A graduate of Ashland University who originally went into the teaching profession, Dwight Schar discovered a love for real estate during the 1960s when he bought his first home. His career in real estate evolved quickly; while he started out selling properties, he soon moved into developing lots and homebuilding.
Mr. Schar worked for Ryan Homes for several years in Dayton, followed by a year in Pittsburgh. In 1971 he was transferred to run their Mid-Atlantic homebuilding operations, and this experience proved invaluable before he launched Northern Virginia Land and Homes Co. in 1980.
This was the earliest form of the company now known as NVR. Rapid growth led to the addition of its own mortgage service branch and its launch on the public trading floor in 1986, as well as the acquisition of Ryan Homes in 1987. Although Dwight Schar retired from NVR at the age of 80, he continues to influence and positively progress the real estate industry, as well as bringing significant benefits to local communities.
Tough Economic Times
Whilst the company has enjoyed remarkable success over the decades, there have been testing times to endure, notably during the real estate downturn of the early 1990s. This tough period highlighted the impact political decisions can have on economic conditions. The savings and loan crisis led to alterations to banking laws, with these unfortunate circumstances forcing the company to seek bankruptcy protection in 1992.
The experience has not been forgotten as a difficult period for the company, but it also provided some key lessons for the future. Moving forward, Mr. Schar’s philosophy for success in the real estate market was to focus on location and holding power. Throughout the economic downturn, the company’s lack of holding power was a key factor in banks refusing to grant vital loans. However, while the slump in the 1990s was troubling, the company underwent essential reorganization in 1993 and emerged from bankruptcy protection.
A Dedication to NVR
Dwight Schar’s dedication to the company can be observed in his long years of tenure, working as CEO until 2005. When longtime employee and friend Paul Saville became the new CEO, Mr. Schar remained on the board as executive chairman, holding his chairmanship until 2022 when he stepped down at the age of 80. The company has enjoyed enormous success under his guidance, and in 2022 it generated $10.33 billion in revenue.
The embedded PDF takes a closer look at Dwight Schar’s history at the helm of NVR and other influential figures who have stepped down from the company’s board.
NVR has several different brands under its corporate umbrella, including NVHomes, Ryan Homes, Fox Ridge Homes, Rymark Homes and Heartland Homes, along with NVR Mortgage. Forbes has also ranked its shares as the second most valuable in the country, with a closing stock price of $6,195.06 per share in November 2023.
