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Toll Brothers buys Foreclosed Hasentree from SunTrust

By
Real Estate Broker/Owner with Realty Arts NC Broker License #235526

The Hasentree foreclosure was one of the highest profile Raleigh real estate news items of 2008-2009.  With the courthouse auction scheduled for December 2008, and postponed multiple times, the drama lingered.

Today's Raleigh News and Observer and WRAL-TV, both report that Toll Brothers has purchased Hasentree from Suntrust Bank for $23,460,000, a 27% discount from SunTrust's purchase price in March, 2009.

Toll Brothers builds upscale luxury homes for mass market.  Residents and owners in Hasentree have luxury custom-built homes, typically at a much higher average price.  So, there is anticipation as to the future of Hasentree, and how the new owners will integrate their product, at what price point, and if lots will still be available for custom luxury home building.

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Scan the QR Code with your Smartphone to Email MeQR CodeMike Jaquish, REALTOR®

919-880-2769 www.RealtyArts.com

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Independent Broker/Owner, Realty Arts

130 Towerview Court,

Cary, NC

Comments (5)

Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Mike That is a substantial discount - Toll Brothers is very popular in Northern Virginia, but their subdivisions are usually free standing.

Feb 26, 2010 12:55 AM
Mike Jaquish
Realty Arts - Cary, NC
919-880-2769 Cary, NC, Real Estate

Karen,

It is certainly a substantial discount.  Toll is well-received here also.

Toll homes start in the $400,000's, go up to about $1,000,000.  Hasentree homes have started at Toll's high end, and run to multiple millions.  Building lots in Hasentree have sold at an average price in the mid-$400,000's.

I will be interested to see how this proceeds.

Feb 26, 2010 02:22 AM
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Hey Mike,

Congratulations on hitting the 300K mark! It's quite an achievement and it shows your hard work and dedication to getting the word out about the Real Estate market in the area.

 

 

Mar 04, 2010 01:40 PM
Jason Graves
Linda Craft & Team - Raleigh, NC

I haven't had much experince with Toll Brothers though I understand their process well. It will probably hurt a number of smaller builders and individuals that are vested in the original project but at the same time it provides Raleigh some of what we need more of... Confidence! SunTrust did well with the price they received.

Mar 08, 2010 01:46 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

What a wonderful end/new beginning for the project.  Hope it does very very well.

Mar 12, 2010 10:22 AM