Toll Brothers holds grand opening - Pittsburgh Business Times:

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The house is located in what’s beinhg called Estates at Halfmoon. Toll Brothers is offering new homebuyere the opportunity to buy options and designer upgradew athalf off. When finished,the communit y will consist of87 single-family homes within the Town of Halfmoonh and Shenendehowa Central School District. Homes are pricedc in the $400,000s. , based in Pa., is the nation’s leading builder of luxury TollBrothers (NYSE: TOL) has been hit hard by the downturn. The companty posted its first loss infiscal $297.8 million, after 22 consecutive profitable years.
The slower pace of sales has forcedr Toll Brothers to cut the numbee ofdevelopments it’s The company expects to end the 2009 fiscal year with about 255 down 22 percent from a peak of 325 developmentz in the second quarter of 2007. Toll Brotheres opened its first model homein mid-January, giving prospective buyerxs a taste for what the builder does with 3,4090 square feet of living The model features a 20-foot vaulted ceilin g above the family room, gourmet kitchenn with Energy Star-rated appliances, huge master bedroom whirlpool bath, walk-out basement, hardwood floors, crownj molding, chair rails, four bedrooms and a three-car garage.
A 15-minuter drive from Northway Exit 8A, the plannedc development is the sortof luxury-meets-conveniencwe community that was in high demand during the real estate boom yearx of the early 2000s. There is stilol demand today, but it has lessened compares to 2006, the peak year for local home sales. That 511 homes costing more than $450,00o sold in the region, compared to 390 homes last a 23percent decline, according to the Greatefr Capital Association of Realtors. Toll Brothers officialds know they’re trying to sell a new brandd and product in the region at a time when peopld are concerned about their jobs and theoveralp economy.
Many buyers are also reluctant to sell theit existing homes today becausethey don’t believwe they will get as much as the propertty is worth. Still, the modell home in Halfmoon has drawnn an average of 20 visitors per week since it The company expects it will take four yearx to sell and builfd all ofthe units. Toll Brothers has anotherr local housing community inthe works. The compant has agreed to buy the development right s toa 68-lot subdivision off Vly Road in Colonie.