The Race to the $100 Million Spec House
Developers aim for new highs—and high prices—for speculatively built homes
No not here, where we’re struggling to unload homes at $1 - $2 million, but in, where else,
LA and Florida. Location, location …
From WSJ.com
When Shelly and Avi Osadon set out to build their dream house on a hillside lot in Beverly Hills, Calif., they commissioned a custom chandelier with 25 handblown glass balls for the entryway. They installed $5,000 “hands-free” toilets with heated seats in most of the home’s 10 bathrooms. They even bought $350 electric toothbrushes custom designed by “dentist to the stars” Jon Marashi.
Now all the Osadons need to do is find someone who wants to buy their dream—ideally for their $35 million asking price.
More developers and investors are racing to build increasingly lavish homes on spec. Built on prime lots with master suites larger than most homes and spas and entertainment spaces comparable with those in hotels, many of these homes are also attempting to break new price records.
This one is expected to be listed at $200 million.
In Hillsboro Beach, Fla.,north of Fort Lauderdale, a yet-to-be-built 30,000-square-foot estate with subterranean parking for 20 cars is seeking $45 million. That is nearly triple the cost of the most expensive sale in the town to date, a property nearby that sold for $17 million last year. Another home, listed for $36 million in Golden Beach, Fla., north of Miami, has a 5,000-square-foot spa and five kitchens. And in Los Angeles, a $55 million spec home with expansive city views includes an air-conditioned “auto gallery” with a spinning turntable and room for 15 cars.
“Everybody wants new,” says Carmen D’Angelo, the listing agent for the Hillsboro Beach home. “If I had five or six more of these, I’d sell six more.”
Real-estate agents say the surge reflects an ultraluxury housing market that is at an all-time high, fed in part by overseas buyers and house hunters looking to invest in trophy properties.
Read all about it;
The Race to the $100 Million Spec House
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