Preferences vary by price range and region, but buyers in every market are eyeing extra space. “I would say [buyers are looking at] a 20% to 30% increase in size, whether in the number of bedrooms or square footage,” said Stephanie Anton, who was until recently the president Luxury Portfolio International. [She was interviewed for this story before she announced on June 23 she was leaving her post]. “It’s a jump-up a category or two across the board.”
Versions of this trend are playing out in markets all over the U.S., making it an opportune moment for sellers looking to unload extra acreage, and a time for interested buyers to move quickly…
Whatever the terminology, extra-large properties that might have languished on the market in recent years are seeing a sudden spike in interest, while owners who had previously considered downsizing are suddenly deciding to stay put…
Now that buyers are looking at the long haul of multiple generations working, studying, exercising, and living under one roof, demands for space have expanded accordingly.
On one hand, this is not surprising. This lines up with numerous other media reports that people are searching out suburban properties in which they can spread out inside and outside.
On the other hand, there are several interesting features of these patterns:
- The article notes that buyers of these large properties are not interested in McMansions or homes that might be considered McMansions. The negative nature of the term is clearly known. Yet, are these recently hot properties McMansions? I would guess at least a few might be. And once COVID-19 passes, will the appearance of these purchased properties become an issue?
- The multiple articles I have read on this trend provide few numbers. There is confirmation from local real estate experts in multiple markets but no hard numbers of how many people are purchasing large suburban houses. At the least, there are not a whole lot of people who can do this, particularly in more expensive markets. Moving from Manhattan to an outer suburb will get you a bigger property but not as much as moving out to a cheaper region.