Skip to comments.In Phoenix, 'Zombie' Subdivisions Rise From The Dead
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 ...
Getting ready for the amnesties.
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.
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)
Phoenix appreciation depends on speculators.
If the recent rise is due to return of speculators and flippers, then another bust is coming.
You can catch all that with Property Wars on Discovery channel...
14 homes finished in unfinished homes that ring Phoenix. 116 million in federal funds. Par for the course results for a federal grant project.
Phoenix ‘zombie subdivisions’.
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!