took a hit as Wall Street's interest in the sector cooled.
To deal with the changing home-sales environment, Comstock is diversifying out of the Washington area. The company intends to expand further into the Southeast with its purchase of Parker Chandler Homes, a home builder in the Atlanta area. The acquisition will add 1,600 residential lots to the firm's land inventory, including properties in Georgia, South Carolina and North Carolina.
2005 Financial Data
Revenues: $224,305,000 | Net Income: $27,562,000Asssets: $431,319,000 | Earnings Per Share: $2.12
Total employees: 130 | Local employees: 102
Company Leadership
| Christopher Clemente | CEO |
| Gregory V. Benson | President and COO |
| Bruce J. Labovitz | CFO |
| William P. Bentsen | Senior Vice President |
| Jason Parikh | Chief Accounting Officer |
Source: Compensation data provided by Equilar, Inc..
| Christopher Clemente CEO | $2,635,373 Salary: $550,000 |
| Gregory V. Benson President and COO | $1,768,104 Salary: $550,000 |
| Bruce J. Labovitz CFO | $1,627,393 Salary: $300,000 |
| William P. Bentsen Senior Vice President | $612,670 Salary: $250,000 |
| Jason Parikh Chief Accounting Officer | $461,111 Salary: $156,667 |
Did You Know
Comstock Homebuilding develops, builds and markets single-family homes, townhouses and condominiums. In 2005, the company operated in the Washington area and in Raleigh, N.C. Its major projects in the Washington area include the Eclipse on Center Park, which is a new high-rise at Potomac Yard in Arlington, and a golf-course-centered condominium conversion project called Penderbrook Square in the Fair Oaks area of Fairfax County.
