My story is that I was working in the Netherlands for my company doing EE and software work and formed some relationship with colleagues, including this one family that was especially kind to me and that I've kept in touch with.
When I first met them I used to go to dinner often in their inner-city (Diemen) apartment, a large 2-storey apartment in an older building that seemed to use a lot of concrete (at least based on what I saw in the public areas, stairwell etc). It was quiet and peaceful and well built, but also rented.
So with much anticipation they moved to a brand new 3-storey attached house in the Polder about 30 mins from Amsterdam, the Polder means reclaimed land and basically if you have ever seen a "new suburb" you will know what the Polder is like. Beautiful to the eye, cheaply constructed!
Basically it starts as a gigantic Government sponsored engineering project to drain it and either build dykes or truck in millions of tons of earth from elsewhere or both. Then it is parcelled up and contracted out to development companies that build roads, artificial lakes, rows of apartments etc.
So I was very admiring of this beautiful new suburbs, the sparkling clean canals, parks and bike paths etc. I happen to remember they lived in "Islands Town" or similar and the streets were named like "Azores Street", "Maldives Street" and so on. To get there from the freeway you pass through a number of similarly but differently themed suburbs, etc.
I was looking into investing there. Searched through lots of real estate listings etc, although there was not a lot for sale since they are sold off the plan before they're built. Those who did sell were the lucky ones -- I went back there recently and it was an utter hell-hole. It really shattered my illusions.
Part of the problem is basically that all the houses are built at the same time and hence they all get that tatty run-down look at the same time (about 10 years later). Some, like my friends, had maintained and repaired, kept the strip of garden by the front door neatly trimmed etc, most hadn't bothered.
I think what happens is when the gloss wears off, those who can move elsewhere, leaving a vacuum where basically drifters and transients move in. I'm sure it kills the investment.
Give it 30-40 years and individual renewal projects will eventually improve matters, but I sure hope they use good building materials. Cement sheet often tends to lift and warp a bit over the years, ruining the neatly rendered look and revealing the structure for the house of cards that it is!
cheers, Nick