Luxury single-home community on horizon
Toll Brothers, the nationally prominent builder of luxury homes, on Monday announced it intends to construct a single-family home community named Rolling Oaks Estates in Southwest Ranches off Griffin Road, west of Interstate 75.
The project will feature 18 twoacre home sites with one- and two-story homes ranging from about 4,300 to 6,900 square feet.
The proposed development is located near major highways leading to Miami and Fort Lauderdale, as well as near shopping and dining establishments at Sawgrass Mills mall and The Shops at Pembroke Gardens.
Toll Brothers’ Southeast Florida communities currently include The Parkland Golf & Country Club, Royal Palm Polo in Boca Raton and Jupiter Country Club.
Based in Horsham, Pa., the company has projects underway in 20 states.
The company builds luxury single-family detached and attached home communities; master planned luxury residential; resortstyle golf communities; and urban mid- and high-rise developments.
“One of the things we’re really excited about in Southwest Ranches is the small town rural feel, with great location and access with some of your main working hubs,” Fred Pfister, senior vice president of Toll Brothers’ Florida East Division, said in an interview.
“You can literally commute to your office and still have that rural privacy of where you live.”
He said sales are expected to start this summer. Prices have yet to be listed.
Pfister said Toll Brothers’ clientele is less concerned about the potential for higher interest rates this year than people who are in the market for lower-priced homes.
“Although it created urgency for some buyers, we have not seen it affect us,” he said, adding that most of Toll Brothers’ customers are baby boomers, empty-nesters, upper-income working families and retirees.
Douglas C. Yearley, Jr., Toll Brothers’ chief executive officer, said last week that demand for the company’s homes in the South, California and other Western regions remained strong in its first financial quarter, which ended Jan. 31, 2018.
The only decline was in the Mid-Atlantic region.
“We saw a significant acceleration in contracts per community this quarter compared to one year ago — an annualized pace of 24 sales per community up from 19 in last year’s first quarter,” Yearley said.
The company’s common stock closed up by nearly a percent Monday at $44.32 in trading on the New York Stock Exchange.
“You can literally commute to your office and still have that rural privacy of where you live.”
Fred Pfister, senior vice president of Toll Brothers’ Florida East Division