From the Fauquier Times-Democrat today:
The depressed housing market has claimed another Fauquier subdivision proposal - the 75-home Goodland East project near New Baltimore.
Mega-builder Brookfield Washington LLC withdrew its rezoning application for the project, because of the poor economy, "challenges" posed by Fauquier's land-use review process and sewer capacity issues.
Brookfield Washington's action comes just two months after Dallas,Texas-based Centex Homes stunned local officials by scuttling its 359-home Freedom Place plan at Bealeton.
Centex attributed the move to "the severe and broad market downturn."
. . .
Brookfield Washington agreed to pay Fauquier about $50,000 per dwelling requested.
His client agreed to the $50,000-per-lot donation during a robust residential market, [Brookfield's lawyer] Fallon said. Because of the housing downturn, "the proffers won't work" financially, he said.
The proffer package is untenable partly because of declining property values, Fallon said.
Eighteen months ago, a half-acre to one-acre lot fetched $220,000, according to the zoning lawyer. "You can't get $120,000 for a lot now."