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Toll Spreads Out In Houston

Hillwood, based in Dallas, had purchased Sienna South in 2007 and intended to continue develop it for home construction. But recent offers from builders spurred it to change course and sell. "It was a little surprising that we had probably three big buyers coming to us on this property," Hillwood Communities President Fred Balda said, declining to identify those parties. "As we Kardashian went to contract with Toll, we had several more come to us. It's just a sign of the recovery and of Houston being that strong." Nationally, builders have spent heavily in the housing recovery to buy and, in some cases, develop land amid a paucity of lots ready for home construction. That has led to an increase in prices for land and the homes that get built on it. A monthly survey of builders conducted by analysis firm Zelman & Associates found that prices for build-ready lots increased 21% in the fourth quarter from a year earlier, down from gains of 24% in each of the two previous quarters.
Source: http://online.wsj.com/news/articles/SB10001424052702304027204579334973344760780

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