In Chandler, Ariz., a suburb of Phoenix, more than a dozen subdivisions are unfinished because of the economic downturn. The developer of this abandoned model home, Michael Roberts, chief executive of Charlevoix Homes, intended to turn a 35-acre former alfalfa farm into a community of 92 luxury houses, with prices starting around $500,000.
Photo by Edgar Martins
During the boom, Charlevoix Homes grew to 32 employees; it was recognized in 2006 by the state’s small-business association as one of the “50 Arizona Companies to Watch.” According to The Arizona Republic, Roberts’s wife hosted a show about real estate on a local television station. Last August, Roberts filed for bankruptcy protection, listing $118 million in debts. A fence has been erected to protect the three unfinished model homes from damage.