The results from a July survey conducted by Trulia and Harris Interactive suggest that after a long trend toward wanting larger homes, American tastes may be moving in the opposite direction.
As the Trulia Blog puts it:
Americans are veering away from the “McMansions” that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet– the same number of who said they’d like their home to be between 800 and 1,400 square feet. Fifty-five percent of Americans would prefer a home between 1,401 and 2,600 square feet.
But what about the luxury market? "Small luxury" is nothing new. There has long been a segment of the market looking for "small luxury," particularly with modernist homes. We also saw a luxury downsizing trend that started to appear towards the end of the recent boom.
Though this trend will likely be most evident in new home construction, it will be interesting to see how this plays out in the luxury market in general.
What do you think? Are you seeing this in you luxury markets?
