McMansions are history. Within the aftermath of the real estate crisis, what was once aspired to is now avoided as excessive and tacky. Demand for large, sprawling homes packed with luxury amenities on postage-stamp lots, according fresh research, has crashed. People building new homes are opting for much smaller floor plans. The real estate and design markets have rejected the McMansion, some say for good.
Time of the McMansions deflates under its own weight
The housing bubble appears to are the peak of the McMansion, which has been lampooned simply by such terms as starter castle and Hummer house. With the bursting of that bubble, demand for McMansions might never rebound. TIME reports that Trulia has released a report on real estate trends that said the average square footage of an American home is decreasing for the very first time in 60 years. The average size of a home in America was 983 square feet in 1950. By 2004, the average U.S. home had expanded to 2,349 square feet, as shown in Trulia’s American Dream Survey. Homes of at least 3,000 square feet are considered McMansions. Only 9 percent of the respondents in a different study, the Trulia-Harris Interactive Survey, said they were interested in homes reaching that size. Most home buyers-64 percent-were buying within the 800-2,000 square foot range.
Wake-up demand the housing market
Smaller homes could be a long-term trend, according to housing market analysts. CNBC quoted Pete Flint of Trulia as saying that shrinking square footage could have a long-lasting impression . In a survey of builders last year, nine out of 10 said they prepared to build smaller or lower-priced homes. Kermit Baker, the chief economist at the American Institute of Architects, told CNBC his profession is moving from the McMansion time as homeowners demand more practical designs.Amid the wreckage of the economic downturn, Paul Bishop, vice president of research for the National Association of Realtors told CNBC that McMansions have become inappropriate.
Discover more data on this subject
TIME
newsfeed.time.com
Trulia
info.trulia.com
CNBC
cnbc.com
No comments:
Post a Comment