Of course, I'm talking about the Homestead of Liberty Grove. I have written about it before. Typically, I would not "pile on" a struggling subdivison. I typically pull for the developer to hit that precise combination to survive and do well.
In this case, there's a bigger message. Homestead was the first full power "form base code" subdivision. It was announced and ballyhooed as the best thing since canned beer. There were warnings that there may be some mistakes. I know, because I wrote about them.
I drove thru today. I wish I had counted closer, but I was in a hurry. However, I saw somewhere between 8-10 completed or nearly completed houses that the signs said were "available" This is in a market that every real estate agent in the DFW market is decrying that there is no inventory. Average times on the market vary a little, but not very much. If a good house stays on the market for over 30 days, there is something wrong with it.
The builders in Homestead are good builders. The homes they build and the floor plans would be some of the best. The houses are very attractive.
The reason Homestead has 8-10 vacant, completed houses is because the market is rejecting the subdivision. They're rejecting form base codes. The streets are too narrow. The garage drives are not long enough. The lots are too small.
Form Base Codes work in high density and urban renewal areas. They don't work too well in cow pastures, in suburbs of major cities in Texas. Philidelphia, maybe. Not Texas.
I hope Homestead pulls out of trouble. Rowlett doesn't need the reputation among developers. I would suggest that if there is a Phase II for Homestead, that it be somewhat less urban than Phase I. This is still Texas. I kinda like Texas. Most people that live here do too.
But, what do I know?