Build me a spec home

The real estate downturn killed speculative homebuilding, but entrepreneurial builders with financial backing might consider returning to that strategy in Lee and Collier counties.

That's because the number of finished vacant homes in subdivisions in Lee and Collier fell to just two months' supply based on current demand in the first quarter, according to market tracker Metrostudy.

If the area continues to see a resurgence in new-home sales as it has this winter, homebuilders who have an inventory of speculative homes could command better pricing.

What's more, according to Metrostudy, the total housing inventory in Lee and Collier dropped 8.8% in the first quarter compared to the fourth quarter. Total housing inventory is defined as homes under construction, new vacant homes and decorated models.

But builders need to start moving to acquire lots, because supply of lots in active subdivisions is starting to fall too, Metrostudy cautions. There are plenty of risks, of course, but the payoff could be big.