Thomas Bradbury, the executive chairman of Woodstock-based Smith Douglas Homes has joined the ranks of billionaires, with a net worth estimated around $1.7 billion. Aided by a persistent housing shortage in the U.S., Bradbury's company, with considerable operations in Georgia, has capitalized on the lucrative market for new housing developments, Forbes reported earlier this week.
Under Bradbury's leadership, Smith Douglas Homes has expanded substantially, delivering residential communities across five Sunbelt states. Recently, the Atlanta Business Chronicle compiled home closings data for 2023, ranking Smith Douglas as the eighth-largest homebuilder in Atlanta. Despite highly challenging market conditions, the company's revenue from home closings has surpassed $400 million in just the first six months of 2024, according to its second-quarter results. Holding an 88% majority ownership as stated by Forbes, Bradbury saw his fortune surge following the company's move to go public at the beginning of the year.
The ongoing housing shortage, which ballooned to approximately 4.5 million homes in 2022 as per a report from Zillow Group, cited by Atlanta Business Chronicle, has fostered an environment conducive to homebuilders like Bradbury. In metro Atlanta alone, the deficit in housing was around 65,000 homes for the same year. Smith Douglas Homes closed on about 2,300 homes in the last year, indicating their significant contribution to addressing the housing deficit in the region.
Bradbury's roots in homebuilding stretch back to 1975 when he sold his first house and realized the profound impact of homeownership, as he told Forbes. His experience has allowed him to optimize the construction process effectively, decreasing the build time to an average of just 59 days from start to finish. This efficiency, around 20% faster than many competitors, has played a crucial role in Smith Douglas Homes' success.
Despite turbulent economic times, the market slowdown has presented homebuyers with more incentives to consider new constructions. According to Forbes, builders like Smith Douglas offer competitive borrowing rates through affiliate lenders. While circumstances have led to a significant increase in buyer's monthly payments, the efficiency and incentives provided by builders are easing the path to homeownership for many Americans.
In light of these market conditions, Bradbury remains optimistic but sympathetic toward potential homeowners affected by high rates; expressing a hope, as documented by Forbes, that "it would sure be a blessing if the rates went back down and people who are renting and would love to own a house can buy one."
