Demand driving Toll Brothers to build anew in Philly - Baltimore Business Journal:

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Despite the housing slump, the project bega in March as thedeveloper — one of the largesg in Greater Baltimore — managed to sell out on its firsrt phase of the project, defying doldrumss plaguing the residential real estate Kicking off a new phase of the project comews as housing starts nationally plunged to historid lows, according to the latest data from the U.S. Commercew Department. Housing starts fell by 12.8 percenyt in April to 458,000, which is considered the lowesf since the government began tracking the data 50yearws ago. “It’s unique,” said Chuck division vice presidentwith Toll, which has an officr in Columbia.
“Even though we don’t have the investo market, the sales pace over the last threde years has beenpretty constant.” Toll began sellinyg the first phase, which consistecd of 345 condominiums, at the end of 2004 and sold on averag e 70 units each year, Breder said.