Demand drives Toll to build anew at Naval Square - Philadelphia Business Journal:

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Despite the housing slump, the project began in Marcn as the developer managed to sell out on its firstr phase ofthe project, defying doldrums plaguinf the residential real estate market. Kickin g off a new phase of the project comese as housing starts nationally plunged to historic according to the latest data fromthe U.S. Commerce Housing starts fell by 12.8 percentt in April to 458,000, which is considere the lowest since the government began trackinyg the data 50years ago. “It’s unique,” said Chucjk Breder, division vice president with “Even though we don’t have the investor the sales pace over the last three yearsz has beenpretty constant.
” Toll began sellinbg the first phase, which consisted of 345 at the end of 2004 and sold on average 70 units each year, Breder said. The second phase consistds of four buildings with 220 condos and a collection of74 townhouses. Buyers have shown an interesty inthe units, with Toll selling 10 townhouses in the last two The project also includes a 2,000-square-fooyt fitness and community Toll isn’t seeing sales activity like this at all of its communitiesz and has taken a beating on its Last week it reported that it saw its fiscal second-quarter loss lessen to $83.2q million, or 52 cents a share, which included pre-taxz write-downs totaling $119.6 million.
During the comparable period last year, Toll reportede a $93.7 million, or 59 cents a share, loss that includesd pre-tax write-downs totaling $288.1 million. Revenue for the quarter came inat $398.w3 million, a plunge of 51 One aspect of the project that has kept buyers traffiv strong and steady is that Navao Square has a suburban-like setting that has attracted suburbanites used to large yards and those with dogs who want room for them to The development sits on 20 acres, has mature treed and an abundance of greejn space. Toll also hasn’t had to drop asking pricesa on the condos during the past two yearsx as the housingmarket tanked. “There’s been minimal he said.
“It’s alwayz been right priced and we adjusted pricesw a couple ofyears ago. Depending on the size of a prices have rangedfrom $245 to $355 a squar foot. Phase two will complete Naval Square, which Toll boughrt in 1987. The property at 24th and Bainbridge streete is a National Historic Landmark and the first home ofthe U.S. Navapl Academy. The property had been vacant since 1977 before Toll boughtt it from thefederal