By Aaron Granillo | KTAR
After being one of the hardest-hit regions during the recession, the Southwest is now leading the charge of a fast-pace recovery.
Local homebuilders are taking notice, anticipating a frenzied demand for housing.
On a recent afternoon in Gilbert, construction crews were busy building phase one of the Velvendo community, a subdivision near the 202 Santan Freeway and Lindsay Road.
“The site is 90 acres. Approximately 218 lots were entitled on this property,” said Vice President of Land Acquisition for Meritage Homes Michael IlesCremieux.
The Scottsdale company bought the property last year for about $13 million, which was a pretty good deal considering how much the piece of land used to cost.
