Could the re-shuffling of Fannie and Freddie ding luxury home builders?
In an earnings conference call today, a representative from the largest U.S. luxury home builder, Toll Brothers, said, in response to an analyst’s question, that one change being talked about to reform the two government-sponsored mortgage giants might hurt his company.
Fannie Mae and Freddie Mac, which either own or guarantee around half of all mortgage loans nationwide, provide backing for loans up to $417,000 nationally, but those limits rise to as much as $729,750 in certain high-cost areas. Those limits are set to fall to $625,500 in October, and the Obama administration has said it supports such a reduction.
“If the limits dropped to 625, which I think is the most popular proposal, that will impact about 3.8% of our home sales in units,” said Don Salmon, head of Toll’s mortgage unit, TBI Mortgage Co., on the call. Toll’s homes, which are mostly located in the fairly stable markets in the Northeast, averaged a sale price of $586,000 last quarter, according to the company’s earnings statement, a 7% increase in average price from the previous year. Many Toll Brothers homes cost more than $1 million. (more…)
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$45,000,000 : 636 Chain Bridge Rd, Mclean10 beds, 10 full, 5 part baths
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$7,658,687 : 904 Chinquapin Rd, Mclean7 beds, 7 full, 4 part baths
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$6,778,545 : 8611 Georgetown Pike, Mclean5 beds, 8 full, 3 part baths
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$6,250,000 : 1174 Old Tolson Mill Rd, Mclean6 beds, 7 full, 3 part baths
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$4,995,000 : 2923 Glebe Rd N, Arlington4 beds, 4 full, 2 part baths
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$4,420,000 : 1037 Aziza Ct, Great Falls5 beds, 5 full, 3 part baths
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$4,395,000 : 2921 Glebe Rd N, Arlington0 beds, 0 baths
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$3,995,000 : 4736 Neptune Dr, Alexandria4 beds, 4 full, 2 part baths
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$3,900,000 : 833 Herbert Springs Rd, Alexandria7 beds, 6 full, 2 part baths
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$3,799,000 : 2553 Vale Ridge Ct, Oakton6 beds, 4 full, 1 part baths
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$3,700,000 : 1039 Aziza Ct, Great Falls5 beds, 5 full, 3 part baths
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$3,450,000 : 8407 Parham Ct, Mclean5 beds, 5 full, 3 part baths
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$3,250,000 : 8120 Spring Hill Farm Dr, Mclean4 beds, 4 full, 2 part baths
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$3,200,000 : 708 Clear Spring Rd, Great Falls5 beds, 4 full, 1 part baths
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$3,195,000 : 12995 Wyckland Dr, Clifton6 beds, 8 full, 2 part baths
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$3,140,000 : 1266 Lyons St, Great Falls8 beds, 8 full, 3 part baths
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$2,995,500 : 10590 Beach Mill Rd, Great Falls4 beds, 4 full, 2 part baths
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$2,995,000 : 6719 Wemberly Way, Mclean6 beds, 6 full, 2 part baths
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$2,979,000 : 11326 Fox Creek Farm Way, Great Falls5 beds, 5 full, 2 part baths
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$2,850,000 : 1614 Kirby Rd, Mclean6 beds, 6 full, 1 part baths
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$2,699,000 : 642 Nalls Farm Way, Great Falls5 beds, 6 full, 2 part baths
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$2,495,000 : 7540 Clifton Rd, Fairfax Station7 beds, 9 full, 1 part baths
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