Luxury Real Estate Market Shows First Signs of Life, but Euphoria Would Be Premature!

Leonid Kulikov
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L. Kulikov
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I currently see a classic early-cycle signal at Toll Brothers in the upscale US real estate segment: Demand is noticeably increasing, but not yet dynamically. A slight increase in website traffic, more onsite visitors, and higher deposits indicate that affluent customers are becoming more active again. At the same time, management remains deliberately cautious – and I consider that a good sign. Those who are celebrating already have not understood the real estate cycle. The latest numbers are convincing: Earnings of USD 2.19 per share on USD...

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