Lately, it seems as though “spec homes” – a home without a direct building design or plan from a pre-determined buyer, may be making a comeback. A popular trend in the past (before the 05-06′ crash), spec homes were popping up rapidly throughout the real estate market.
Many are left wondering, why start building now? The answer may come from many different aspects, including the lack oh homes built from the 2005-06 era until now, the recovering housing market, as well as the upcoming retirement of many ‘baby boomer’ generation.
“Joe Orlandini, a Fort Myers Beach developer and real estate agent with Sand Castle Realty Group, is building and selling new homes on the island. ‘We had a big lapse from the time a new home was built on the island to the time the next house was built,” he said. “Not only did the homes change that people want, a lot of building styles got better and even the construction got better.'”
These spec homes seem to be candidates for well established neighborhoods, preferably waterfront properties. This is not to say, however, that they will not be constructed if they price is right. Interestingly, many spec homes are not built on bank loaned money, but from personal investors looking to earn a decent return on their money.
The demand for these new properties without question exists. “At some point spec builders will step in to meet the demand…”
To read the full article (By Dick Hogan), visit: http://www.news-press.com/article/20130804/RE/308040045/Spec-houses-making-comeback-parts-Southwest-Florida?nclick_check=1