From your post, before the Pros/Cons you asked about the short and long term investment questions. Obviously in the short term the investment is not good. As for the long term that is tougher to answer but if you hold it long enough you will do good.
I think what you are really looking for is, fundamentally do new developments appreciate faster then established housing. If so by how much. This is not an easy question to answer because it will vary with development, location, etc… Also does the appreciation difference overcome the holding costs, (HOA/MR)… I would urge you to run the numbers and see what it would take….
The other factors are really personal taste. Most people here pound on those that like 4S or similar developments. Personally I am not into the new stuff and will purchase a home that is older but that is just my taste. I like a large lot and if the home on the lot isn’t what I want I can always change that. In general you will ALWAYS get better deals from the builders then the resellers because the builders have plenty of margin and the original owners paid that premium when they bought from the builder so they can never ever catch the builders, especially in a down market.
So this post is not really trying to push you one way or the other. I think you find valid pros and cons for either choice but if you are looking at new developments it seems like you kind of have made up your mind. Now just choose the development you like the best.
