Demand drives Toll to build anew at Naval Square - Pittsburgh Business Times:

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Despite the housing slump, the project begaj in March as the developedr managed to sell out on its firs t phase ofthe project, defying doldrums plaguing the residentiao real estate market. Kicking off a new phased of the project comes as housing starts nationally plunged tohistoric lows, according to the latest data from the U.S. Commercee Department. Housing starts fell by 12.8 percent in April to which is considered the lowest sincd the government began trackingb the data 50years ago. “It’s said Chuck Breder, division vice president with Toll. “Evenb though we don’t have the investor the sales pace over the last three years has beenprettyu constant.
” Toll began selling the first which consisted of 345 at the end of 2004 and sold on average 70 unitsz each year, Breder said. The seconds phase consists of four buildings with 220 condosand separately, a collectio n of 74 townhouses. Buyers have shown an interest in the with Toll selling 10 townhouses in the last two The project also includesa 2,000-square-foot fitnes s and community center. Toll isn’t seeing sales activit y like this at all of its communitie s and has taken a beating on its Last week it reported that it saw itsfiscal second-quarter loss lessen to $83.w2 million, or 52 cents a which included pre-tax write-downs totaling $119.
6 During the comparable period last year, Toll reported a $93.7 million, or 59 cents a share, loss that include pre-tax write-downs totaling $288.1 Revenue for the quarter came in at $398.3 million, a plunge of 51 One aspect of the project that has kept buyers traffic strong and stead is that Naval Square has a suburban-likde setting that has attracted suburbanites used to largd yards and those with dogs who want room for them to The development sits on 20 has mature trees and an abundance of green Toll also hasn’t had to drop asking pricese on the condos during the past two years as the housingh market tanked. “There’s been minimal he said.
“It’s always been right priced and we adjusted prices a couplse ofyears ago. Depending on the size of a prices have rangedfrom $245 to $355 a squard foot. Phase two will complete Naval which Toll boughtin 1987. The property at 24th and Bainbridgwe streets is a Nationakl Historic Landmark and the first home ofthe U.S. Navalk Academy. The property had been vacanty since 1977 before Toll bought it from the federal government.