By Mike Jaquish, 919-880-2769 Cary, NC, Real Estate
The Hasentree foreclosure was one of the highest profile Raleigh real estate news items of 2008-2009. With the courthouse auction scheduled for December 2008, and postponed multiple times, the drama lingered. Today's Raleigh News and Observer and WRAL-TV, both report that Toll Brothers has purchased Hasentree from Suntrust Bank for $23,460,000, a 27% discount from SunTrust's purchase price in March, 2009. Toll Brothers builds upscale luxury homes for mass market. Residents and owners in Hasentree have luxury custom-built homes, typically at a much higher average price. So, there is anticipation as to the future of Hasentree, and how the new owners will integrate their product, at what price point, and if lots will still be available for custom luxury home building.