Dwight Schar - Humble Beginnings in Real Estate

Although billionaire philanthropist Dwight Schar has had a long and successful career in real estate, he only happened upon his lifelong passion by chance when buying his first home in the mid-1960s. A teacher at the time, the course of his career altered completely when the real estate agent guiding him through the process offered him a job. Taking him up on the offer, Mr. Schar never returned to his teaching career.

1. Humble Beginnings in
Real Estate
By Dwight Schar

2. Humble Beginnings in Real
Estate
Although billionaire philanthropist Dwight Schar has had a long
and successful career in real estate, he only happened upon his
lifelong passion by chance when buying his first home in the
mid-1960s. A teacher at the time, the course of his career
altered completely when the real estate agent guiding him
through the process offered him a job. Taking him up on the
offer, Mr. Schar never returned to his teaching career.
Over the years, a love for real estate evolved and Dwight Schar
was taken on by Ryan Homes, moving into the homebuilding
industry. In 1980, he put his extensive experience to good use
and launched his own company, Northern Virginia Land and
Homes Co., which would eventually become the hugely
successful and renowned company NVR.

3. The Evolution of
Northern Virginia
Land and Homes Co.
Not content to rest on his laurels, Dwight Schar put
every effort into developing the company and
fostering its growth. By 1984, the company had its
own mortgage service and took over Mr. Schar’s
former employer Ryan Homes in 1987, leading to
the formation of the largest homebuilding
company in the country at the time.
The economic downturn of the 1990s and its
subsequent effects on the real estate market would
result in a period of financial uncertainty, leading
the company to seek bankruptcy protection in 1992.
A flurry of changes to banking laws and political
upheaval played a key role, and Dwight Schar
learned some valuable lessons in running his
business: buying low and selling high, as well as the
importance of location and holding power. Mr.
Schar holds both of the latter lessons in equally
high esteem; without holding power, gaining
access to loan extensions was impossible during
the economic slump.

4. Emerging from the Real
Estate Slump
Despite the difficulties of the economic downturn, the
company found its way through and escaped bankruptcy,
eventually going on to flourish after a reorganization in 1993.
Dwight Schar remained at the helm until 2005 when he made
the decision to step down as CEO, passing the responsibility to
his employee and good friend Paul Saville, who also gives
generously to Inova. Mr. Schar continued to hold an interest in
the company as executive chairman of the board until 2022,
when he was once again succeeded by Mr. Saville.
The company is today presided over by Eugene J. Bredowand
continues to be a significant player in the real estate industry. In
2022, the company generated revenue of $10.33 billion and
employed 6,550 people. Its impressive portfolio includes brands
Ryan Homes, NVHomesand Heartland Homes, alongside its
mortgage arm NVR Mortgage.