Tag Archives: Unsold spec houses

Gasoline Alley

EZOn/ EZ Off

EZOn/ EZ Off

This dream house under construction at 634 North Street is just one of the 18 houses on that road currently listed for sale at $2.5 million and up (this one, convenient to both the Merritt Parkway itself and the entrance ramp, is priced at $8.950 million). Of those 18, 8 are spec houses; there are many more unsold or still-under-construction projects on side roads like Lindsay ($12 million), Clapboard Ridge ($8 million), Copper Beech ($7 million) and Loch Lane (3, at an undetermined price). Beginning at the curve just north of N. Maple, spec houses include 180 ($4.890), 480 ($5.350), 620 ($6.4 (raised its price when it didn’t sell!), 450 ($6.899), 504 ($8.995, down from $12.9), 549 ($10.950), 605 ($12.495 – builder’s own house, paid $1.1 for land in 99, raised price on this from $11.295) and 918 ($16.9 – technically not a spec house but built in 2006).

That’s a ton of new construction, all available in a dead market. If every single builder is financially solid I’m sure they will hold on and get their desired price, eventually. But if, as I suspect, we have a few weak sisters in the bunch, or even a foreclosure or two in the future, things should get interesting in a hurry.

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