by Wendy Koch, USA Today
In Phoenix, a city where the real estate slump has hit hard, developer Philip Beere has found an eco-friendly way to make money by rehabbing old homes, most in foreclosure.
He dramatically upgraded the looks and energy efficiency of a 1,600 square foot, 70-year-0ld ranch house in the Pierson Place Historic District near the city’s new light-rail line. He then resold it.
His 150 West Elm rehab was honored earlier this month as the “remodel project of the year” by the National Association of Home Builders (NAHB), which gave it the top or emerald certification via its National Green Building Standard.
As National Preservation Month comes to a close, with the theme “old is the new green,” Beere’s remodel is “This Week’s Green House.”
Beere reduced the home’s carbon footprint by more than 70% and its water use by 65%. Its Home Energy Rating, set at 100 for today’s new homes, fell from 208 to 65.
“This home is a great example of green remodeling done right while also done beautifully,” Eric Borsting, chair of the NAHB’s Green Building Subcommittee, said in the announcement.
- GREEN HOMES: Images of Phoenix ranch house , others across the USA
Beere works directly with banks to negotiate the purchase of distressed properties. He aims for a 40% return on investment, according to a company spokesman, noting Green Street’s projects are cost-effective. The rehabs sell quickly, with an average time on the market of 20 days.
Green Street picks existing homes near public transportation to revive walkable neighborhoods. It maximizes living areas through creative use of spaces.