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what is "spec" house?

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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:24 PM
Original message
what is "spec" house?
I went to a friends home this weekend and it was so beautiful.

She said oh its just a "spec" house


???????
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L. Coyote Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:27 PM
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1. Built to a set of specifications for sale. Some sell before completion and you can see others
that are finished to the same specs. Sometimes spec builders have models to visit.
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greenbriar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:27 PM
Original message
so can you get a better price
buying a spec house?
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Stinky The Clown Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:27 PM
Response to Original message
2. It is a house built on speculation
Edited on Mon Nov-05-07 08:30 PM by Husb2Sparkly
The opposite is a house built under contract.

A 'spec' house is built before a buyer has been identified. A contract house is built after a buyer has commissioned its construction.

Signs that invite you to visit "Happy Meadows Homes of Distinction (homes from the upper $750s)" are inviting you to visit spec houses.
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Egalitariat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:27 PM
Response to Original message
3. Two possible definitions
1) Spec is short for "Speculative" -- as in speculative investment. Somebody built it without intending to live in it, but instead to sell it to somebody else.

2) Spec as in they got to pick the "Specifications". A little short of what passes for "Custom" but an upgrade from cookie cutter.
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paparush Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:28 PM
Response to Original message
4. Spec House - A house built on the speculation that someone will buy it.
Different from when you and I go to a builder and say, "Mr. Builder, I want you to build me a house."

A spec house is when a developer builds houses speculating that someone out there will want to buy them.
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louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-05-07 08:36 PM
Response to Original message
5. Not too many spec houses being built in Mich.
The days when builders could dig a hole and sell it are a thing of the past.
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