Toll Brothers Orders Fall

Toll Brothers the nations luxury home builder saw 3% profit for first quarter results, but the number of future orders is slim. Orders fell by 29% this quarter to the tune of $1.56 billion. The greatest decline has been experienced in Mid-Atlantic states such as Pennsylvania, Delaware, Maryland and Virgina. The CEO indicates the demand has not disappeared but people are waiting on the side lines for a deal and predict buyers will come back to the market once homes built on speculation are reduced. The average home in recent months are priced at $679K and expected to increase to $700K in fourth quarter 2006. This company entered the Orlando market in mid 2005 when it acquired Landstar homes Central Division. Courtesy of Orlando Sentinel 5/24/06.