One thousand square foot homes will be the wave of the future if one Milwaukee builder has his way.

Tom Hignite of Miracle Homes is intent on cranking out three bedroom, 2.5 bathroom homes with a fireplace starting at $89,000. The builder told the Milwaukee Journal Sentinel  that the design of the "Mi-Pad" was inspired by the space-saving design of cruise ship cabins.

Among the economical features borrowed from the high seas vessels are built-in bunk beds and wooden lockers instead of closets. Hignite hopes the Mi-Pad will appeal to first-time homebuyers and renters who can move into a new property rather than struggling to fix up a cheap foreclosure.

Imagine being a builder right now. Demand has fallen off a cliff and there's almost no way you can compete with all the distress real estate, right? Well, almost. This story just goes to show you that in any business, the creative ones will figure out a way to adapt and survive!

Editor's note: This segment originally aired Sept. 2011.