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August 10, 2006
Builders Annus Horribilis
Builders are set for an annus horribilis, as this headline on a Toll Brothers story makes obvious:
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Well, Bob Toll was singing a slightly rosier line to the NYTimes Magazine last October :
""New York and Washington and Phoenix and San Fran and L.A. and Las Vegas and Naples and Boca" - were about to slow down painfully. "Investors will get creamed, and they'll get out of the deals," he said, noting that a subsequent recovery would take anywhere from 3 to 10 months. But beyond that - a catastrophic crash? "Why can't real estate just have a boom like every other industry?" Toll asked in complaint. "Why do we have to have a bubble and then a pop?"
http://tinyurl.com/kl9sf