Although billionaire philanthropist Dwight Schar has had a long and successful career in real estate, he only happened upon his lifelong passion by chance when buying his first home in the mid-1960s. A teacher at the time, the course of his career altered completely when the real estate agent guiding him through the process offered him a job. Taking him up on the offer, Mr. Schar never returned to his teaching career.
Over the years, a love for real estate evolved and Dwight Schar was taken on by Ryan Homes, moving into the homebuilding industry. In 1980, he put his extensive experience to good use and launched his own company, Northern Virginia Land and Homes Co., which would eventually become the hugely successful and renowned company NVR.
The embedded PDF gives an overview of NVR, Inc.
The Evolution of Northern Virginia Land and Homes Co.
Not content to rest on his laurels, Dwight Schar put every effort into developing the company and fostering its growth. By 1984, the company had its own mortgage service and took over Mr. Schar’s former employer Ryan Homes in 1987, leading to the formation of the largest homebuilding company in the country at the time.
The economic downturn of the 1990s and its subsequent effects on the real estate market would result in a period of financial uncertainty, leading the company to seek bankruptcy protection in 1992. A flurry of changes to banking laws and political upheaval played a key role, and Dwight Schar learned some valuable lessons in running his business: buying low and selling high, as well as the importance of location and holding power. Mr. Schar holds both of the latter lessons in equally high esteem; without holding power, gaining access to loan extensions was impossible during the economic slump.
Emerging from the Real Estate Slump
Despite the difficulties of the economic downturn, the company found its way through and escaped bankruptcy, eventually going on to flourish after a reorganization in 1993. Dwight Schar remained at the helm until 2005 when he made the decision to step down as CEO, passing the responsibility to his employee and good friend Paul Saville, who also gives generously to Inova. Mr. Schar continued to hold an interest in the company as executive chairman of the board until 2022, when he was once again succeeded by Mr. Saville.
The company is today presided over by Eugene J. Bredow and continues to be a significant player in the real estate industry. In 2022, the company generated revenue of $10.33 billion and employed 6,550 people. Its impressive portfolio includes brands Ryan Homes, NVHomes and Heartland Homes, alongside its mortgage arm NVR Mortgage.
