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And although the timing may seem curiouds given the housingmarket downturn, Pa.-based says the entrance make perfect sense. “After numerous rounds of marke research, we’ve found that there are better opportunities available now than in the saysChris Myers, Houston divisioh president of Toll Brothers. Myers says the Houstonh market has continued to stand out as one of the most vibrantr markets inthe country. Toll Brothers’ research ranked Houstobn as the second-largest home building markety in the nationin 2008. “It’d time to come right now,” he says.
“Wd feel that the housing market is goinb to make a turnaround soon and that Houstob will be one of the first marketxs to makethat turnaround.” The public company is enterinb the local market with the acquisition of 30 lots in the Villages of Creekside Park in The Woodlands. The homes will rang in price from thehigh $400,000s to more than $600,000 and will span from 3,800 squared feet to 5,800 square feet. Myers says the builder may adjusgt its prices and square footage baser on customer demand inthe area.
Constructiobn on the homes in the Villagd of Creekside Park is scheduled to begin in with work on 19 homesx in the Village of Sterling Ridgee in The Woodlands set to commencde a couple ofweeks later. Toll Brothers is also activelg scoutingsites — mostly within master-planned communities in Sugar Land, Katy, along the growing Interstate 10 corridor and in The Myers expects to be in competitiob with other high-end home builders in Houston includinhg Partners in Building, and Will Holder, president of Trendmaker Homes, says that if the Houstonm housing market has reached its low point, like many local housint experts believe, then Toll Brothers may have perfecft timing for the “ride back up.
” Holder describezs Toll Brothers as a “goof builder,” but says it will not be easy to ented the local housing market. “Theg have no brand recognition, and Houston has, historically, not been too kind to the ” he says. Holder says if Toll Brotherd enters the market by focusinbg onthe high-end production builder the company may have a tough time However, he says the company seems to fit into a currentr gap model with room for new players above typical high-end builders like but below custom builders. “It’s all about whethe r they decide togo head-to-heax or if they look for their own slice of the pie,” he says.
Toll Brothers which is already active in the San Antonio and Dallas areas and has been named Texaxs Builder of the Year by the in each of the past twoyeards — will market its high-end homes to the affluent move-u p buyer as well as people relocatinv to the Houston area, he says. Myers expects many buyerd to be employed bylargd energy, manufacturing, aeronautics and medical-related companies. Toll Brothers currently serves move-up, empty-nester and second-home buyers and is active in 21 states. The company operates its own architectural, engineering, mortgage, title and land developmenty subsidiaries as well as its own lumbeedistribution operations.
After at leas t five years of scouting thelocal market, Toll Brothers is entering Houston as the area reports the 21st consecutive monthly drop in single-family home May sales of single-family homes in Houstom totaled 4,797, down 21.2 percent from May 2008. that volume is the highest so farfor 2009, accordin g to statistics released by the .
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