Friday, October 17, 2008

Live real estate discussion today at 1:00 PM EDT

The Washington Post's Maryann Haggerty and columnist Elizabeth Razzi answer your questions about the local housing market.

1 comment:

  1. heheh. buh-bye, exurbia.

    Dale City, Va.: Morning, ladies. I live in a brand-new development that's about half-finished. Due to the current state of affairs, construction has been stalled for months. My question is, is the builder obligated to finish the plans that I was shown before I bought the place? Could a new builder come in and totally change things? Thanks.

    Elizabeth Razzi: And good afternoon to you, Dale City. You hit on a big issue that's going to be with us for a while. No, builders are not obligated to finish those developments. The rec center that's supposed to be built? Tot lots? Basketball courts? If they're not done already, they may never be built. Or maybe they'll come in 10 years. If a new builder comes in, he can change things, but it will be subject to the county's approval.

    Maryann Haggerty: Nope, no obligation beyond what's in your contract. (And often there's language that gives the developer an out.) In some circumstances, local governments can make future developers follow up on various amenities the original developer proffered in return for zoning flexibility. And other "amenities" are in fact legal requirements--ie, that water feature that in reality is a drainage pond. But stuff meant for marketing?