High-end homebuilder Toll Brothers Inc. (NYSE:TOL) has been battered by the depressed housing market. The beating, however, hasn't dulled its appetite for growth. The largest U.S. builder of luxury homes and apartments on Monday
promoted regional president Doug Yearley to executive vice president.
In the expanded role, Yearley, a 19-year Toll Brothers' veteran, will help set corporate strategy and lead land acquisitions. Yearley has since 2005 managed homebuilding operations in nine states, including New York and New Jersey, and led the company's builder and distressed asset acquisitions group.
Toll Brothers in May 2008
announced it had $2.5 billion on hand to purchase "high-end communities at bargain prices." It doesn't, however, appear to have done much shopping since, though it did
acquire land (The Deal Pipeline subscription required) in September from bankrupt real estate developer Lake at Las Vegas Joint Venture LLC.
Instead, the homebuilder has been focused on its balance sheet,
buying back shares and
refinancing its debt. It's also reportedly been slashing prices to reduce its inventory. In June, it was reported that Toll Brothers
had cut home prices at one Brooklyn, N.Y., high rise by as much as 20%.
We could learn more about the company's strategy to grow amid the housing bust on Wednesday, when Toll Brothers announces fourth-quarter earnings. -
Suzanne Stevens
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