Bill Schmidt, divisional vice president for Toll Brothers in Atlanta, is optimistic that the Federal Reserve interest rate cut will boost the numbers for the grand opening of its Woodstock Knoll project in Atlanta this Saturday.
"It will be interesting, with the interest rates this week, to see if that loosens people up," Schmidt said. "I think it [the rate cut] was positive news for the real estate industry."
The Woodstock Knoll development marks the Horsham, Penn.,-based builder's first foray into Atlanta. The company held a VIP Opening last weekend for people who signed up over its website and townspeople in Woodstock, which is 30 miles outside of Atlanta. Schmidt reported that of the 100 people who attended the VIP event, 50 signed up online.
Schmidt said the company did take some deposits last weekend, but he wouldn't divulge how many.
"The turnout was pretty good," Schmidt said. "It was good-quality traffic as well. People are really interested. We have to sell Toll Brothers in Atlanta a little bit."
Toll released 65 lots for sale in Woodstock Knoll. The project features homes priced from $400,000 to $600,000 that are scheduled for delivery in the spring and summer of 2008.
"We've been in all of the newspapers and periodicals and things," Schmidt said. "We've been visiting the Realtor's offices and doing the usual legwork. We think we'll have a pretty good turnout. People are still in the market and still looking."
Although it's new to the market, Toll is not a completely unknown brand in Atlanta.
"One of the things that surprised me when Toll opened up was our name recognition here," Schmidt said. "So many people here have relocated from somewhere else because of all of the big companies here. We do have strong name recognition, and they know our company because they've seen us on CNBC."
Learn more about markets featured in this article: Atlanta, GA.