Talk of the Town - Real Estate News from the Hamptons and North Fork

March 20, 2015

The Race to the $100 Million Spec House

Developers aim for new highs—and high prices—for speculatively built homes By Candace Jackson, The Wall Street Journal   When Shelly and Avi Osadon set out to build their dream house on a hillside lot in Beverly Hills, Calif., they commissioned a custom chandelier with 25 handblown glass balls for the entryway. They installed $5,000 “hands-free” toilets with heated seats in most of the home’s 10 bathrooms. They even bought $350 electric toothbrushes custom designed by “dentist to the stars” Jon Marashi. Now all the Osadons need to do is find someone who wants to buy their dream—ideally for their $35 million asking price. More developers and investors are racing to build increasingly lavish homes on spec. Built on prime lots with master suites larger than most homes and spas and entertainment spaces comparable with those in hotels, many of these homes are also attempting to break new price records. In Hillsboro Beach, Fla.,north of Fort Lauderdale, a yet-to-be-built 30,000-square-foot estate with subterranean parking for 20 cars is seeking $45 million. That is nearly triple the cost of the most expensive sale in the town to date, a property nearby that sold for $17 million last year. Another home, listed for $36 million in Golden Beach, Fla., north of Miami, has a 5,000-square-foot spa and five kitchens. And in Los...

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