Skip navigation
MOST POPULAR RELATED TAGS
  • TOPICS
  • SECTORS
  • COMPANIES
 

  Current Housing Indicators
CURRENTPREVIOUS
Existing Home Sales4.49m4.74m
New Home Sales309,000344,000
Housing Starts583,000477,000
Building Permits547,000531,000
HMI9UNCH9
Existing Home Prices$170,300▼ (annually)$199,800
New Home Prices$201,100▼ (annually)$232,400
 
Realty Check Video Gallery
CNBC's Diana Olick has the real estate market update.
CNBC's Diana Olick has the latest real estate headlines.
 
HOMEBUILDERS TOP 10 INDEX
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...
Loading...

REALTY CHECK VIDEO

» More

Current DateTime: 05:26:58 26 Nov 2009
LinksList Documentid: 30871294
Expiration DateTime: 11/26/2009 5:27:34 AM

RSS FEED

» Help

Current DateTime: 05:27:00 26 Nov 2009
LinksList Documentid: 30871303
powered by digg

Realty Check

Text Size
Feb.11
10:42 AM ET
Monday, 11 Feb 2008
Florida Taking Its Toll (Brothers) On Daughter's Condo

CNBC.com

You just can’t make this stuff up. Apparently even a big builder’s daughter can’t seem to keep faith in the Florida housing market. According to an SEC filing, Wendy Topkis, daughter of Toll Brothers co-founder and Vice-Chairman Bruce Toll, is walking away from a Florida condo, just like everyone else. A Toll Bros. condo!! The Palm Beach Post says it best: Et Tu Wendy?

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.

Now, if Wendy was required to put down the same 7 percent deposit on the new home as everybody else, then she could be out $172,765. Of course, daddy owns almost five percent of the company (market cap around $3.5 billion) so maybe he could help out, or perhaps he wants her to learn about fiscal responsibility the hard way. None of my business of course; just family business…or lack thereof.

And check out the video on my discussion about home ownership, with Richard Gaylord, National Association of Realtors president.

Questions?  Comments? 

© 2009 CNBC, Inc. All Rights Reserved

Tools:
PrintEmailAdd This share icon
Next Post
  • digg share
ADD COMMENTS
Remaining characters


Current DateTime: 01:44:15 26 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:08:07 26 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:01:07 26 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:04:08 26 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters