- March 27, 2024
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A relic of days gone by — the multimillion-dollar spec house — has garnered more attention from Gulf Coast homebuilders.
Several luxury builders from Tampa to Naples are getting back into the business of building large properties without a buyer signed. The list includes Lakewood Ranch-based Neal Communities, DR Horton and Stock Development in Naples.
One of the latest to build luxury on spec is Lakewood Ranch-based Kjims Homes. The firm, which acquired Bonita Springs-based Mac Contractors in February, has one spec home under construction on Siesta Key and another one on Marco Island. Founded by software entrepreneur Kawaljit “Tony” Singh, Kjims also seeks to buy waterfront land on Marco Island and the Sarasota-Bradenton region for more spec homes, says sales director Jeanie Donahue.
“We feel like the market is coming back and there's a demand for high-end homes,” Donahue tells Coffee Talk. “We feel like there are a lot of buyers in this market for us.”
The ultimate buyers of the Siesta Key and Marco Island spec homes will certainly acquire luxury. The Marco Island home totals more than 7,000 square feet and has deep-water access to the Gulf of Mexico. It's scheduled for completion by October, according to a release, and includes 10-foot sliding glass doors that lead to a custom-built pool.
The Siesta Key property, on Roberts Point Road, is scheduled for completion in December. It's planned at 5,887 square feet under air conditioning and 1,836 square feet of outside living. There are five bedroom suites, each with a full bathroom. The second level has an oversized bonus room with access to three covered upstairs balconies. The outside has a large pool and spa surrounded by an expansive deck. The listing price is $3.7 million.
Singh, who founded Kjims, in addition to a software firm in Maryland, recently made other news in homebuilding: He's the listed property owner for what would be the third-largest home in Manatee County. The two-level home, under construction in the Lake Club, a private community in Lakewood Ranch, is planned at 16,000 square feet on three sites. Plans call for six bedrooms; eight full baths and two half baths; a two-level office/library; a music room with steam spa; a caterer's kitchen; and a second-level home theater. It will also have a two-lane 75-foot indoor pool; an outdoor pool; a tennis court; and three two-car garages.