New Offer From Luxury Giant

New Offer from Luxury Giant
Developer offers rent-to own program to lure condo buyers in slow market.
 
Toll Brothers, the US's largest developer of luxury condos, is adopting a new strategy in response to current market conditions, rent-to-own. This new direction was announced last week at the company's fiscal fourth quarter conference when CEO Robert Toll revealed that sales had reached record lows in October. The program will allow condo buyers at specific properties in Arizona, New York, Florida, Washington DC and Pennsylvania to rent units, then roll over part of that rent towards a down payment down the road. This is Toll Brothers' contribution toward generating market movement, by understanding that loan requirements for properties will necessitate down payments many cannot muster at this time. The specifics of deals are unique to each property, but Toll brothers hopes this will expand the pool of potential buyers looking in these areas, and boost sales as well.