Mcmansions are history. During the housing bubble homebuyers sought out ever larger floor plans with more luxurious amenities. Within the aftermath of the houses problems, such excess is regarded as foolish. Oversized, overpriced dwellings built a scant few feet apart from each other have fallen out of fashion, some fresh research has shown. Homes with a smaller footprint are the trend in new construction. The real estate and design markets have rejected the McMansion, some say for good.
Age of McMansion come to an end
McMansions–also known as beginner castles, Mahals and faux chateaus–may have reached their peak during the housing bubble. Now the houses bubble has burst, the decline of Mcmansions could be permanent. A study on real estate trends by simply Trulia, mentioned in an article in TIME, discovered the average square footage of American homes is decreasing. This is the first time that has occurred 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. Another study, the Truila-Harris interactive survey, found that only 9 percent of people polled were looking for homes of at least 3,000 square feet that are considered McMansions. Homes ranging from just 800-2,000 square feet were the goal for 64 percent of home buyers.
Housing market transformed by simply economic downturn
People within the real estate industry think the downsizing trend within the housing market is here to stay. Pete Flint of Trulia told CNBC that smaller square footage is a long term effect . Numbers collected in a 2009 survey of builders are being borne out now. Nine out of 10 builders said they had smaller, cheaper homes on their construction schedule. 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.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.
Additional reading
TIME
newsfeed.time.com
Trulia
info.trulia.com
CNBC
cnbc.com
