By Peter O’Dowd | Fronteras
During the Great Recession, home builders in the suburbs abandoned neighborhoods that were only half built. The so-called zombie subdivisions left a ring of unfinished construction around cities like Phoenix.
But now the zombies are waking up as developers in the Southwest are scrambling to keep up with another frenzied demand for housing.
When the region’s housing party ended, local government was left to clean up the mess. Since 2009, Phoenix got about $116 million in federal stimulus money to improve blighted property. Then, it teamed up with builders and got to work. That’s why zombies like Gordon Estates in South Phoenix are coming back to life.
On a recent morning, a cement truck poured its payload into an unfinished driveway while work crews put the final touches on 14 new homes. The city is running out of foreclosed properties to resurrect, according to Neighborhood Services Director Chris Hallett. “The inventory out there is slowing,” he said. “That’s a sign of a good economy, and a sign that our work here is just about done.”
The housing recovery in Phoenix is in full swing and the supply of existing homes cannot keep up with buyer demand. In response, builders began snapping up empty lots late last year. The easiest targets were zombies already equipped with sewers and streetlights.
