Last Thursday, March 15th, the CEO of Toll Brothers, Inc, the nation’s largest builder of luxury homes summed up the Spring 2007 season as “pretty much a bust.” He can’t see any signs of a housing recovery. “When will the market rebound? Who knows…I have no idea. I would have thought it would’ve rebounded by now and I’ve been dead wrong.”

Toll said that the prime selling season for new homes and condos starts the weekend after the Superbowl and then continues fairly strong through the Passover and Easter holidays. It doesn’t pick up again until July. The Chicago Condo market generally follows this pattern also.

On this gloomy note…the company recently announced it’s entry into the Chicago luxury housing market, with projects in the suburbs of Long Grove and Barrington. The luxury home builder has started developing The Preserve at Long Grove, a community of 52 single-family homes with prices starting in the mid-$500,000s, and The Estates at Lake Barrington, a community of 50 single-family homes priced from the low $500,000s. This is the second Midwestern market for Toll, which started building in Columbus, Ohio in 1997. The company is active in 17 states. Robert Toll is the Chairman and Chief Executive.

Currently there some problems surrounding the company as there is a record percentage of cancellations among potential buyers – 30 percent compared to the builder’s historical average of about 7 percent. People have different reasons for canceling, some couldn’t sell their old homes, while others stated medical or other reasons. Experts though expect the cancellation rate to drop, since many investors who flip homes for a quick profit likely already canceled their contracts.

The strongest markets for Toll Brothers are Hoboken and Jersey City, N.J., as well as Manhattan and Brooklyn, N.Y., while Detroit, Minneapolis, Chicago, Reno, Nevada and parts of Florida have not yet have stabilized. There is one fact that seems to suggest a bright future for the company - America’s population growth is outpacing the rate at which homes are being built. Hence, there is a shortage of home builders and there will be a lot of demand on the housing market.

The Pennsylvania-based builder has an average home price of about $710,000. It takes up to a year to build and sell a Toll house, double the industry average. Toll Brothers are using sales incentives such as free televisions to lure buyers. Toll advertised no payments for up to six months on some houses in a community outside of Chicago in the Chicago Tribune.

Toll Brothers is the only publicly traded home builder to have won all three of the industry’s highest honors: America’s Best Builder, the National Housing Quality Award and Builder of the Year. The Company has won many awards for its home designs, its management and financial performance and for its innovative environmental recycling program.

What makes this builder different then the rest is that, unlike them, TOL is focused on quality and profitability, while the others concentrate on the quantity – building as much units as possible. They company has its own in-house engineering, architecture, mortgage, telecommunications, title insurance, insurance brokerage, landscape, component assembly, and manufacturing operations.

For more information visit www.tollbrothers.com.

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Lakewood Homes is a company that builds new houses in attractive neighborhoods, where residents can live in a nice environment, with good schools and plenty of activities available. But probably the best thing about Lakewood Homes is the pricing. Their price tags make the dream of owning a home, a reality. Simply put, with them, buying is a pleasant experience.

Buz Hoffman is the founder and president of Lakewood Homes and his idea is to build quality-built starter homes for the entry-level market. So far, he has build 3,300 new homes in Lakewood Falls, which is one of Chicago’s most successful communities ever.

The thing about LH is that they not only build homes, but they also offer special interest rate programs to qualified first time homebuyers. Financing is provided through its affiliate LHI Mortgage. The special program offers a fixed interest rate of 6.05% for 30-years, with no points and a three-percent down payment. Considering the forecasted increase of the interest rates in the future, this is a really good deal, because if the rates rise, you will not be affected, since your interest rate remains locked at 6.05%.

Lakewood Homes offers a variety of prices and home styles, from affordable town homes to elegant estate homes. But no matter the style, size or price, there is one thing that Lakewood home includes in every unit - value.

Lakewood Homes are priced from $150s and according to experts, now is the perfect time to buy, because interest rates are low and stable and there are some attractive financing packages. Due to the fact that this is a private company, it is able to react much more quickly to changes in market conditions than the national builders. This gives LH the ability to offer a lot of interesting incentives like for example the free 42″ plasma screen television at the Lakewood Springs community.

First time buyers are in a really good position here, because they have to worry about selling existing property and can move into a new home very quickly. And the quicker you move, the quicker they can start building equity in your own home. LH offers some ideal smaller plans in Plano, Hampshire and Joliet.

The current communities (available for buyers) developed by Lakewood Homes are: Lakewood Crossing, Lakewood Prairie, Saddle Ridge, Easton Park, Lakewood Springs. All homes represent a combination of high quality finishes with attention to every detail and low as possible pricing, beautiful locations and plenty of amenities. Lakewood communities offer all this, plus a wide selection of home styles and prices to suit every family.

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Walton on the Park is a two-tower development from The Enterprise Companies and Mesirow Financial Real Estate. This condominium is currently under construction and will feature 450 condos starting in the $470s. The sales center is located on-site at One West Walton Street.

Pre-construction pricing offers one bedrooms from $475,000, two bedrooms from $660,000, three bedrooms from $1,200,000, and single family homes from $3,500,000.

The Enterprise Companies and Mesirow Financial Real Estate already have R+D659 in their portfolio and have partnered, once again on this project. The building was designed by Pappageorge / Haymes Ltd. According to the site plan, there will be north and south towers, respectivey 37 and 32 stories tall, separated by an outdoor plaza that includes a swimming pool, sundeck, kitchen, bar, fireplace, whirlpool and meditation area.

The amenities at Walton on the Park are second to none. No detail has been overlooked here, both inside and out. First you will be impressed by the gracious entryways. All condo units feature floor-to-ceiling windows, there is plenty of space. The sun deck has a swimming pool, fireplace, outdoor cooking station, and meditation garden. There is also a fitness center where residents can stay/get in shape, using state-of-the art bodybuilding equipment and spa.

A very interesting option for the buyers is the available customization. Every buyer can personalize his or her home with a wide variety of finishes of the highest quality, including selections from imported marbles and furniture-quality cabinetry as well as designer fixtures and custom millwork.

The building is perfectly positioned in a very strategic place. Right across the street, you enter the historical Washington Square Park, which is Chicago’s oldest park dating back from 1842. Standing in the very center of the Gold Coast neighborhood, Walton on the Park is just steps away from world-class hotels, multi-million dollar residences, plenty of dining and shopping opportunities and entertainment. This is more than just a building, it’s a way of life full of luxury, convenience and enjoyment like you have never experienced before. Nearby you have the one of the most famous streets in America - Chicago’s Magnificent Mile, occupied by world-class stores and specialty boutiques. Just a simple walk there will give you an idea of the latest fashion trends. If you are looking for designer jewelry go to 900 North Michigan. Apart from all the boutiques, you will find a lot of national banks, gourmet grocery and pharmacies.

Technorati Tags: chicago condos, chicago real estate, luxury chicago condos, pre-construction condos