Watt Industries Inc

Two developers agreed this week to pay $13.3 million to the owners of 125 luxury condominiums near Marina del Rey because of extensive construction defects throughout the 9-year-old complex. Barclay Industries Inc. of Newport Beach and Watt Industries Inc. of Santa Monica, one of the largest residential builders in the state, agreed to the settlement after nearly a year of negotiations with the Villa Marina East V Homeowners Assn.

Hugh Scheffy, a certified public accountant and noted mountaineer, has joined Pacific Scene, San Diego, as senior vice president and chief financial officer. He plans to relocate with his family from their Denver home to the San Diego area. Larry Palmertree, most recently vice president of Frost Construction Co. in Tempe, Ariz., has been named president of TOLD Construction Co. of Camarillo. J.

Following is an alphabetical listing of the building leaders included in the Times' 16th annual survey, with the ranking of each firm. Asterisk indicates tie in ranking: Company 1986 Rank Acacia Construction Inc. 60 AFCOM 96 Akins Development Co. 45* Alamo Homes Inc. 134 Alexander/Catania Development Inc. 105* All Purpose Construction Corp. 141 Allwest Development Corp. 145* Amir Development Co. 59 Anastasi Construction Co. Inc. 93* Ash Inc. 155* A-M Homes 89 Baldwin Co.

If you ever wondered where the home builders build for themselves, here's one answer: Fairbanks Ranch, which is in the rolling hills of Rancho Santa Fe in San Diego's North County.

West Covina is looking its largest real estate development right in the eye--and is pleased with what it sees. To be known as The Atrium, the development will be a $150-million, multi-use business complex on a triangular, 21.6-acre site on the south side of the San Bernardino (10) Freeway at Glendora Ave. and State Street.