Quick Check-In on the Speedy SpeckiesPosted on Wednesday, August 10th, 2011 at 5:15pm.
Why is there even a question mark? Of course they have.
It was just in late April that we first called attention to the multiple construction sites, with the assembly-line production going on all of a sudden all around the Tree Section in 5 separate new building projects. (See "Speedy Speckies Sprout.")
They were basically the first new homes to come along since the bubble popped, and the big question was, and is... what will these newbies fetch?
We've toured 2 of the spec homes (see "Weekend Opens 7/23-7/24"), but more are near completion and almost all are now online for all to track. Here's an update.
Of these, 2600 is the more conventional, done in a style they call "Colonial," full of safe choices. Meanwhile, 2516 is full of head-scratching excesses – the interior stapled-on stone, the gold-flecked railings, the spirally columns, even palm trees built into the middle of the driveway. Go figure.
2516 Pine launched at $2.199m, the first one out of the gates, but that history has been washed away by a re-list. (Not completely – see "$2.2m for First Speedy Speckie.")
2516 is now down to $1.899m (-$300k/-14% from that lofty start). The nicer Colonial twin at 2600 Pine is also at $1.899m, after starting $100k higher.
And now the cheaper ones of the bunch seem to be coming out on the 2 somewhat smaller, neighboring lots (4200 sq. ft.) over on Pine south of 17th St. These are 1605 and 1601 Pine (5br/4ba, 3200 sq. ft.), with the latter officially on the market at $1.799m.
1601 is in a "Colonial" style more like 2600 Pine up the block and across Marine. 1605 is being built in the Caliterranean style with the driveway palms and interior stapled-on stone. (Maybe these will become the new must-have features.)
Take stock now. New spec homes, all with lot purchases at or near $800k, one starting out at basically $2.2m, but now we're creeping into the 1.8s or below. For new construction in the MB Tree Section.
They hurried these pups to market in part because they could, in part because of the seasonality of the market (better to make those deals in Summer if possible), and in part because who knew what the heck might await us in the financial markets.
One thing we know about spec homes, though – they do sell. Usually. So we'll find out something about the market for these homes later this year, more than likely.
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