Spec builders are slowly returning to Westchester’s high-end residential market with a new sense of caution after a couple of dismal sales years, according to the New York Times. With bank financing still tight, hedge funds and private investors are behind many of the new McMansions, like the one Brazilian developers Charles Reis and Gilbert Araujo are building in Chappaqua with the help of investment banker Barry Delman. The house, slated for a subdivided lot that Delman owns, will be financed in exchange for the developers’ labor. When it is sold, the trio will all share in the profits. Meanwhile, developer Joe Simone is preparing to break ground this spring on two homes in Purchase, one of which sits on 1.51 acres and the other, on 3.8 acres. Both will ultimately ask $3.8 million on the market. “Things aren’t as high-flying as they once were,” said Simone, who was building four-to-five-acre spec homes during the boom and selling them for as much as $7 million. “I got out during the meltdown, and now I’m coming back in a different economy and with a different approach,” he said. [NYT]
Spec home builders return to Westchester
New York /
Jan.January 17, 2011
09:31 AM
Related Articles
arrow_forward_ios

Retired NBA star Michael Redd sells home for record $4.5M

The NASCAR effect: How racers turned Lake Norman into trophy home heaven

Mansion inspired by Frank Lloyd Wright lists for $38M

Mansion donated to charity by MacKenzie Scott sells for $37M

Orlando-area mansion features Disney, Harry Potter and Star Wars rooms

Get your Gucci on: Mansion featured in Lady Gaga movie available on Airbnb
arrow_forward_ios