“We have a good appetite for new land,” Sheryl Palmer, chairman, president and CEO of the Scottsdale-based homebuilder, told analysts during a fourth quarter earnings call on Feb. 10, 2021. “Having said that, we’re going to underwrite it the right way. We have sold at a much faster pace, and we’re not going to be able to replace those communities any quicker.”
Palmer told analysts she’s seeing a disproportionate amount of California migration into Arizona, Colorado, Nevada and Texas.
“In places like Las Vegas, that could be 60% to 70% of our traffic,” she said.
Taylor Morrison invested $370 million in land and development during the fourth quarter ended Dec. 31 and $1.4 billion during the year.
With $94 million in net income on $1.6 billion in total revenue for the fourth quarter ended Dec. 31, Taylor Morrison ended the year with a company record backlog of more than 8,400 homes valued at over $4.2 billion, Palmer said.