Era of McMansions comes to an end since homes marketplace corrects itself

McMansions are the dinosaurs of the housing market. During the housing bubble homebuyers sought out ever larger floor plans with more luxurious amenities. Within the aftermath of the housing problems, such excess is regarded as foolish. Grandiose palaces sit abandoned in many neighborhoods. Brand new research confirms that demand for these behemoths has all but disappeared. New construction shows a downsizing trend. Luxurious amenities are being scaled back. Realtors and architects believe the sentiment that McMansions are out is more than just a passing real estate trend.

Age of McMansion come to an end

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 housing bubble has burst, the decline for Mcmansions could be permanent. As reported by TIME, a report on real estate trends by Trulia shows the average square feet of floor plans in United States of America homes has gone down for the very first time in six decades. Homes in the U.S. had reached an average size of about 983 square feet by simply 1950. According to Trulia’s American Dream Survey, by 2004 the average had swelled to 2,349 square feet. 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. Homes ranging from just 800-2,000 square feet were the goal for 64 percent of home buyers.

Housing industry undergoes modification

Builders and architects are already adjusting to changing demand. Houses market experts believe the change could be permanent. CNBC quoted Pete Flint of Trulia as saying that shrinking square footage can have a long-lasting impression . In a survey of builders last year, nine out of 10 said they planned to build smaller or lower-priced homes. 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 within the aftermath of the recession.

Additional reading

TIME

newsfeed.time.com

Trulia

info.trulia.com

CNBC

cnbc.com