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Wrong Tom McCormick?

Tom McCormick


Remodeling Inc.

HQ Phone:  (847) 562-1188


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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Remodeling Inc.

1940 Raymond Dr

Northbrook, Illinois,60062

United States

Company Description

Shaw Company Remodeling proudly serves the needs of the Scenic Oaks, TX community. Looking for a remodeling contractor with a history of excellence and a long list of local, satisfied customers? Give us a call today! Scenic Oaks, TX, remains an important ele...more

Background Information

Employment History


Astoria Homes

Vice President of Finance

Pageantry Homes

Web References(76 Total References)

By Tom McCormickBy TOM MCCORMICKTom McCormick is president of Las Vegas-based Astoria Homes and McCormick Luxury Homes.(c) 2008 Las Vegas Review - Journal.Provided by ProQuest Information and Learning.All rights Reserved. [cached]

Tom McCormick, President of Astoria, made the Elsafe a standard feature in his higher-end homes in Aliante.
He knows his buyers have possessions that should be secured, and he believes that they will appreciate his proactive approach. He is also confident that his buyers are looking for a certain luxury-resort lifestyle, and he knows the Elsafe helps create that image. Mr. McCormick and Astoria have gone one step further by offering the safe as an optional upgrade in their less-expensive product throughout Las Vegas. [cached]

Tom McCormick, president of Astoria Homes, said he sees no end to rising home prices as long as people continue moving to Las Vegas and the Bureau of Land Management keeps its squeeze on the amount of public land put up for auction each year.
"If anybody knows, we would all pay a lot of money for them to tell us. I thought long ago prices would level out," he said. Astoria, which builds smaller homes targeted toward first-time buyers starting at about $150,000, closed on 780 homes in 2003 and plans to grow that number to 1,100 this year, McCormick said.

Now, it only has 17 employees on its roll, a mere tenth of its entire workforce in 2005-2006, and Astoria Homes President Tom McCormick says that the company has no other choice but to go into hibernation until the market recovers.
According to McCormick, lenders refused to grant the company a loan extension which would allow them to continue building. This caused 30 homes to foreclose, ten of which are upgraded models. McCormick says that Astoria Homes had no way to secure financing since many banks refused to grant them loans, while some banks have been seized by the Federal Deposit Insurance Corporation. The company has experienced a huge decrease in sales - from 627 in 2006, going down to 320 in 2007, and even further down to 192 in 2008. This means an average of less than 10 houses per month. McCormick says Astoria is not bankrupt however, and still plans to continue house construction in five neighborhoods in Las Vegas. [cached]

According to Tom McCormick, president of Astoria homes, which built more than 1000 entry-level units last year, rising interest rates have priced many first-time buyers out of the market.
Like other builders, Astoria has responded by diversifying its product mix. However, Astoria is unique in that it has also revisited how it offers financing. As a private builder in a market dominated by big public builders, McCormick says Astoria is working hard to differentiate itself. It has revisited its home designs and begun building move-up homes with prices in the $200 per-square-foot range - double that of its starter homes. And it's spending more on customer surveys to learn what people want, so it can compete better with the big guys. But the most creative thing the company is doing may be its approach to financing. McCormick says slowing sales in the Las Vegas area are largely caused by rising interest rates. The current situation is the reverse of the past seven years, when historically low rates made it possible for buyers to assume larger mortgages without increasing their monthly payments. Low rates increased demand for houses and led to historically high home prices. Rising interest rates are having the opposite effect. "Rising interest rates have increased monthly payments by 10 percent, so prices have had to come down proportionally," McCormick says. McCormick says most of the builders he knows have responded to the increase in interest rates by reducing prices, or holding the line on price and offering incentives. Astoria has added a finance offering to the mix. The rationale behind Astoria's move into financing is similar to that of home-improvement contractors: Focus not on price, but on payment. Working with a mortgage broker, Astoria developed a financing product offering the advantages of interest-only and adjustable-rate mortgages, but without the drawbacks associated with these types of loans. McCormick calls the product "a buy-down adjustable-rate mortgage. It's an adjustable-rate mortgage that starts with a low rate, rises during the first three to five years, and then becomes a standard 30-year fixed mortgage. Although this sounds like an option ARM, buyers pay interest and principal from the beginning, so there's no negative equity associated with it. And, unlike a traditional adjustable-rate mortgage, it's not tied to market rates: The interest-rate increases and the final fixed rate are all written into the contract, so customers know their exact payments for the life of the loan. The payoff for customers is getting a relatively low mortgage for the first few years. While not all of Astoria's buyers opt for the program, McCormick says it has become an important part of their sales mix. When the company offers buyers a choice between incentives, a price cut and lower payments, many opt for the lower payments. "Most people are payment buyers. That's how they buy cars, furniture and everything else," he says.

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