We’ve seen a big increase in real estate activity in some of the larger homes at DeBordieu, the private, ocean front, golf community just north of Charleston, SC.
In an article published on Monday, Dec. 17, CNBC Real Estate Reporter, Diana Olick talks about why big houses, a.k.a. “McMansions” are once again becoming very popular.The pictures on this page are linked to information about the 4,300 – 6,000 sq. ft. homes currently on the market at DeBordieu.
Below are some excerpts from the article:
After five years of downsizing, homeowners may be “upsizing” once again. A growing family and a need for more living space are the prime reasons across the generations, according to a new survey by national homebuilder PulteGroup
“There appears to be a renewed sense of optimism in housing. Homebuyers, regardless of their stage of life, still want and need larger homes,” said Pulte’s chief marketing officer Deborah Meyer in a release. “Consistent with our consumer research, the survey results show that today’s buyers are equally focused on more efficient use of the spaces within their homes.”
Eighty-four percent of homeowners ages 18-59 surveyed by Pulte said they did not have plans to downsize, which was particularly surprising, given that Baby Boomers have been expected to downsize en masse; many have been unwilling or unable to sell their large homes, however, due to the huge drop in home prices over the past five years.
The average size of a newly built home increased 3.7 percent in 2011 from 2010, according to the U.S. Census Bureau. That was the first annual increase since 2007 and indicates that home builders are seeing demand for larger spaces…. Half of residential architecture firms highlight demand for multi-generational housing, up from 44 percent in 2011.
More homeowners are also upsizing what they have, with 58 percent of architects reporting improvement in additions and alterations up from just 35
percent a year ago; kitchen and bath, as usual, top the must-have list.During the last housing boom, extravagance drove new construction and remodeling. Now, the trends are more practical, with energy efficiency and the need to accommodate growing families driving the gains. Home owners are also looking to builders to help them use the space they have more efficiently, especially Baby Boomers.
“They have a lot of desires for the home, and we’re hearing this group say they want functionality and smartly-designed homes without wasted space,” said Meyer, who adds that this doesn’t necessarily translate into smaller homes.
While these findings bode well for the home builders, they may also add optimism to the upper end of the market, and all those so-called “McMansions”—generally considered in the 3,000 to 5,000 sq ft range—many of which lost significant value during the housing crash
Follow Diana Olick on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC
For more information about DeBordieu, contact Troi Kaz, 843-455-4523, TroiKaz@DeBordieu.com.
DeBordieu Colony is an oceanfront community located just south of Pawleys Island, South Carolina that features private golf and tennis, saltwater creek access to the ocean, a manned security gate, and luxury homes and villas surrounded by thousands of acres of wildlife and nature preserves.
