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Brokerbabble

Welcome to Brokerbabble, where we take a word or a turn of phrase that seems to show up in an unreasonable number of listings and decipher its true meaning. Today's phrase: Built on spec. Built on spec, as featured in the description of John Paulson's $29.9 million Aspen mansion today, is fairly straightforward, and means that the developer built the house without having a buyer already lined up. While a risky proposal, it seems to have worked for developer Bob Bowden, who barely had to wait a year before Paulson snapped it up, and surely stands to make another tidy sum this time around.