Are spec homes falling out of favor? So says one of the largest developers of spec homes, better known as Todd Glaser. He believes that the market for homes within the $20 million to $40 million has shrunk and is instead following other developers that are opting for dry lots instead of the customary waterfront lots. These homes are considered much more attainable for buyers and investors and attention is shifting towards the drier parts of communities like North Bay Road, the Sunset Islands, and Nautilus Drive.
Glaser and his partners have now set their sights on completing fifty different homes, and none of them are considered waterfront. Prices for these homes range from $700,000 to $2.4 million in price and will have between 3,800 to 6,000 square feet. Since May, six of the homes had been completed and nine are currently construction. Five of the homes have sold for over $3 million.
Julian Johnston was interviewed regarding spec homes and the buyers purchasing them and says that “more and more families are looking for new homes but are priced out of the waterfront.” With a greater number of European and South American buyers seeking to spend a greater amount of time in the U.S., “they want the new construction they’re used to in their home countries”.
To read the full article on The Real Deal, visit http://therealdeal.com/miami/2016/07/01/spec-home-developers-shy-away-from-the-water-in-miami-beach/.
This update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in Miami waterfront homes as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call (305) 502-3985 for any questions about Miami real estate or Miami Beach real estate.
