Below are photos of our latest speculative development deal.  

First, they are cash flow focused rather than speculative long-term capital growth.

I know that leaning on the idea of appreciation veers toward speculation, but in Westchester its a pretty good bet that the property will appreciate pretty significantly. 

I think those would be pretty lucrative, but I'm no expert and just speculating about that.

I think those would be pretty lucrative, but I'm no expert and just speculating about that.

The interest proffered by the housing provider may not be hypothetical or speculative, meaning the housing provider must be able to provide evidence proving both that the housing provider has a substantial, legitimate, nondiscriminatory interest supporting the challenged policy and that the challenged policy actually achieves that interest.  

It is not like LA is some crazy speculation secret or something.

Though counting on appreciation is speculation most places, it really isn't in NYC.

So, speculative building would be inadvisable.

I have my own speculation, but curious what you think about longevity in this market.. ?