News from Prince William County (h/t Sarah):
"Mike Klepac was supposed to move into his three-story townhouse the day before Thanksgiving 2006. But construction did not start until two months later. Before he could unpack a box three months after that, houses were going for nearly $100,000 less than what he paid.Mr. Klepac is also concerned about his job moving before he can. Calculated Risk today links to the NY Times article Home-Not-so-Sweet-Home, which brings up the disadvantages to homeownership such as Mr. Klepac is experiencing: financial risk, less labor mobility, and the cost of commuting.
Even though the value of his home has dropped, his tax bill will go up an estimated 21 percent this year.
. . .
'We're stuck,' Klepac said. 'I don't think I would have moved to Prince William County. I felt I was getting into a brand-new community with all these luxuries. They haven't delivered.'
He and other residents complain about living in a construction zone with bulldozers and mounds of dirt, and they are angry about unstaffed gatehouses and non-functioning streetlights. The county has limited ability to force developers to deliver projects on time, with the exception of public roads and infrastructure".