Developer Buying up Foreclosure Properties in Arizona
The developer Beazer Homes is buying up bank-owned or auctioned foreclosure properties in Phoenix, Arizona and converting them into rentals with the Beazer name. According to a company spokesperson, this is a way for the developer to put their corporate bank accounts to work during a sluggish market for home sales.
The company's stated goal is to own 100 homes in the Phoenix area by the end of September, 2011. Beazer is only buying homes in communities that have been built since 2004, and that are close to their own development communities. Phoenix is the first market where the company is testing this strategy, called the Pre-Owned Homes Division, but the concept may be extended to other metro areas as well. Beazer is competing against other investors and home buyers, but only for homes that are in excellent condition.