Designs, builds, markets & arranges financing for single-family detached & attached homes in luxury residential communities. Also involved in projects building, or converting existing rental apartment buildings into, high-, mid- & low-rise luxury homes.
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TOL is primarily invested in mid to high residences the northeast, outside of Manhattan. While housing is recovering strongly in the south and mid/west area, there is a structural shift from the northeast owing to expensive labor and high business taxes/expenses. There is a shortage of homes, but there is also a shortage on land (which means acquiring new land is $$$). While TOL is very well run, the macro evnironment in the northeast will keep a lid on pricing power and margins. Other homebuilders may fare better.