Luxury Homes Going Down in Size
Posted: January 29, 2010
In a survey released in 2009, studies show that even luxury home builders are feeling the crunch of the recession. According to the results, approximately 90% of builders are decreasing their average home size in response to consumers and architects' requests.
While even the "cheap" models may be sizable homes, for luxury home builders, the change in overall size and price is evident. Addtiionally, buyers within the luxury housing market may request a smaller sized (read: economical) investment, but they also want the "perks" associated with large-scaled homes. The compromise? Builders are looking towards more economical solutions to provide many of the bells and whistles, just in a different way. For example, using columns made out of high-impact foam instead of solid stone, or eliminating less-used areas (formal dining or living room) to decrease square footage.
According to the study, Florida is not the only state jumping on the bandwagon, so to speak. Nationwide, the recession has influenced the typical luxury home buyer as well.
While it may be too soon to know whether the smaller luxury homes are fitting the bill, it may be something we can expect to see for a little while. Currently, economy levels are indicating that the slump isn't quite over, especially in Southwest Florida and Naples, so buyers may be leery to spend on the more extravagant home.
As always, please be sure to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information for this article courtesy of The Palm Beach Post.
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