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Most investors will say that investing raw land is the most speculative type of real estate. It has the lease income potential in its present state and may require permission to convert to a more productive use. Any real estate deal can be speculative depending on the specifics of the deal. When an investor is making a guess as to the future direction of prices, interest rates or demand for real estate that can be highly speculative or it can be a rather conservative guess. Most development involves taking a view on the future but not all developments are speculative.

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Q: What is the most speculative real estate investment?
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