National home builder Toll Brothers continued to expand its presence in the Puget Sound region. This week, the Horsham, PA-based company purchased 39.14 acres of vacant land in the town of North Bend, which is along US Interstate 90 just southeast of Snoqualmie in King County. The company paid $15.3 million for the land, and the seller was Tukwila-based Segale Properties.
According to a report by the Puget Sound Business Journal, the property has been preliminarily planned for 156 homes, but no additional information on the plans was provided.
Toll Brothers has been an active home building in the Puget Sound region, and it has developed 12 communities in Pierce, King and Snohomish counties, according to its web site. The builder has developed single-family and town homes, and it is on the higher end of the pricing scale. The Belvedere at Bellevue development features homes prices from $2,027,995, while luxury homes in Gig Harbor start at $640,995. A town home at the Timber Creek master planned development in Bothell is priced from $600,000.
Residential real estate prices have been steadily increasing over the last few years. While inventories have been steadily decreasing, the average prices continue to climb. In Seattle, according to recent July 2017 Northwest MLS report from John L. Scott, 33 percent of pending home sales were in the $1 million and over range, and on the Eastside it was even more: 49 percent.
“On a monthly basis, this time of year we usually see more listing coming on the market than pending sales, but this year sales are keeping pace with new listings,” said Kelly Nutt, office leader, John L. Scott Bothell in a statement.