Lack of inventory fueling high-end spec building

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Scarce inventory has developers rolling the dice and building luxury homes on spec in tony Chicago neighborhoods like Lincoln Park, River North, Lakeview and Bucktown at the fastest clip in recent memory, Michigan Avenue Magazine reports.

“Demand is so hot for some of these homes that many aren’t even completed before the ink dries on buyers’ contracts,” Judith Nemes reports, citing executives with Environs Development, LG Development Group and Ranquist Development Group. Source: michiganavemag.com.