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In Phoenix, 'Zombie' Subdivisions Rise From The Dead
NPR ^ | 28 June 2013 | Peter O'Dowd

Posted on 07/12/2013 8:41:49 AM PDT by Lorianne

Developers in Phoenix are scrambling to keep up with another frenzied demand for housing. During the Great Recession, homebuilders in the suburbs abandoned neighborhoods that were only half-built. These so-called zombie subdivisions left a ring of unfinished construction around the city.

But now, the zombies are waking up.

When the housing party ended five years ago, Phoenix was left to clean up the mess. Since 2009, the city has received $116 MILLION IN FEDERAL STIMULUS MONEY, teamed up with builders and gotten to work on reviving housing developments like Gordon Estates in South Phoenix.

In Gordon Estates, work crews are putting the final touches on 14 new homes that are just about move-in ready. Chris Hallett, who runs the Phoenix's Neighborhood Services Department, says he's running out of foreclosed properties to resurrect.

(Excerpt) Read more at npr.org ...


TOPICS: Business/Economy; Government; US: Arizona
KEYWORDS: taxporkmoney
Oh great. Taxpayer money is being used to restart the housing bubble.
1 posted on 07/12/2013 8:41:49 AM PDT by Lorianne
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To: Lorianne

Getting ready for the amnesties.


2 posted on 07/12/2013 8:43:29 AM PDT by amihow
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To: Lorianne

I just had a house built in what can be called a Zombie subdivision.

In 2007 someone paid over $250,000 for the lot that I built on. (I promise you I didn’t pay anywhere near that.)

We signed the paperwork in December, closed in June. The builder is building the same exact floorplan, minus $25,000 in custom items we had put in. The house he is building 05. miles from us has an asking price of $50,000 more than what we paid, which puts it $75,000 above the “base sticker price” of our house.


3 posted on 07/12/2013 8:48:35 AM PDT by Gamecock ("Ultimately, Jesus died to save us from the wrath of God." ┬ŚR.C. Sproul)
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To: Lorianne

Exactly. my tax money going to another version of GM or Solyndra. I guess at least it is not as bad as China since these houses are ‘supposedly’ being sold to buyers (at a discount I am sure)


4 posted on 07/12/2013 8:56:13 AM PDT by Nifster
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To: Gamecock
We signed the paperwork in December, closed in June. The builder is building the same exact floorplan, minus $25,000 in custom items we had put in. The house he is building 05. miles from us has an asking price of $50,000 more than what we paid, which puts it $75,000 above the “base sticker price” of our house.

Score!

5 posted on 07/12/2013 8:58:07 AM PDT by Alex Murphy ("...Someone handed the keys to the Forum to the OPC and its sympathizers...")
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To: Lorianne

Phoenix appreciation depends on speculators.

If the recent rise is due to return of speculators and flippers, then another bust is coming.


6 posted on 07/12/2013 8:59:13 AM PDT by cicero2k
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To: cicero2k

You can catch all that with Property Wars on Discovery channel...


7 posted on 07/12/2013 9:31:06 AM PDT by ▀udda▀udd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
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To: Lorianne

14 homes finished in unfinished homes that ring Phoenix. 116 million in federal funds. Par for the course results for a federal grant project.


8 posted on 07/12/2013 11:49:00 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: advertising guy

Phoenix ‘zombie subdivisions’.


9 posted on 07/12/2013 12:18:39 PM PDT by carriage_hill (Guns kill people, pencils misspell words, cars drive drunk & spoons make you fat.)
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To: Lorianne
“construction crews”...right...one guy speaks English for the van full of highly trained craftsmen, each one carrying a hatchet for the fine work.
But no worries, an inch of stucco will hide almost anything and disguise the rest until it cracks and falls off.

I used to climb Squaw Peak and look at the sea of red tile and tan stucco cooking in 115 degree heat.

Ka-boom and bust is on the way!

10 posted on 07/12/2013 12:35:27 PM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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