Shares in Toll Brothers dropped almost 8% in trading, after the company warned of weaker sales of its City Living condos, and said it wouldn’t be able to raise prices.
Sales of City Living condos are set to fall given longer delivery times for high-rise projects, the company’s chief executive officer, Douglas Yearley Jr., noted. Meanwhile, the company, the largest builder of luxury homes in the U.S., has been unable to raise prices except in California, Dallas and New York, he said.
Sales in the 2015 financial year are expected to reach 5,000 to 6,000 units, the company said.
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