Toll Brothers City Living

Toll Brothers says NYC sales are Steady Eddie in 2017 In NYC, if you’re at $2K psf in a good location, “you’re going to do pretty darn well”

David Von Spreckelsen, Doug Yearley and 91 Leonard Street

A year after backing off the super-luxury market, 上海千花网交友

Toll Brothers said its City Living division is leading the company in terms of sales velocity.

The national homebuilder — which missed analyst projections for its 2017 revenue and earnings — said its urban properties business accounted for $383.1 million of the company s annual revenue, up 48.7 percent from $257.5 million in 2016.

It s Steady Eddie, CEO Doug 上海千花网

Yearley said during an earnings call Tuesday. What we ve learned is that in New York City, if you re at $2,000 a foot in a good location, you re going to do pretty darn well. And we are.

In Hoboken and Jersey City, the same is true for homes priced between $800 and $1,000 per foot. You re going to crush it, which we have, Yearley said.

Overall, Pennsylvania-based Toll Brothers reported revenue of $5.82 billion, up 12 percent year-over-year. The company s profits rose 40 percent to $535.5 million, compared to 2016 s profits of $382.1 million.

But the company s fourth-quarter revenue and profits missed analyst projections. Shares fell 10 percent — the steepest drop in nine years. During the quarter, revenue rose 9 percent to $2.03 billion, just under the $2.09 billion target. Net income rose to $191.9 million or $1.17 per di上海龙凤论坛

luted share, less than the projected $1.39 estimate.

In New York, Toll Brothers has moved away from the uber-high-end market over the past year.

In 2017, City Living s average price per unit was $1.47 million, down from $2.83 million in 2016. As a result, it ended the fiscal year with 189 units in contract valued at $267.8 million. That s compared to 186 units worth $342.8 million in 2016.

Nationwide, Year爱上海同城论坛

ley said the real estate company s business in California was very hot thanks to a strong job market and low housing inventory. Toll Brothers revenue in the region was $1.5 billion, up from $1.4 billion in 2016, with a relatively flat average home price of $1.49 million.爱上海龙凤419桑拿

The number of contracts also soared to 1,395 worth $2.18 billion, compared to 2016 s 930 contracts worth $1.42 billion.

Its City Living division is currently comprised of projects in New York and New Jersey as well as the Washington, D.C. metro area, but Toll Brothers said it s looking to expand the division to Los Angeles, San Francisco, Seattle, Miami, Boston and Philadelphia.

In New York, Toll Brothers said it put the Sutton, a 113-unit condo at 959 First Avenue, back on its balance sheet. Previously, Och-Ziff Capital Management Group provided the majority of the equity and the developer received third-party debt from Capital One. As the building got built and three-quarters sold and delivered, we just said, It s strategically important for the partner to get cashed out, and it s pretty good for us,’ Yearley said.

Exiting a joint venture was more of an exception than a rule, however, and Toll Brothers has been active in partnering up with equity backers to limit its risks.

Last month, the U.S. arm of Shanghai Municipal Investment paid $73 million for a majority stake in 91 Leonard Street, a planned 111-unit luxury condo with a projected sellout of $309 million.

Tags: Residential Real Estate, Toll Brothers, toll brothers city living
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