Los Angeles spec home to list for record $500 million

Is spec home demand growing?

The price tag of this new home in Los Angeles makes it one of the most outrageous speculative homes built to date. According to an article in Bloomberg, Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot main residence and three smaller homes.

There is a new wave of luxury spec homes where a home is built without a buyer, including hedge-fund manager Steven Cohen closing on a Beverly Hills spec home for more than $30 million in January.

But this home, which is estimated to sell for $500 million and features 360-degree views of the Pacific Ocean, Beverly Hills, downtown Los Angeles and the San Fernando Valley, pushes the limits of the usual spec home deals.

“It’s a jaw-dropping property,” Billy Rose, president of Beverly Hills-based brokerage Agency, said in an interview. He isn’t affiliated with Niami. “What he’s looking to build will be the everything house on the premier site in L.A.”

“We used to think 18,000 or 20,000 square feet was massive,” said McCoy, who became a builder after working as chief of staff for former First Lady Nancy Reagan. “The guys that are doing spec homes, they’re all sitting there hoping to hit a home run. You’ve got to be a big risk-taker, to like building big homes rather than going to Las Vegas.”

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