Inglenook Homes

We loved working with the clients, they were very happy with how we ran the business. Many became friends and gave us referrals.

At that time, we were truly riding a wave of success. A fantastic new development had just opened at the Summit of Bellevue, Washington, offering breathtaking views that stretched west over Seattle and the Puget Sound, and east toward the Cascade Mountains. My brother Ernie, our financial partner, flew all the way up from Florida to walk the plat with us and plan our next move. In late 1987, confident in the market, we decided to buy five lots to design and build on as quickly as possible. But the timing couldn't have been worse. 

We managed to build and sell the first two homes, but before the remaining three were finished, the Federal Reserve hiked interest rates from 6.5% in 1988 to a crippling 9.75%. It killed the housing market almost overnight. We were forced to take a painful loss on those last three properties and, ultimately, sell the business for pennies on the dollar. What's Next? The sudden turn of events was a heavy shock.