Bubble Softens Parts of California, Florida
It't tough to generalize about the second home "bubble." In its cover story this week, Barron's quotes Robert Toll, CEO of big homebuilder Toll Brothers, calling the U.S. market "very spotty." In some of the markets where Toll builds golf-course and lake communities, like Palm Springs, Calif., Delaware and southwest Florida, demand has softened. The company, however, has had to offer incentives in only two resort communities out of the 15 it owns. "If you've got the right stuff, people still clamor for it," says the CEO.