Although Robert Toll, executive chairman of the developer Toll Brothers, predicts that Washington will not strike a last minute deal and that the nation is headed over the fiscal cliff, he still expects growth in the residential market. In an interview with Reuters Impact Players host Robert Wolf, Toll said that after watching the market for more than 40 years that he expects home prices to climb in 2013 and for the luxury market to continue to grow.
“In this recession, we went into with our average price being about $650,00-$700,000. We are now almost back [...]” Toll said. “I would bet that prices are going to go up almost by 20 percent by the end of 2013 and by the end of 2014 another 25 or 30 percent and by the end of 2015 another 20 or 30 percent.”
Toll also said that his company’s push into urban markets, especially New York City, has been both profitable and less of a headache compared to suburban markets. “We can get a project started in New York in six months, in Princeton [it would take] six years.” Toll said. “There is not a market as good as New York City anywhere in the country.” Toll named New York the number one investment market in the country.
His company is behind such New York condominium developments as 400 Park Avenue South, 160 East 22nd Street and the Touraine at 132A East 65th Street. [Reuters] –Christopher Cameron