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Ivy Lynne Zelman

Research Analyst at Zelman & Associates

Ivy Zelman is the Executive Vice President of Research and Securities at Zelman & Associates, a Walker & Dunlop Company, specializing in deep analysis of the U.S. housing sector and housing-related industries. Over her 30-year career, she has covered major homebuilders, mortgage, real estate investment trust (REIT), and building product companies, earning acclaim for market calls that correctly identified the 2005 housing top and 2012 market bottom. She started her analyst career at Salomon Brothers and Credit Suisse before co-founding Zelman & Associates in 2007, which was later acquired by Walker & Dunlop in 2021. Zelman holds a bachelor’s degree in accounting from George Mason University, maintains FINRA registrations, and has received eleven 1st place rankings from Institutional Investor, along with repeated recognition on Barron’s 100 Most Influential Women in U.S. Finance.

Ivy Lynne Zelman's questions to Toll Brothers (TOL) leadership

Ivy Lynne Zelman's questions to Toll Brothers (TOL) leadership • Q1 2025

Question

Ivy Lynne Zelman questioned why full-year guidance remained unchanged despite the market becoming 'mixed,' and asked for a quantification of the remaining land that was purchased pre-COVID.

Answer

Executive Chairman Douglas Yearley explained that the initial guidance in December was already cautious and that better-than-expected spec pricing and a favorable mix of luxury homes in the second half support the forecast. CFO Martin Connor specified that approximately 30% of the current land bank was priced pre-COVID (using a December 2020 cutoff).

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