Articles

More Developers Are Building on ‘Spec’, NYT

"Land values have come down and the cost of building materials has softened a bit."

Fort Salonga, Long Island NY - Walter Morris,  a developer in Huntington, is a perpetual optimist. Through what has been largely a moribund market over the last two years, he has kept building homes on speculation — without a buyer’s contract. He has built 10 to 15 a year, from a $700,000 house in Huntington to a $3 million spread in Oyster Bay Cove.“Regardless of the economy, people always want a new home,” said Mr. Morris, the owner of Morgan Creek Development.While he may be the exception rather than the rule, builders who stuck largely to custom building during the downturn are starting to follow his lead and give the “spec” market a try again.
By Marcelle S. Fischler, August 13, 2010 NYT

Link to article