Talking Shop with Steve Murray On Spec Building In Sarasota
Sarasota is one of the most sought after residential locations in the US and Florida, #5 best place to live in the USA, and #1 in Florida*, which presents many types of speculative building opportunities in the luxury, custom and waterfront market. As experts in "Spec Builds", we are sharing an informative Q & A with Steve Murray.*Source US News
What is a spec home?
A spec home is a speculative project where the speculator hires an architect and builder to design and build a new house that will be offered for sale on the open market. This is in contrast to a custom home, which has been designed and built for a specific end user.
Is a spec home a good investment?
When market conditions are right and the team involved is focused 100% on the investment outcome, spec construction can provide a great return on investment. Murray Homes has been doing this for a long timeand therefore has an in-depth knowledge of the local market and customer needs.
Why is choosing the right lot, location and Realtor® so important?
It is crucial to find the right location and the best parcel of land to build on. You will need to partner with a trusted real estate professional that understands your goals and can help identify the best opportunities. Murray Homes, in tandem with Bev Murray, a top producing luxury real estate professional, are experienced in land procurement and development.
Is there a demand for luxury spec homes in Sarasota?
The luxury market in the past few years has been driven by a demand for “move-in ready” homes that are designed and built for the way that high net worth individuals like to live using features such as spectacular outdoor living space, inspiring design, easy maintenance, and top of the line automated features for a lock-up-and-leave lifestyle. Many buyers have neither the time or the inclination to build a vacation home and would rather pay a premium for a ready to go home than start from scratch. Our team will help you differentiate between what you could build and what you SHOULD build. The trend for high end luxury move in homes looks set to continue as high wealth individuals choose to make Sarasota and the barrier islands their home.
Why partner with Murray Homes on a spec home build?
For the savvy speculator one of the most important choices is choosing an educated and experienced build team. Murray Homes has firsthand experience of the market conditions, the ability to seek out untapped areas and opportunities, and employs a conservative approach to design, build costs, and revenue forecasts.
Murray Homes’ experience with spec construction dates back to the 1970s with single and multi-family developments in the UK. In Florida, we built the first ever spec home on Bird Key. Since that time, we have established ourselves as the market leader for building luxury waterfront homes in Sarasota, including many successful speculative builds for clients seeking a return on their real estate investments.
Please contact me if you have an interest in spec building in Sarasota. We are the dream build and real estate team, and can identify, present and discuss potential opportunities based upon your investment needs.
Call Steve at 941.906.7000 or email steve@murrayhomesinc.com
