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 changes with regard to housing market
People within the homes industry think the downsizing trend within the real estate market is here to stay. Pete Flint of Trulia told CNBC that smaller square footage is a long term effect . In a survey of builders last year, nine out of 10 said they planned to build smaller or lower-priced homes. As consumer demand trends toward practical, Kermit Baker, the chief economist at the American Institute of Architects, told CNBC that home designers are exploring brand new solutions to support it.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 economic downturn.
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TIME
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Trulia
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CNBC
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