Quote Originally Posted by Bham1982 View Post
I don't think any of the major Detroit-area homebuilders build on spec. What happens nowadays is you put money down, sign a contract, and they build your house. Really the only spec developments would be multifamily, because you have to build the whole thing at once, but I'm sure everyone here at DYes would support multifamily spec development, despite its inherently riskier nature.
You are doing spec. You buy the land on spec. You clear and grade the subdivision on spec. You put in roads. You build your models. You start some houses on spec just to have the place look like it is steaming along and "ya bedda buy now!" As orders and deposits begin to roll in, you adjust your production to that rate. When it is all over, you sell the models last. Then and only then do you have all of your money out of the sub.