In Las Vegas ,Toll Brothers is not reducing prices on its luxury housing units. It stubbornly clings on to very high prices:
These Toll Brother fools out in Las Vegas better get the widely circulated memo that deep price reductions in price are necessary to move new housing units.
And despite total traffic through models of between 500 and 600 people weekly, Toll Bros., a luxury builder that also hasn't marketed any discounts, had zero net sales in the week ended Nov. 11 and a negative net-sales rate of two homes in the week ended Oct. 14.
That means the company, whose homes are priced from $345,975 to more than $1 million, had two more cancellations in Las Vegas that it had sales.
Toll officials declined to discuss local sales volume, noting that they release regional data only quarterly. Spokeswoman Kira McCarron said sales of new homes and standing inventory "are consistent with current marketing conditions." (Las Vegas Review - Journal 11/25/07)