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
The housing bubble seems to are the peak of the McMansion, which has been lampooned by such terms as beginner castle and Hummer house. Now that the homes bubble has burst, the decline of Mcmansions could be permanent. A study on real estate trends by Trulia, mentioned in an article in TIME, found the average square footage of American homes is decreasing. This is the first time that has occurred in 60 years. Homes in the U.S. had reached an average size of about 983 square feet by 1950. According to Trulia’s American Dream Survey, by 2004 the average had swelled to 2,349 square feet. Another study, the Truila-Harris interactive survey, found that only 9 percent of individuals polled were looking for homes of at least 3,000 square feet that are considered McMansions. A majority of the housing market, 64 percent of buyers, sought homes from 800-2,000 square feet.
Housing industry transformed by economic downturn
Builders and architects are already adjusting to changing demand. Housing market experts believe the change might be permanent. In a CNBC article about the downsizing trend, Pete Flint of Trulia said smaller brand new homes signal the beginning of a long-term condition within the housing market . Smaller, less expensive homes were being planned by simply nine out of 10 builders responding to a 2009 survey. When interviewed simply 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 economic downturn.
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