This seems like a hard way to make a living

A year ago in March, a buyer paid $5.3 million for the new spec home at 802 Lake Avenue, presumably with the intention of adding some custom touches and bringinging it back on the market at a higher price. Presumption or not, that’s what they did, and listed it in October for $6.395. Several price cuts later, it’s now down to $5.650, and today it’s finally under contract. It’s probably going for less.

Even if they do get their full asking price, after slicing off transaction costs of, say, 7%, the carrying costs of a $4,560,000 mortgage, and deducting the cost of the improvements shown below, operating an unprofitable lemonade stand at the foot of the driveway would have been a more lucrative endeavor.