By Mike Sunnucks | Rose Law Group Reporter
COVID-19 has put the brakes on home sales and some real estate projects are on temporary holds.
But the pandemic and its economic impacts are not stopping construction projects in Arizona and at least one major home builder has the green light to continue to buy land.
Jeff Nielsen who leads land acquisitions in Arizona for Toll Brothers said he has the “green light to buy land”. Nielsen said during Rose Law Group’s New Virtual Power Lunch forum on Friday that Toll Brothers is interested in parcels that fit into development pipelines for when the real estate market and economy get back to normal.
Real estate and housing market normalcy might not fully return until next year. But that could fit in with completing land sales and going through the government entitlement process, Nielsen said.
The Toll Brothers executive also said the Arizona market could be in a better position coming out of COVID-19’s impact than other states. Construction sites have not been shutdown in Arizona unlike some other states, he said. That is good for jobs and to keep the construction and development pipeline moving.
“The guys in the field haven’t really slowed down. Their lives haven’t changed,” Nielsen said.