West suburbsElmhurst

Ken Neumann is back – in Elmhurst and other venues

by Joe Zekas on 12/6/11

Neumann Homes, once one of the nation’s largest homebuilders, filed for bankruptcy protection in 2007, and developer Ken Neumann told Bloomberg Businessweek in 2008 that he was “through with home building, since it could take years for the market to recover.” He was looking, he said, for opportunities in “clean energy.”

Neumann’s hiatus from home building hasn’t lasted all that long. His latest venture, Greenscape Realty, is currently offering new homes for sale, priced from the high $300s to the high $600s, in Elmhurst, Downers Grove, Glen Ellyn, Naperville and Wheaton.

The home pictured above is a 4-bedroom, 2 ½ bath with a basement and 2-car garage on a 55 x 124 foot lot at 1128 Campbell Ave in Wheaton. It’s priced at $399,900 and scheduled for completion in March or April of next year.

My son Jordan bought a Neumann home in Antioch 5 years ago at a development that, ten years after it began, is only about a third complete, with no signs of new construction in the offing. The promised clubhouse and pool were never built, but I’d cautioned Jordan that it might never be, and it wasn’t a factor in his purchase. Neumann Homes was building the most attractive floor plans at the price point in the northwest suburbs at the time, and my son has been completely satisfied with the product that Neumann built.

Bloomberg closed its piece by stating that “the people who bought his homes are still stuck.” I wonder how many of them would say that today.

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{ 6 comments… read them below or add one }

steve December 6, 2011 at 6:25 PM

where is he getting the money to buy all these lots ?? BK 4 years ago and now he has cash to buy up land – all those subs that didnt get paid – and now he profits again

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George February 8, 2012 at 10:54 AM

I would caution against such dealings? The resume is one of beating down sub-contractors (only to not pay them later), disregarding customer concerns, and leaving many communities with rotting half completed developments. There is a reason the previous company was the first to fall…it sucked.

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Joe Zekas February 8, 2012 at 3:30 PM

George,

I routinely caution against cowardly anonymice trashing people. Really, have you so little self respect that you skulk around behind a screen name?

My son is happy with his Neumann home, five years into owning it, as are his immediate neighbors.

Are there angry subcontractors? Sure. Are there customers with problems after the bankruptcy? Sure. Are there incomplete developments? Sure. Does any of that mean Neumann “sucked” or simply that the market turned ugly?

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DC December 8, 2013 at 4:13 AM

nice to hear neumann is back. my only concern is not about subcontractors or incomplete build-outs, etc…….but whether or not they will EVER build homes in the south suburbs (Matteson, etc.)?

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DC December 8, 2013 at 4:18 AM

With the entire industry shaken up it’s no surprise the bankruptcy occurred. But nice to see Neumann is back! Just hope this time they do some huge building in South Suburbs vs. always building in overbuilt N/NW suburbs that don’t need any new homes but just have a large populace (mostly caucausians) with enough income to be approved by biased lender’s. Yet, S/SW/SE suburbs has same aspects regarding populace.

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Tony March 16, 2014 at 2:48 AM

My Neumann home is a piece of junk. Before I could get all my problems fixed by his crappy team of idiots he filed for bankruptcy. I would like to get my hands on him and tell him what I think of him.

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