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Your Morning Credit Crunch: Toll Bros Blame Media

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Yesterday, luxury homebuilder Toll Brothers reported that third-quarter sales fell 36%, and customers backed out of 39% of their orders, the highest rate ever. Was it because of credit problems? Mortgage issues? People instead choosing the Developers Group billboard? Nope: it's the media's fault, according to chief executive Robert Toll. Customers who decided to walk have "read one too many Times articles, and decided now is not the time to buy a home," he told the, uh, Times (Awkward!). He added: “Perhaps as the presidential campaign heats up and moves to the front page, negative articles about housing will move off the front page.” Planning for the future, that's what we like to see in a good businessman! Team Toll also handed out grades for all their housing markets, and not surprisingly the New York region did the best, with Toll's city projects in Williamsburg, Long Island City and the Third World landing a B. Is that strong enough to warrant building those other planned Northside Piers towers on fabulous waterfront Williamsburg? Turn to page D26 in about a year to find out.
· Blame for Poor Home Sales? It’s the Press, a Builder Says [NYT]
· Toll Brothers Ignore Crap & Clap, Push Gowanus Plan [Curbed]
· Toll Brothers' Love Shifts from Williamsburg to LIC? [Curbed]

Northside Piers

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