The Return of the McMansion?

Question

FYI - The Return of the McMansion?
http://moneyland.time.com/2012/07/02/the-return-of-the-mcmansion/?iid=obnetwork

Joe Bertolino · Answer

The McMansions in my area are being bought by cultures with large extended families that live together.  You can usually tell by the number of cars in the neighborhood.  Many Indians and Asians have huge families and they often cook and hang out in the garage.

Jerry K. · Answer

I found the actual Trulia survey they quoted in the article.
http://trends.truliablog.com/2012/06/trulia-american-dream-survey/

In there they show the survey results as:

So it looks like that 54% of those surveyed found a home between 1,400 sf and 2,600 sf to be ideal.  While the trend may be skewing higher, it is still a smaller home that most people wanted.

I didn't see the numbers behind the survey they took.  Age of respondents, number of respondents, family income, area of country, etc.

Still an interesting survey.

Will Barnard · Answer

I think much of this is due to the following two factors: The decrease in prices of homes has created a good affordability index and the cost of financing is at record lows, now in the high 3's for 30 year fixed rates.

Jerry K. · Answer

Shanequa J.
HGTV is a favorite topic of mine since one of my businesses is in higher end home accessories.

HGTV only shows people that are in their target market range for advertisers.  They want to show advertisers mainly viewers who will spend lots of money on home related items and services.  So the shows focus on people who spend.  Makes sense because HGTV is in the business selling advertising, not making shows that reflect a majority of people.

Take a read through the HGTV forum boards sometime and you'll see tons of posts by people who want HGTV to show more realistic homes, family situations and lower priced renovations.  HGTV can't because that is not who the advertisers are willing to pay to capture.

Shanequa J. · Answer

According to the people looking for houses on HGTV, their homes are never big enough even if they don't have any children.

Ed L. · Answer

I was glad to see the Mc Mansion fad pass by.  There is a big hole in my market for new homes in the 2,500 sq/ft range.   It's all sub 2000 or 3000+.

Kevin Dickson · Answer

Joe, that's a great application for a large house -- a large family.  Unfortunately the postwar development patterns require a lot of driving to live in those neighborhoods.

Dave M. · Answer

[img]www.flickr.com/photos/mapei/6843606169/[/img]

The way I interpret that graphic is that we still have a long way to go before the "first age of the McMansion" is over.

Account Closed · Answer

While I might consider 3000-4000 large it doesn't make it in my Mcmansion book.  We have a 5200 sf home and are considering adding to our home.  We probably aren't the norm, I expect that my wife and I will stay here for 10-15 years more and maybe we will get our money back.  We bought the house significantly below market in a nice neighborhood years ago.

Our heating bill is never as high as 300 any month of the year.  We enjoy the comforts of home and recently moved my wife's mother in - space makes this arrangement work well.

Some people choose to have muscle cars, some choose expensive hobbies, some enjoy their entertainment.  It is nice when you can make choices.

Bill Gulley · Answer

Your title seemed to suggest they were going the other way, having been aware of tha, I didn't read it, sorry, and assumed,

but if that's what they are suggesting, I think it's probably folks my son's age, he has a large home in the Dallas area, but not for me.

Smaller has nothing to do or at least much to do with value or cost, smaller but better appointed, quality materials, antique details, honed beams, stone fireplace, etc.

I'll go check your article, maybe they are going green, super insulated to make up for the $1,000 heating bill.....this is where Warren Buffet and I have things in common....LOL In the spring, summer and fall I'm on the deck the sunroom is for the winter or rainy days. As you get older you'll find yourself in favorite spots and don't want to mess with empty or unused space....  :)

Read it, 2400" isn't large to me, 4,000 is large, be that as it may, they didn't mention demographics, so the larger home trend may well be the younger buyers who think nothing of keeping up larger spaces....I didn't at the time, but it begins to wear on you and without kids under foot, no big dinner parties or backyard reunions, it's just not worth it for the effort, IMO.

Good article and this may tell you what will be in the market for such demographics. :)

The Return of the McMansion?

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