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Unread 08-03-2008, 06:49 AM
 
736 posts, read 1,303,542 times
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Question Toll Brothers Development In Durham

Just moved from New York to Durham and shopping for a home. We have been looking at the Toll Brothers development off Fayetteville Road, near The South Point Mall ever since a friend of my wife and I mentioned it prior to us leaving New York.

My questions are the following:-

1). Has anyone on this forum ever purchased or know of anyone that has ever purchased a home from Toll Brothers recently or in the past?

2). Do you think that their properties are a bit over priced especially in today's market?

3). Do you know anything about the quality of their homes, for example, do they take short cuts etc.?

4). Has anyone ever experienced their habit of constantly increasing their prices during the construction phase?

The Hills at Southpoint - Manors Collection - New Homes in Durham, NC by Toll Brothers

Are there any other developers in the triangle that have new construction similar to those of Toll Brothers that are more reasonably priced and in a very decent neighborhood? Any help or recommendation would be greatly appreciated. Thanks
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Unread 08-03-2008, 10:16 AM
 
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Have heard this builder is under financial stress.

Might want to check their financials before placing any large deposit.
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Unread 08-03-2008, 10:24 AM
 
1,489 posts, read 3,416,630 times
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Quote:
Originally Posted by Jamerican View Post
Just moved from New York to Durham and shopping for a home. We have been looking at the Toll Brothers development off Fayetteville Road, near The South Point Mall ever since a friend of my wife and I mentioned it prior to us leaving New York.

My questions are the following:-

1). Has anyone on this forum ever purchased or know of anyone that has ever purchased a home from Toll Brothers recently or in the past?

2). Do you think that their properties are a bit over priced especially in today's market?

3). Do you know anything about the quality of their homes, for example, do they take short cuts etc.?

4). Has anyone ever experienced their habit of constantly increasing their prices during the construction phase?

The Hills at Southpoint - Manors Collection - New Homes in Durham, NC by Toll Brothers

Are there any other developers in the triangle that have new construction similar to those of Toll Brothers that are more reasonably priced and in a very decent neighborhood? Any help or recommendation would be greatly appreciated. Thanks
I'll take a stab at this one.....

1. I know a few people who have purchased from Toll Brothers, and overall, they had a fairly good experience

2. Hard question to answer. If they are selling at the listed price, they are not overpriced, if they are not selling, they are overpriced. Looking at their website, their not too terribly high, but from what I've seen so far of the neighborhood, I'm not too impressed. It looks as though they have been clear cutting, which is typically not what people look for in that price range.

3. Depends on what you think short cuts are.

4. I think most builders plan is to raise prices along the way. Don't you want your home to increase in value?

Depending on exactly what you are looking for, in the Durham area, you might check out Centex in Grandale at the slightly lower end, or St. Lawrence, Drees, or Shea over in Brightleaf at the Park. The latter three are going to be at the same level, or slightly higher, depending on your comparison.
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Unread 08-03-2008, 11:47 AM
 
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Quote:
Originally Posted by saturnfan View Post
Have heard this builder is under financial stress.

Might want to check their financials before placing any large deposit.
They are a homebuilder...name a homebuilder that isn't under Financial Stress. I work in Financial Services and everybody in the whole sector is experiencing some level of finanical stress. Toll appears to be doing better than average..their stock is in the middle of their 52 week range and is trading near $20/share.

Now with that said, I personally would never buy a development that is just getting started, especially in a slow market. It is a very risky proposition (see Le Hermitage in Apex). Builder could go down, or decide they don't want to develop the entire development and then you get somebody else in there that could change the entire character of the neighborhood, etc. Clark Howard gives this same advice...when you want to buy new, buy in a place that is almost complete or getting close to completion. This also helps from a negotiating standpoint. If they don't have to worry about future comparable sales, they are much more willing to drop price.
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Unread 08-03-2008, 02:25 PM
 
Location: Durham, NC
1,354 posts, read 3,565,445 times
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Quote:
Originally Posted by saturnfan View Post
Have heard this builder is under financial stress.
Same is true of pretty much any and all builders right now.
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Unread 08-03-2008, 02:49 PM
 
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Sneezecake, how is your home coming along?
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Unread 08-03-2008, 03:02 PM
 
Location: Chapel Hill, NC
1,105 posts, read 1,642,139 times
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Quote:
Originally Posted by apexguy View Post
Now with that said, I personally would never buy a development that is just getting started, especially in a slow market. It is a very risky proposition (see Le Hermitage in Apex). Builder could go down, or decide they don't want to develop the entire development and then you get somebody else in there that could change the entire character of the neighborhood, etc. Clark Howard gives this same advice...when you want to buy new, buy in a place that is almost complete or getting close to completion. This also helps from a negotiating standpoint. If they don't have to worry about future comparable sales, they are much more willing to drop price.
+1. Just read this story from Friday's Wall Street Journal.
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Unread 08-03-2008, 03:56 PM
 
Location: Durham, NC
3,196 posts, read 5,498,367 times
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I echo the sentiments that I wouldn't want to be one of the first homeowners in a large new subdivision - at least not in this economy. In addition to L'Hermitage in Apex, look at Toll Brothers townhomes "The Meadows" - only the original models are up, none have been sold and they've scrapped any further building there right now. I'd rather build one of the last homes in a new community or buy a re-sale in an exisiting one.
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Unread 08-03-2008, 04:10 PM
 
Location: Cary, NC
18,204 posts, read 26,265,278 times
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Quote:
Originally Posted by ljd1010 View Post
I echo the sentiments that I wouldn't want to be one of the first homeowners in a large new subdivision - at least not in this economy. In addition to L'Hermitage in Apex, look at Toll Brothers townhomes "The Meadows" - only the original models are up, none have been sold and they've scrapped any further building there right now. I'd rather build one of the last homes in a new community or buy a re-sale in an exisiting one.
If I just had to bet on a subdivision between those two to be completed, I guarantee you I would put my money on "The Meadows."
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Unread 08-03-2008, 04:16 PM
 
43 posts, read 5,877 times
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Quote:
Originally Posted by MikeJaquish View Post
If I just had to bet on a subdivision between those two to be completed, I guarantee you I would put my money on "The Meadows."

Why? Do you know something that is going to happen?
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