Toll Brothers has purchased a 21-acre property in Spring City Borough near Phoenixville, where it plans to build 33 single-family homes. The Fort Washington home builder paid $2.64 million for the land at 25 Seven Stars Road. The land was previously owned by the Soltys family since at least 1947, according to property records. The undeveloped site is just southeast of a housing development off Stony Run Road. The purchase continues Toll Brothers’ local buying spree in recent months. Over the summer, the homebuilder bought 159 acres in Malvern for $33 million with plans to build 280 luxury townhomes. This past fall, Toll Brothers bought 21 acres in Quakertown for $3.9 million and is planning 38 single-family homes. The average Toll Brothers home sold for $989,000 in the three-month period ending Oct. 31. The median home sales price in Chester County in October was $495,000, a 6.5% year-over-year increase, according to Bright MLS. Chester County is the most expensive county in the Philadelphia region.
Source: Philadelphia Business Journal; 12/6/2023