Luxury Homes are a Tough Sell in Eagan
A luxury home developing company has seen business slow down in the Twin Cities area. Toll Brothers, a Pennsylvania based company, expanded their business to the Twin Cities two years ago with hopes of a booming market. But sales are not what they hoped for in the Steeplechase of Eagan development.
There appears to be an excess of luxury homes in the Twin Cities area, as is evident by the extended periods of time these homes are spending on the market.
Area realtor Tony Ashworth told the Star Tribune that Toll Brothers is not the only developer of its kind that has suffered from tough sales and falling stocks. In fact, Toll Brothers has faired better than many of its competitors in the national market.
Ashworth said the attractive and convenient location of the Steeplechase development will help it survive in the long run.
Toll Brothers is the company most associated with the "McMansion" label for its homes. "McMansion" refers to luxury homes constructed with the same layout and create neighborhoods with a cookie-cutter feel. Toll Brothers said they do their best to avoid such developments by not building identical homes side-by-side.