Tuesday, August 08, 2006

I Guess Sales are Slow for Toll

A Hoboken Realtor who has her own blog had these recent comments about a major Toll Brothers condo project being constructed along the Hoboken waterfront. Reading her posting, it looks like sales have slowed down from earlier this year.

"When they first started, there was a waiting list and a phone lottery to be able to purchase a condo. They did not cooperate with brokers. This was for the first phase. Eventually they opened it up to other realtors, and as of recently, they are even listing available units on the Hudson County MLS. And today, I received an e-mail from Toll Brothers encouraging me as well as other realtors to sell units in this complex."

Here is the entire post.


Blogger MayberryNJ said...

Robert I. Toll, chairman and chief executive officer, stated: “It appears that the current housing slowdown, which we first saw in September 2005, is somewhat unique: It is the first downturn in the forty years since we entered the business that was not precipitated by high interest rates, a weak economy, job losses or other macroeconomic factors. Instead, it seems to be the result of an oversupply of inventory and a decline in confidence: Speculative buyers who spurred demand in 2004 and 2005 are now sellers; builders that built speculative homes must now move their specs; and nervous buyers are canceling contracts for homes already under construction. The resulting excess supply has exacerbated the drop in consumer confidence, which first appeared last September, that was already a drag on new home sales.
“Because much of the overhang of finished and near-finished product is being marketed using advertised price reductions and increased sales incentives, many anxious consumers are delaying their purchase decisions as they wonder about the direction of home prices. With interest rates still relatively low, the economy basically healthy and household formations still increasing, we believe that once the current oversupply of homes is absorbed and buyers become confident that home prices have stabilized, the market will return to firm footing.

Wednesday, August 09, 2006 10:10:00 AM  
Anonymous Anonymous said...

DWEK properties sold at auction competes with TOL maybe...lol

Asbury Park Press 08/9/06

Wednesday, August 09, 2006 11:50:00 AM  
Anonymous hhangel said...

I drive by this project frequently picking up my high school son from the train. It is a combo of overbuilding all along the waterfront and the prices that the developers were expecting to get. There is alot of choice there, between Hoboken and Jersey City and people can be very picky now. The Toll project is also in an odd location. If I was in the market I would never consider a place there.

Saturday, August 12, 2006 2:13:00 PM  

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