Foreclosed homes in Phoenix are a new goldmine for one developer, who is buying up land near the city's mass transit lines and marketing properties as transit oriented development.
"Phoenix is one of the nation's fastest-growing and most sprawling metropolitan areas. Cheap and plentiful land has led to an ever-expanding ring of suburbs, and commuting downtown can take longer than an hour. Now, a small developer is buying up foreclosed houses near mass transit lines in the city, renovating them to green building standards, and marketing them to young professionals who may be tired of commuting."
He's making some renovations to the homes, including new energy efficiency features. Due to their smaller square footage, the developer is hoping to appeal to younger buyers not lookin to make a huge impact on the environment.
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