The era of massive McMansions has officially ended; these days
Americans are thinking smaller and spending less on oversized living
spaces.
But aside from shrinking square footage, 2009 saw homeowners investing in sustainable features.
Economic crisis and global warming are the big fear factors pushing American homes to shrink. In previous years oversized houses were popular, and seemed to get bigger and bigger each year. But since 2008 this trend is precipitously losing its trendiness, and in 2009 the inflated idea that bigger is better officially met the realization that a bigger home means bigger energy costs.
"Home buyers are finding that they would prefer to spend their housing budget on quality products and features, rather than sacrificing that quality for more space," said Pam Kirson, Executive Officer for the Capital Region Builders & Remodelers Association.
In 2008, this was reflected in an average home size that went from 2,629 square feet in the second quarter down to 2,373 square feet in the fourth quarter. Local builders saw an even smaller average in 2009 of 2,048 square feet. According to a National Association of Home Builders survey, 88 percent of builders are planning to build smaller houses than in the past.
According to The American Institute of Architects Chief Economist Kermit Baker "The era of the 'McMansion' could well be over as home sizes have been trending downward recently, with a significantly higher number of architects reporting demand for smaller homes this year."
Now, people are simply looking to lower their utilities costs. Grandiose living space, cathedral foyers and two-story ceilings are symptoms of America's former obsession with lofty living; a trend that, in economic hindsight, seems laughable. More opulent features such as high-end kitchens, luxury showers and high-end appliances are also seen as less of a priority.
Instead of building unnecessarily large and luxurious homes, Americans are building smaller; they are making sustainable improvements to their current residences. Frank Barbera, owner of Barbera Homes, has noticed a 200 square foot decrease in home size since last year. To combat this trend, Barbera is "offering more and more open floor plans."
Property upgrades are becoming popular with households trying to maximize their usable space with finished attics and basements, outdoor living enhancements and blended indoor -outdoor features. A recent "outdoor living enhancement trend" is bringing decks, porches, outdoor cooking areas and even outdoor living spaces to the forefront of home investment priorities. As Americans are spending more money on spaces that include backyard greenery, another popular trend is green home improvements.
"And as the housing boom has passed there seems to be a renewed interest in investing in properties to make homes more livable, as opposed to real estate that can be resold quickly for a profit." Americans are reinvesting in their residences, making sustainable improvements to their homes both inside and out.
According to Barbera, people are more interested in making sustainable investments; "they want green products and energy-saving features." Investing in sustainable features seems far more practical than installing luxurious trendy elements.
"I have been installing more sophisticated HVAC systems that incorporate greater efficiencies that lead to lower utility bills. Customers want higher R-value insulation and want to ensure they are getting high quality windows in their home," Barbera said.
Overall, 2009 housing trends indicate that big is no longer better for American homeowners. However, despite a severe plummet in average square footage, homeowners are still spending money on their homes, they are just spending differently. As far as trends go, it looks like practical home sizes and green improvements are here to stay.
To find a builder in the Capital Region, contact the Capital Region Builders & Remodelers Association at www.crbra.com.
Economic crisis and global warming are the big fear factors pushing American homes to shrink. In previous years oversized houses were popular, and seemed to get bigger and bigger each year. But since 2008 this trend is precipitously losing its trendiness, and in 2009 the inflated idea that bigger is better officially met the realization that a bigger home means bigger energy costs.
"Home buyers are finding that they would prefer to spend their housing budget on quality products and features, rather than sacrificing that quality for more space," said Pam Kirson, Executive Officer for the Capital Region Builders & Remodelers Association.
In 2008, this was reflected in an average home size that went from 2,629 square feet in the second quarter down to 2,373 square feet in the fourth quarter. Local builders saw an even smaller average in 2009 of 2,048 square feet. According to a National Association of Home Builders survey, 88 percent of builders are planning to build smaller houses than in the past.
According to The American Institute of Architects Chief Economist Kermit Baker "The era of the 'McMansion' could well be over as home sizes have been trending downward recently, with a significantly higher number of architects reporting demand for smaller homes this year."
Now, people are simply looking to lower their utilities costs. Grandiose living space, cathedral foyers and two-story ceilings are symptoms of America's former obsession with lofty living; a trend that, in economic hindsight, seems laughable. More opulent features such as high-end kitchens, luxury showers and high-end appliances are also seen as less of a priority.
Instead of building unnecessarily large and luxurious homes, Americans are building smaller; they are making sustainable improvements to their current residences. Frank Barbera, owner of Barbera Homes, has noticed a 200 square foot decrease in home size since last year. To combat this trend, Barbera is "offering more and more open floor plans."
Property upgrades are becoming popular with households trying to maximize their usable space with finished attics and basements, outdoor living enhancements and blended indoor -outdoor features. A recent "outdoor living enhancement trend" is bringing decks, porches, outdoor cooking areas and even outdoor living spaces to the forefront of home investment priorities. As Americans are spending more money on spaces that include backyard greenery, another popular trend is green home improvements.
"And as the housing boom has passed there seems to be a renewed interest in investing in properties to make homes more livable, as opposed to real estate that can be resold quickly for a profit." Americans are reinvesting in their residences, making sustainable improvements to their homes both inside and out.
According to Barbera, people are more interested in making sustainable investments; "they want green products and energy-saving features." Investing in sustainable features seems far more practical than installing luxurious trendy elements.
"I have been installing more sophisticated HVAC systems that incorporate greater efficiencies that lead to lower utility bills. Customers want higher R-value insulation and want to ensure they are getting high quality windows in their home," Barbera said.
Overall, 2009 housing trends indicate that big is no longer better for American homeowners. However, despite a severe plummet in average square footage, homeowners are still spending money on their homes, they are just spending differently. As far as trends go, it looks like practical home sizes and green improvements are here to stay.
To find a builder in the Capital Region, contact the Capital Region Builders & Remodelers Association at www.crbra.com.
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I have been lucky enough to have owned eight homes in Saratoga, beginning in 1970. Your story regarding a smaller place, has a great deal to do with our SIXTY generation. We remember when our parents were married, lived in one home, and then perhaps gave title to the small 50 ish home to their children. The children, which includes the SIXTY generation, raised their children, sold or are selling big homes and moving inward, to the city. I think the builders of Saratoga should keep in mind, we the people who have lived here a lifetime do want to get closer to the action. You see, we are the generation who will not grow up. So, reasonable condos and town homes near places of interest would be the biggest hit in new housing.
Thanks again... for a great story.
NancyDuciDenofio