“Build It and They Will Come” Real Estate Development
“Silicon Valley Spec House Seeks $42.8 Million.”
—Headline, The Wall Street Journal.
For the uninitiated, a “spec” or “speculative” house is a home that a developer first builds, then tries to sell.
That’s opposed to a home that’s commissioned by/for an existing client, and built according to their specifications (and budget).
To calculate the usual going rate for spec homes here in the Twin Cities (vs. Silicon Valley), subtract a digit.
Then divide by two or three. 🙂