Just looked up a property that was featured in a few posts over the last while. It seems to illustrate the danger quite well of building spec homes in the inner city. Many people have contacted me over the years to build for them, or whom want to build themselves. I should just show them this photograph and say ‘so you wanna be a builder’ and then giggle like a maniac. This is a tough market and you’ve got to be good and resilient to survive. Just the apparent losses on this property exceed the land price I paid for my first multi family build. Ouch.
What is the market value of this property? We just don’t know until it sells. It has been listed and delisted a few times over the years. Good location terrible price. It just shows that in any segment of the market you can lose your shirt.