Toll Brothers Announces Model Home Grand Opening at Centre Cottages in Kirkland, Washington

Rhea-AI Summary

Toll Brothers, Inc. (NYSE: TOL) announces the grand opening of its Dewberry model home at Centre Cottages, a luxury home community in Kirkland, Washington. The community offers cottage-style homes with personal garden areas, ranging from 1,000 to 1,492+ square feet, priced from the low $900,000s. The grand opening event is scheduled for January 13, 2024, from noon to 4pm PT.

Insights

Real Estate Market Analyst

The introduction of the Dewberry model home at Centre Cottages by Toll Brothers represents a strategic move to capitalize on the demand for luxury homes in the Rose Hill neighborhood of Kirkland, Washington. The decision to develop a boutique community of 33 luxury homes caters to a niche market segment that values exclusivity and high-end features. The price point starting from the low $900,000s indicates a targeting of the upper-middle to high-income bracket, which is less sensitive to economic downturns and may provide a stable revenue stream for Toll Brothers.

The proximity to major employment centers such as Microsoft and Google is a significant value proposition, as it could attract professionals from these companies seeking a reduced commute. This aspect may increase the desirability of the homes, potentially leading to a quicker sales cycle and positive cash flow implications for Toll Brothers. The inclusion of a personal garden area and fully maintained yards may appeal to buyers looking for low-maintenance luxury living, which is a growing trend in the real estate market.

The long-term implications for stakeholders include the potential for property value appreciation due to the limited number of homes and the desirable location. However, the high entry price could limit the buyer pool and any shifts in the luxury real estate market dynamics or economic conditions could impact the project's success.

Urban Development Expert

The development of Centre Cottages by Toll Brothers reflects broader trends in urban development, where there is a focus on creating livable communities with access to green spaces and amenities. The integration of walking paths and connection to regional trail systems aligns with the increasing demand for pedestrian-friendly neighborhoods that promote outdoor activities and community engagement.

From an urban planning perspective, the project contributes to the densification of the Rose Hill area, potentially leading to increased local business patronage and a boost to the economy. However, the exclusive nature of the community and the price point may raise questions about housing affordability and diversity within the area. This development could influence future urban planning decisions, particularly around balancing the needs of various socioeconomic groups within the Kirkland region.

Environmental Sustainability Analyst

The construction of new homes, particularly in a luxury segment like Centre Cottages, has implications for environmental sustainability. The focus on personal garden areas suggests an emphasis on green living spaces, but the environmental impact of the construction process and the sustainability of materials used are critical considerations. Toll Brothers' approach to landscaping and maintenance may incorporate sustainable practices, which could mitigate the environmental footprint and appeal to eco-conscious buyers.

Moreover, the proximity to employment centers could reduce the reliance on vehicles, thereby lowering the carbon footprint of residents. As environmental considerations become increasingly important to consumers, developments that integrate sustainability features may see a competitive advantage in the market.

Luxury home community offers cottage-style homes with personal garden areas in the highly desirable Rose Hill neighborhood

KIRKLAND, Wash., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, is pleased to announce the grand opening of its Dewberry model home at Centre Cottages, an exclusive new home community in the Rose Hill neighborhood of Kirkland, Washington. The model home is now open for tours at 10352 135th Cir NE in Kirkland. The public is invited to attend a grand opening event to be held at the community on Saturday, January 13 from noon – 4pm PT.

Centre Cottages is a boutique community of just 33 luxury two-story homes featuring contemporary and modern farmhouse architecture. The homes range from 1,000 to 1,492+ square feet, with 2 to 3 bedrooms and 2 to 3 bathrooms. Each home features a petite personal garden area, and the Homeowners Association provides landscaping for fully maintained yards and common green spaces. Walking paths weave through the community and connect to the nearby regional trail system. Homes are priced from the low $900,000s.

"With the grand opening of our professionally decorated Dewberry model home at Centre Cottages, home buyers have the opportunity to experience the luxury, comfort, and unique design elements that set these Toll Brothers homes apart," said Kelley Moldstad, Group President of Toll Brothers in Washington and Oregon. "Centre Cottages is an idyllic community that combines the best of modern architecture with the charm of classic cottage-style homes."

Set in the highly sought-after Rose Hill area, Centre Cottages offers residents a central location with nearby dining options, world-class shopping, and recreation. The community is conveniently located near major employment centers, including Microsoft and Google, providing an easy commute for residents. Children living in Centre Cottages will attend Rose Hill Elementary, Rose Hill Middle, and Lake Washington High Schools in the acclaimed Lake Washington School District.

Home buyers will experience one-stop shopping at the Toll Brothers Kirkland Design Studio. The state-of-the-art Design Studio allows home buyers to choose from a wide array of selections to personalize their dream home with the assistance of Toll Brothers professional Design Consultants.

Quick move-in homes with designer-appointed features are also available in the community, allowing home buyers the opportunity to move into their new dream home later this year or in early 2025. For more information on Centre Cottages, or to request an appointment to learn more about the community and homes for sale, call (844) 845-5263 or visit TollBrothers.com/WA.

About Toll Brothers

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 56 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers was named the #1 Home Builder in Fortune magazine’s 2023 survey of the World’s Most Admired Companies®, the eighth year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

©2023 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of, Toll Brothers.

Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media | (215) 938-8169 | ameck@tollbrothers.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/33e33665-7f56-4cdf-a05a-d8c743a38502
https://www.globenewswire.com/NewsRoom/AttachmentNg/beb5f514-e667-4aa0-87e1-978fe9eede3b

Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)

FAQ

What is the name of the company mentioned in the press release about the grand opening of a new home community in Kirkland, Washington?

The company mentioned is Toll Brothers, Inc. (NYSE: TOL).

What is the location of the new home community mentioned in the press release?

The new home community is located in the Rose Hill neighborhood of Kirkland, Washington.

What is the range of square feet for the homes in the new community?

The homes range from 1,000 to 1,492+ square feet.

What is the starting price for the homes in the new community?

The homes are priced from the low $900,000s.

When is the grand opening event for the new home community?

The grand opening event is scheduled for January 13, 2024, from noon to 4pm PT.

What are the nearby schools for children living in the new home community?

Children living in Centre Cottages will attend Rose Hill Elementary, Rose Hill Middle, and Lake Washington High Schools in the Lake Washington School District.

What amenities are provided by the Homeowners Association for the homes in the new community?

The Homeowners Association provides landscaping for fully maintained yards and common green spaces, as well as walking paths that connect to the nearby regional trail system.

What assistance is available for home buyers at the Toll Brothers Kirkland Design Studio?

Home buyers can choose from a wide array of selections to personalize their dream home with the assistance of Toll Brothers professional Design Consultants at the state-of-the-art Design Studio.

Are quick move-in homes available in the community?

Quick move-in homes with designer-appointed features are also available in the community, allowing home buyers the opportunity to move into their new dream home later this year or in early 2025.