Toll Brothers temporarily halted sales at its 45-home Lyondale Meadows community in Newtown, with prices starting at $1.6 million, after demand was overwhelming, writes Paul Schwedelson for the Philadelphia Business Journal.
The Fort Washington-based luxury homebuilder opened sales earlier this month, and in just one week received 21 deposits, with buyers choosing options that raised home prices to $2 million.
“We actually shut down the action it got so hot,” said Toll Brothers CEO Douglas Yearley Jr.
Homes in the Newtown development will range between 3,520 square feet and 5,000 square feet and have four or five bedrooms.
Lyondale Meadows’ starting prices are well above those of Toll Brothers’ other Philadelphia-area projects. In fact they are exceeding the company’s $974,000 average home sale price in the third fiscal quarter and the $1.06 million average for new contracts in its North region, which includes Pennsylvania.
Despite higher costs, the homebuilder’s affluent buyers remain undeterred, demonstrating significant pent-up demand for new units.
“There’s still such an imbalance between supply and demand and every day we have buyers who have been on the sidelines who are waiting to come back in,” said Yearley.
Read more about why Toll Brothers hit pause on sales at its Newtown community and what the red-hot demand reveals about the local luxury housing market in the Philadelphia Business Journal.
_______
