Real estate CEO blames biz media for poor results
TheStreet.com media critic Marek Fuchs wonders in amazement Wednesday that the statement from homebuilder Toll Brothers CEO Robert Toll blaming the business media for his company’s lackluster performance.
Fuchs writes, “Blaming the media for the fractured state of your business is lamer than the retail industry’s fallback excuse of too hot/cold/rainy/dry weather. It is also an indication that your troubles are far from over.
“Enter Robert Toll, CEO of the estimable Toll Brothers, flapping his gums about how media reports about falling house prices are scaring customers away from buying.
“Said Toll, while announcing anemic preliminary quarterly results:
“We believe there is significant pent-up demand which is growing. When we have held promotions, buyers have come out to play and put down deposits. Often, however, a lack of confidence in the direction of home prices overcomes their enthusiasm and they don’t take the next step of going to contract. They, like all of us, read the papers and watch TV, both of which keep advising them that home prices are declining.”
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