Contemporary Garden Homes, Ltd, LLP

Company Description

Since 1992, Contemporary Garden Homes, Ltd., LLP, (Contemporary) has focused on close-in redevelopment in Houston, Texas. Initially, we built and sold eight to ten homes annually. In recent years, Contemporary achieved sales of one hundred twenty-four (124) units per annum with corresponding revenue exceeding twenty-four million dollars ($24,000,000).

Contemporary's strategy has been to acquire land in well located transitional neighborhoods. Since we are usually the first developer in the changing area with good demographics, Contemporary is able to acquire the land at reasonable prices, enabling Contemporary to market its residential units at a price well below the prevailing going rate for other new construction in the area. Contemporary's entry into a new market area has historically been followed by smaller builders who build and sell higher priced residential units. It has been illustrated over and over again that Contemporary buyers who made economic purchase decisions in these typical transitional neighborhoods ultimately experience substantial appreciation and resulting gains upon resale.

In recent years, Contemporary has planned and permitted larger close-in redevelopments with the objective of maintaining its reputation as a low cost and low priced inner city residential producer. The company's projects now feature a mixture of its typical patio home/town home product in the $200,000 price range ($100 per square foot) with townhouse condominiums averaging 1500 square feet of living space. These townhouse condominiums are offered in the $160's and are indistinguishable from fee simple town homes except that the sales price is affordable and achievable.

In 2006, Contemporary formed Innerloop Mortgage company with the objective of providing its home buyers with low cost mortgage products tailored to the finished residential product produced by Contemporary. Substantially all of the mortgages originated by Innerloop are backed by large well capitalized financial institutions such as Chase Home Mortgage and Citigroup Financial.

Over the last fifteen (15) years, Contemporary has built and sold over 750 residential units, substantially all of which have experienced above average price appreciation since completion and sale. Please allow us to sell you a a quality product at a very reasonable price. You will enjoy living close to town and associated urban amenities. When resale time comes, your home should sell quickly and you could realize an above market gain.

Principal Officers

Bill Gray, 63, is the Chief Executive Officer of Contemporary Garden Homes and Innerloop Mortgage Company. Bill has Bachelor's and Master's degrees from Louisiana State University. He is licensed by the State of Texas as a Certified Public Accountant, Real Estate Broker, and Mortgage Broker. Bill has thirty-seven years diversified experience in real estate, finance, and accounting. He has, in addition to directing his own development company, served as an executive officer of financial institutions and energy companies and served as a a manager of a national CPA firm. Bill has resided in Houston, Texas, for 37 years. He is single and has two college-age daughters.

Sammye Valk, 57, is Executive Vice President of Contemporary. She was born and raised and currently resides in Tomball, Texas. Sammye has over 35 years of business experience including 25 plus years in real estate construction and development. Sammye supervises all construction facets after framing and has numerous construction managers assisting and reporting directly to her. She is the prime customer contact regarding finishes, inspections and warranty of the new home. Sammye is married and has a daughter and one grandchild.

Roland Gomez, 47, is Senior Vice President of Contemporary. Roland has over twenty-five years of diverse construction experience. Roland supervises all development activities of the company including site work, utility installation, concrete slabs and driveways, and framing. Roland and his wife, Tina, have four children.

George Balla, 53, is Senior Vice President of Contemporary and President of Innerloop Mortgage Company. George fulfills sales management duties for Contemporary and supervises all aspects of Innerloop Mortgage brokerage operations. He is an alumnus of University of North Texas and has varied experience in the mortgage and banking business. George's interests include his pet birds and sports.