McMansions are history. Count this symbol of American excess, waste and poor taste as an additional casualty of the housing crisis. New research is showing that large, rambling, expensive homes packed close together in cul-de-sacs have fallen from grace. New construction shows a downsizing trend. Luxurious amenities are being scaled back. The real estate and design markets have rejected the McMansion, some say for good.
Demand for McMansions bursts with property bubble
McMansions–also known as starter mansions, garage Mahals and faux chateaus–may have reached their peak during the housing bubble. Now the housing bubble has burst, the decline of Mcmansions might be permanent. 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 first time in 60 years. In 1950, 983 square feet was the average size of homes in the U.S.. Trulia’s American Dream Survey shows a dramatic increase since then. Simply by 2004, the average square footage of an American home was 2,349 square feet. 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. Most home buyers-64 percent-were shopping within the 800-2,000 square foot range.
Economic downturn initiates long-term adjustments for housing industry
Smaller homes might be a long-term trend, according to housing market analysts. 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. 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.Public perception is also working against McMansions. Paul Bishop, vice president of research for the National Association of Realtors told CNBC that within the brand new austere environment brought about by simply the recession, large, ostentatious homes are becoming the laughingstock of neighborhoods.
Further reading
TIME
newsfeed.time.com
Trulia
info.trulia.com
CNBC
cnbc.com
