California real estate developer Nile Niami is spec building a home with a $500 million price tag that, when finished, will allow the lucky buyer to actually claim the title of ‘Prince of Bel Air’!
Spec building, for those who may be unfamiliar with the term, entails building a home with no buyer in mind hoping that the desired asking price will be met by an interested party once the property is finished (or possibly during construction).
It can therefore be one of the riskier endeavors in residential real estate development, particularly at the high-end of the market, where a limited universe of potential buyers exists and those buyers will typically have their own design ideas and list of desired amenities.
For the builder, by the time a prospective buyer sees the home, it may have already been completed in a way not to a potential customers liking.
In the case of this home in Bel Air amenities should not be an issue, however, as reportedly it will include every one that’s currently known to man!
And if you have an interest in this home, remember that an asking price is just that, and that reasonable bids will no doubt be considered!
California Dreaming
‘…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 (6,900-square-meter) main residence and three smaller homes, according to city records. The project, which will take at least 20 more months to complete, will exceed 100,000 square feet, including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said.
“The house will have almost every amenity available in the world,” he wrote in an e-mail. “The asking price will be $500 million.” Read the rest of the article atBloomberg Business here.
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Article author Michael Haltman is the President of Hallmark Abstract Service in New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.
For anyone either buying or refinancing a property your attorney will likely recommend a title insurance provider, although you always have the right to choose your own (click here to learn more)!
If you have any questions you can reach Michael by email at mhaltman@hallmarkabstractllc.com.
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