Weird Housing Tales, Part 3
According to Reuters yesterday, a member of the luxury home builder Toll Brothers’ founding family is trying to walk away from an agreement to buy a new condominium— from Toll Brothers. Martha Graybow wrote in “Toll relative walks away from new condo – filing” that:
The daughter of Vice Chairman and co-founder Bruce Toll informed the company last month that she and her husband “did not intend to make settlement” on a $2.47 million home they had previously agreed to purchase, the company said in a regulatory filing.
A company spokesman was not immediately available for comment on the filing, which was made public last Friday.
CNBC real estate reporter Diana Olick also talked about this developing story in her “Realty Check” blog yesterday. Olick said:
According to the home builder’s proxy statement:
Prior to fiscal 2007, the Company entered into an agreement of sale to build and sell a condominium to Wendy Topkis, Bruce E. Toll’s daughter, and her husband for a purchase price of $2,468,075. In January 2008, the buyers informed the Company that they did not intend to make settlement on the condominium. The Company intends to pursue its rights under the agreement of sale.
Does that mean they’ll sue darling daughter? The company’s general counsel says they are pursuing normal procedures.
Daddy is quoted as saying she just changed her mind because she had another child and the place would be too small, but I’m guessing the 13 percent drop in Florida prices was screaming at her a little louder than the baby. So Wendy just adds to the company’s 61 percent cancellation rate in the Sunshine State…
Stay tuned…
Sphere: Related Content
February 12th, 2008 at 10:48 pm
Ah yes, the ol’ give-back… Too bad Toll Bros. didn’t call ‘no re-dos or give backs’ when things started to take a down turn…
February 13th, 2008 at 12:28 am
Thanks for the comment Eurkle. There’s a lot of attempted re-dos and give-backs going on right now it seems. I’ll have to write a post about that soon.