We earned performance bonuses and management fees, as well as income from the properties we own long-term. [Apartment Living] is a high return on equity business and we are excited about its progress.

• Marty Connor – CFO, Toll Brothers

Toll Brothers fired the Property Manager and Assistant Property Manager for The Morgan in March 2018 with no replacement plan other than having Absentee Jane parachute in a few days a month to look in on things.  Five months later, both positions remain open despite repeated promises that they would be filled.  A conservative estimate of salaries for each role of 100k a year (fully loaded with benefits) means that Toll Brothers has saved over 80k by leaving these roles unfilled.  Now we start to see where the high return for the Apartment Living division comes from.

Looking back at 2018, we also see that Toll Brothers is shortchanging residents in other areas.  The building infrastructure and amenities continue to fall into disrepair, with little action taken to address the problems.  Of the items that have been fixed in the past year, all of them are small budget items like replacing missing attachments in the gym, adding a small weight set, and buying new seat cushions for the outdoor areas.  Big ticket items, like fixing the elevators, cleaning the windows, replacing the broken outdoor TV, fixing the grills, and holding resident events are promised but never delivered.  But Absentee Jane never misses a chance to complain to residents about how expensive it is to maintain the building.

Toll Brothers, we know you read our blog.  You cannot continue to market The Morgan as a luxury building while you save money by understaffing it and letting the infrastructure deteriorate.  You cannot collect over 200k a year from residents for amenities that are broken and never repaired.  Fire Absentee Jane and fill the full time Property Manager position now.  Your residents are fed up with the safety issues, the broken promises, and the general lack of responsiveness.