Of the 539 single family homes on the market, at least 32 of them are spec houses priced at $5 million or more. That’s down from the 53 we had last year, but we lost a lot to rentals and very few to sales (I’ll see how many we actually sold later). Knowing what I do about the financing on many of these places, I think next year will prove a fruitful time to bid on that big mansion you’ve always wanted but could never afford. The trouble is, most of these spec jobs are on streets and land that you wouldn’t want to live on at any price. It’s always something.
UPDATE: 19 spec houses listed at $5 million and above sold this year, but 4 of those sold for far less than $5 (and millions less than their original asking prices) and several others “sold direct” which I interpret as a sale by their developer to himself, in another entity, to create the illusion of a sale and thereby maintain the prices of his other houses on the market.