Southern Land Company has filled a crucial leadership position to advance single-family home development in three key US states, Commercial Observer has learned. Tony Marchbanks has joined the company as National President of Homebuilding. In this role, he will focus on the US market, with particular attention to the states of Tennessee, Texas, and Colorado, according to Southern Land Company.
Marchbanks brings 30 years of experience in real estate. Most recently, he served as Chief Operating Officer at Highland Homes, where he initiated construction activities in the Houston market that produced 1,000 homes annually, according to Southern Land's statements.
Marchbanks commented to Commercial Observer on the current market conditions. He pointed out that higher interest rates and a lack of job growth cumulatively lead to a lack of consumer confidence, which makes all three key components of a good homebuilding environment appear as headwinds. At the same time, he emphasised that this actually presents a great opportunity for a company like Southern Land, as it has expansion plans, particularly in Texas, the largest market for new homes in the country.
He added that most homebuilders secured their land reserves three years ago and now have too much land. This offers Southern Land the opportunity to find and invest in communities, which would not have been possible in a strong market.
Southern Land is currently developing four master-planned communities with a total of 5,000 individual lots in its portfolio. Marchbanks will be responsible for the construction, purchasing, sales, and architecture of these future residential neighbourhoods. The company has made various strategic adjustments in recent months. This includes the establishment of its own mortgage lending division in May to complement sales activities and support the construction pipeline, as Commercial Observer reported at the time.
Southern Land Company is not exclusively limited to build-to-sell homes. The company is also involved in the construction of multi-family homes, for example in Las Vegas, Erie, Colorado, and just outside Austin, Texas, thereby diversifying its residential property portfolio.
