Mr. McMansion Admits to Sharp Downturn
While we wouldn’t be caught dead owning one of his houses, we suppose Toll Brothers CEO Robert Toll must know a thing or two about the state of the national housing market. So we were interested to read this quotation from the king of McMansions himself in the Wall Street Journal this past weekend: It…
While we wouldn’t be caught dead owning one of his houses, we suppose Toll Brothers CEO Robert Toll must know a thing or two about the state of the national housing market. So we were interested to read this quotation from the king of McMansions himself in the Wall Street Journal this past weekend:
It would be difficult to characterize the position of home builders as other than in a hard landing. I’ve never seen a downturn in housing without a downturn in employment or … some macroeconomic nasty condition that took housing down along with other elements of the economy. This time, you’ve got low unemployment, you’ve got job creation, you’ve got a stable stock market and relatively low interest rates.
Toll isn’t all doom-and-gloom. The long-term macro factors remain favorable, he says. He’s optimistic that new household formation, immigration, job creation and rising affluence augur well for the real estate market over time. Of course, in the long run, we’re all dead.
Housing Slump Harsher Than Predicted [WSJ via News-Press.com]
Related: North 8 Condos Website Accepts Visitors [Curbed]
inconvenient truth:
what does it cost to heat and cool these monstrosities?
9 times out of 10, nobody uses most of the rooms in these houses.
people have to work on their self esteem issues and not rely on the “bigger is better” mentality
“Good riddance to the McMansion, Hummer mentality!”
i agree 100% with the sentiment, but let me know when that mentality is actually gone. it’s worse than ever.
Good riddance to the McMansion, Hummer mentality!
If anyone noticed, he sold over $150 million worth of his own stock last year. He’s seen this coming. And just because it hasn’t happened before doesn’t mean it can’t happen. That’s what people lost sight of.
immigration: how can we keep adding over a million people a year and still maintain a quality of life….that is why this developer driven growth model is not sustainable…of course they don’t give a damn about the future just short term gain.
Could this mean his plans for NYC development will be postponed? Doesn’t Toll have big plans for Williamsburg, Gowanus Canal area, Manhattan, etc?