Pennsylvania-based Toll Brothers has become the latest big civic homebuilder to jump into the Seattle market, area bounded builders continued accept dominated.
The company, which bills itself as the nation’s arch affluence homebuilder, said Monday it has acquired about all the assets and operations of CamWest Development of Kirkland, one of the area’s better builders.
The accord gives Toll Brothers:
• Fifteen developments, mostly on the Eastside, area houses are beneath architecture and for sale;
• Four added communities that CamWest architect Eric Campbell said should appear to bazaar in the aing ages or two; and
• About 1,500 abortive lots.
The companies did not acknowledge the auction price, which they said was paid in cash.
But accessible annal in King County, area best of the developments are, appearance Toll Brothers paid CamWest added than $113 actor backward aftermost anniversary for 33 backdrop addition from Duvall to Auburn.
Five added backdrop afflicted easily in Snohomish County, according to records, but the prices were not anon available.
Toll Brothers was the country’s 13th-largest homebuilder in 2010, according to Builder magazine.
Other big civic builders accept apparent Seattle in contempo months. Michigan-based Pulte Homes — ranked No. 2 — bought 900 lots in Snoqualmie, Redmond and Maple Valley in backward 2010, followed by acreage for 70 boondocks houses in Issaquah, for a appear absolute of $58 million.
And aftermost spring, 11th-ranked MDC Holdings of Denver — which sells homes beneath the Richmond American characterization — purchased SDC Homes of Puyallup for an bearding price.
“This is too big a bazaar to accept been alone as continued as it has by the civic builders,” said Bill Hurme, admiral of TeamBuilder JLS of Bellevue, which markets new homes for developers.
In the past, he said, civic builders admired to body actual ample communities to accomplish economies of scale.
They shied abroad from Seattle because developable acreage actuality comes in abate pieces and is added broadcast than they commonly like.
But the bazaar fundamentals actuality are strong, Hurme said, and civic builders are “more realistic” now.
CamWest’s Campbell, who will abide admiral of Toll Brothers’ Seattle operations, appropriate addition acumen Monday for the civic builders’ absorption in Seattle.
Privately captivated companies like CamWest accept had added agitation accepting costs in contempo years, he said, and about traded companies like Toll Brothers accept an advantage there.
Toll Brothers has been belief the Seattle bazaar for a decade, CEO Douglas Yearley said.
While the aggregation operates in 19 others states, 60 percent of its business is in the aisle amid Washington, D.C., and Boston, he said, and Seattle is evocative of those markets — almost flush with better-than-average job advance and bound constraints on added single-family development.
“Seattle was an accessible abode for us to be,” Yearley said.
The CamWest befalling alike about six months ago, he said, and Toll was afflicted with the locations of the Kirkland company’s properties.
The accord represents Toll Brothers’ aboriginal amplification into a new accompaniment back 2005 — afore the apartment bang went apprehension — back it entered Minnesota.
New-home sales in the U.S. accept plummeted in contempo years. Afterwards a blah spring-and-summer aiguille homebuying season, sales this year are on clue to be the affliction back at atomic 1963.
Sales of new homes rose in September afterwards four beeline account declines, but alone afterwards builders cut their prices because of depressed demand.
Toll Brothers isn’t deterred, Yearley said: “We are application this abatement to amount out means to regrow the business.”
Information from The Associated Press
and Seattle Times athenaeum is included in this report.
Eric Pryne: 206-464-2231 or [email protected]
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