Out with the old, in with the spec homes

From the October issue: Even before the Great Recession ended, some condos at the tip of South Beach towering over Government Cut and South Point Park were selling for stratospheric prices that matched the steepness of their perches. And in the ensuing years, prices for condos anywhere near the water have been climbing nonstop. 

But while a 180-degree view of the Atlantic Ocean, the bay and the City of Miami from the 54th floor is great, it doesn’t mean much to a 3-year-old. Over the past few years developers have begun building multi-million dollar spec homes in Miami Beach that are designed for families to live in part-time or for permanent residence. [more]