McMansions are no longer in fashion. During the homes bubble homebuyers sought out ever larger floor plans with more luxurious amenities. In the aftermath of the homes problems, such excess is regarded as foolish. Demand for large, sprawling homes packed with luxury amenities on postage-stamp lots, according brand new research, has crashed. New construction shows a downsizing trend. Luxurious amenities are being scaled back. The rejection of the McMansion by those who once embraced them means they’re gone forever, some analysts say.
Property bubble pops
Critics have dismissed McMansions as starter castles, garage Mahals or faux chateaus. The large, gaudy residences sprouted up everywhere during the housing bubble. A return of demand for McMansions may be unlikely. A study on real estate trends simply by Trulia, mentioned in an article in TIME, discovered the average square footage of American homes is decreasing. This is the very first time that has occurred in 60 years. In 1950, 983 square feet was the average size of homes in the U.S.. According to Trulia’s American Dream Survey, by 2004 the average had swelled to 2,349 square feet. McMansions, categorized at a minimum of 3,000 square feet, were sought by only 9 percent of the individuals questioned in a different study, the Trulia-Harris Interactive Survey. A majority of the housing market, 64 percent of buyers, sought homes from 800-2,000 square feet.
Housing industry altered by economic downturn
Smaller homes could be a long-term trend, as outlined by houses market analysts. CNBC quoted Pete Flint of Trulia as saying that shrinking square footage may have a long-lasting impression . Smaller, less costly homes were being planned by simply nine out of 10 builders responding to a 2009 survey. When interviewed by CNBC, Kermit Baker, the chief economist at the American Institute of Architects, said design professionals are leaving the McMansion concept behind as demand moves to more practical layouts.Paul Bishop, vice president of research for the National Association of Realtors, told CNBC that McMansions look and feel out of place in the aftermath of the recession.
Further reading
TIME
newsfeed.time.com
Trulia
info.trulia.com
CNBC
cnbc.com
