Dream Homes & Development Corporation

What they do

The company develops and sells residential communities, constructs single-family and multi-family homes, and performs elevation/renovation projects. It also develops and improves finished lots for sale to national builders. Since 1993, it has built over 2,500 new homes and completed over 400 elevation/renovation/addition projects.

Revenue drivers

• New home and development sales — Largest and fastest-growing segment; includes single- and multi-family construction, Build to Lease, and improved lots for sale. Contributed to record 2025 revenue of $10.1M.
• Custom new homes — Semi-custom and site-built homes for individual buyers; a stable revenue stream though smaller than development sales.
• Elevation/renovation projects — Over 400 projects completed; provides stable revenue, but lower growth potential than new home development.
• Build to Lease — Two multi-family developments (79 units) will be held for rental income; intended to become a fourth division and significant revenue stream.

Recent performance

Revenue grew to $10.1M in 2025 from $5.0M in 2024, a 102% increase. Net income rose to $418,271 in 2025 from $375,985 in 2024. Operating cash flow swung from -$773,616 in 2024 to $3.9M in 2025. Quarterly revenue trended upward through 2025: $2.1M, $1.9M, $3.0M, and $3.1M. The 10-K for 2025 is unaudited.

Strategy

Management is shifting focus from custom homes and renovation to new home development, which it sees as more scalable. Two multi-family projects totaling 79 units are being converted from Build For Sale to Build for Lease, with intent to hold and earn rental income. The company also pursues improved lots for sale to national builders. It seeks additional land contracts and options to expand its development pipeline.

Risks

• Concentrated ownership and control — Vincent Simonelli and affiliated companies own or control 56.80% of outstanding shares, giving them significant control over corporate actions.
• Key person and small board — Only three board members, with limited independence; the board lacks separately designated audit, compensation, and nominating committees.
• Economic and market sensitivity — Home sales and revenue could decline due to changes in consumer confidence, employment, and volatile material and supply costs.
• Unaudited financials — The 2025 10-K has not been audited by an independent registered public accounting firm, which may affect reliability and compliance.

Outlook

Management expects Build to Lease to become a major revenue stream as rental income from held properties commences. It continues to pursue new development opportunities, with 357 units in title or under contract. The company aims to grow its new home and development business to represent a greater share of total revenue, targeting scalability from Build to Lease and Improved Lots for Sale.