Former Speckie Undersells Current Speedies

By Dave Fratello | October 3rd, 2011
Maybe it should be no surprise that a resale of a newer home is coming out priced below some current spec homes.

Still, when 1901 Poinsettia (5br/5ba, 3200 sq. ft.) hit the market on Monday morning, we couldn't help but think of the 5 Speedy Speckies.

Poinsettia was the last spec home by the Speedy Speckies' builder to sell in MB's Tree Section before the new crop popped up this year.

Only a couple of weeks ago, the first of the newbies posted a deal – that being 2516 Pine, last at $1.899m. (See "Your Ex(spec)tations on 2516 Pine.")

Now 1901 Poinsettia opens at $1.849m, a modest $50k below several of the remaining new spec offerings. (1601 and 1605 Pine, with smaller lots, are at $1.799m each.)

1901 Poinsettia sold for $2.0m in March 2008, one of the very last Tree Section speckies to net $2.0m or more. The offering had launched at $2.499m in Aug. 2007, but the market was beginning to collapse by then and it was clearly overpriced. Price corrections took about 6 months.

The corner-lot Caliterranean is now priced 7.5% below acquisition. Wouldn't that be a feat – to drop less than 8% since a time that was only slightly post-peak?

Meantime, we noted in this week's Beach Reporter that at least one of the Speedy Speckies is now being offered for rent – at $9,999/mo.

That one sure looks like 2600 Pine, neighbor of the one speckie to have a deal.

These were quick to build and if they're already heading to the rental option, that's also pretty quick to quit the sale market.

As with all of these, there's surely another chapter or 2 (or 3 or 4) to write before we can really assess this mini-wave of spec construction in the Trees.

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