Buy outs

[janettx]

From Texas

We currently built new a home in a new subdivision that has been developed by custom homebuilders. We and other neighbors have substantially invested in this area. The current price range is starting at 120000.00 and up to 250000.00.

We recently found out that the builder has secretly sold his remaining lots of land in our subdivision to a lower class of builder. According to some flyers that concerned neighbors have picked up from the new builder, their price range will be 103000.00 to 128000.00 when they start building here. This builder has the same homes in another subdivision (just behind us) that are selling at least $30000.00 more than he proposes to build the same house here for.

We are extremely concerned that this will lower the values of our homes and also bring down the neighborhood.

We are planning a meeting very soon (With the entire subdivision) to discuss this problem. I am looking everywhere for help to find out what we can do if anything.
I can’t believe that they have a right to lower the standards in a subdivision without consulting the people who live there.
If you know of any recourse we have please let us know.

 

[ALawyer]

This is a real estate zoning and land use question. BUT as so much depends on the local facts and zoning and subdivision declarations and deed restrictions, etc. you'd need as a group to get a local lawyer involved and see if anything cn be done by way of existing law or new laws.