investing in spec house?

[Skip Gilliam]

I am very interested in the idea of investing in a high quality spec house. My wife and I recently finished our home and I truly enjoyed the whole building process. From the designs with the architect to working with the architectural review board and our builder on all the details, fit and finish. 

The housing market in the higher end neighborhoods in my area seems to be on fire lately. Many of the lots in these high end neighborhoods are selling at much lower prices than the owners paid at the peak of the market several years ago.

Is anyone currently investing in this area, if so I would love a few pointers on how to dig a little deeper into this to see if the profitability is there and what is the risk factor in spec building vs rentals. 

Thank you