NNN Lease Market News
Toll Brothers to Buy Seattle Builder
It is Toll's first acquisition since its 2005 purchase of Landstar Homes in Florida and its first new state since the housing market sank.
While the Seattle market weakened during the downturn, prices have stabilized around 2004-2005 values and some neighborhoods are even seeing modest price increases, said David Bell, managing broker with RE/MAX Metro in downtown Seattle. The market didn't see a construction glut during the boom and has strong employers in the software and biotech industries, a combination that has buffered it from the foreclosure crisis that has depressed values by 30% or more nationwide.
Just one in every 856 of the Seattle area's households received a foreclosure filing in October, according to RealtyTrac. That is compared with one in every 563 housing units nationwide and one in every 143 in Stockton, Calif., one of the nation's biggest boom-to-bust markets.
Toll has been looking at the Seattle market for about a decade, but it has been tough to find suitable sites in the land-constrained market with tough environmental regulations for home construction, Toll Chief Executive Douglas C. Yearley Jr. said in an interview. http://online.wsj.com
You get value on many levels when you become a Toll Brothers homeowner.
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