Speculation [spek-yuh-ley-shuh n] /ˌspɛk yəˈleɪ ʃən/ noun (As defined by dictionary.com)
- the contemplation or consideration of some subject: to engage in speculation on humanity’s ultimate destiny.
- a single instance or process of consideration.
- a conclusion or opinion reached by such contemplation: These speculations are impossible to verify.
- conjectural consideration of a matter; conjecture or surmise:
a report based on speculation rather than facts.
- engagement in business transactions involving considerable risk but offering the chance of large gains, especially trading in commodities, stocks, etc., in the hope of profit from changes in the market price.
- a speculative commercial venture or undertaking
The fifth definition above is a powerful statement. If you have been in the building industry for an extended period of time, you have seen the rise and fall of new home construction. Over the last year, numerous modular home builders have watched the economy make a positive turn and know 2016 is going to be an excellent year. These builders are diving in with the speculation that they will reap the rewards.
Jeff Leggett, Leggett Custom Homes, decided to make a large investment by building a “spec” home in Manchester, VT. He has been a builder in Vermont for over 30 years. In recent years, Jeff decided that the cost of traditional site built homes was much great than the cost of modular construction and has been converting his business to utilize modular construction ever since.
With the mild winter we had, Jeff decided to keep his crew working by erecting a modular spec home. He set the home on 2/18/2016 and plans to have it on the market by 4/1/2016. He did extensive research before diving into this project. The Manchester market has plenty of existing, dated properties…but it lacks new home construction. The house he chose is Simplex Homes’ Greenfield 2-Story model. The Greenfield home is one of our standard models and is on display at our campus in Scranton, PA (https://simplexhomes.com/Gallery-Greenfield.asp).
In conclusion, with the positive change in our economy…new home construction is on the rise once again! Jeff Leggett plans on selling his spec home quickly. He is already searching for another vacant property near Manchester, VT to increase his net worth in 2016. Welcome back economy…we missed you.