A prolific South County developer and former president of the Home Builders Association of the Central Coast is liquidating his business.
Greg Nester Construction & Development Inc. filed for Chapter 7 bankruptcy in June in the Santa Barbara bankruptcy court.
Nester, who is sole owner of the business, told The Tribune that he has built more than 560 homes on the Central Coast during the course of his career, and at the peak of the housing boom was generating revenues of $150,000 to $250,000 a week — but the “turn in the economy” broke his business.
“The bottom line is that supply and demand changed. The demand for housing dropped off dramatically. It took 28 years to make it, and three years to take it apart,” he said.
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Nester had 56 properties and 16 employees when housing prices sharply dropped in 2008, he said, noting that lending regulations prevented him from refinancing his loans.
“You don’t decide to be a developer one day and decide not to be a developer another day,” he said.
The company listed assets of $17,285 and liabilities of approximately $1.3 million on bankruptcy documents filed June 4. The company reported zero income year-to-date, $550,000 of income in 2012, and approximately $3 million in 2011.
Its largest creditors include AH Concrete of Arroyo Grande ($66,146); Cosma Plastering of Santa Maria ($83,257); First California Bank ($230,619); HCC Surety Group of Woodland Hills ($75,380); Precision Concrete Inc. of Santa Maria ($84,600); Tomasini Construction Inc. of Arroyo Grande ($51,476); and Toste Grading and Paving of Grover Beach ($141,494).
Greg Nester Construction & Development Inc.’s website lists notable developments throughout the South County, including Nipomo projects Vista Roble I and II, Mesa Meadows and Oak Crest Estates.
Nester said that he and his family are “forming other alliances” and have plans to build again.
“We have capabilities beyond this corporation. I’m a builder by nature. It’s just what I feel inside myself. I’m gonna build and create things — that’s gonna happen until the day I am done feeling this way,” he said.