With its purchase of the Hasentree golf community, Toll Brothers is making a bold bet on the long-term viability of the luxury home market in northern Wake County.
Tom Anhut, a division president in Raleigh for Toll Brothers, said the builder plans to offer lower priced homes than those currently for sale in the community. The exact price points of the new offerings haven't been determined, he said.
Hasentree includes 494 lots. Toll Brothers purchased 318 of them. The remaining lots had already been purchased by other builders or individuals.
About 55 homes have been built in Hasentree.
Anhut said Toll Brother's purchase is further proof of the company's commitment to the Triangle and its belief that the market here will bounce back.
"We're big here," Anhut said, noting the company's involvement in the 1,700-home Brier Creek development. "We like it here. It's a good market. It's down now. It will come back and we'll be ready for it."
He emphasized that the housing market, particularly the market for higher-end homes, remains soft and that Hasentree is a long-term investment for the company.
"I think we're going to be challenged in the upper end for a while," Anhut said. "We've got mortgage issues. We've got confidence issues. And I think there's some supply that still needs to burn off."