Not seeing this at all, see young people buying big homes and filling them with children. All the young families at our church have between one and four children, and the parents are all about 30 I expect they will have at least another one or two each.
Pshaw.
Th McMansions were built for immigrants.
That’s not happening around here. All the foreigners from California being imported by the big companies to try to turn Texas democrat buy the biggest, most expensive, houses they can to try to soak up all the cash they got from selling their tiny hovels out there.
The only reason not to want a McMansion is because the McGovernment imposed high McProperty Taxes are too damn high.
Around here there are some large but to me blah looking houses on little lots. Windows facing the big house on the neighboring little lot. I sure don’t find that appealing.
I want a YUGE McPoleBarn.
With a plush mancave so I can play George Burns and monitor “Gracie” rambling around over in the house...
I agree with the posts so far. These millennials around us grew up in spacious homes and don’t want to go back to tract three bedrooms. Next door 30 somethings bought a good sized foreclosure ( 3,500 ft2), did it over, sold it in a day to other millennials and bought a bigger place.
We on the other hand don’t like what they offer as downsizing opportunities. Thinking of building one myself as a retirement project... or put an elevator in the one we have.
A total garbage article. We just sold our house to move up. Millennials are desperate to leave the city for the suburbs when they grow up and see the retchid filth the live in. Very few of them can afford a house because they drown in debt. They have poor money management skills.
History repeats itself. The millionaires who built massive mansions a century ago had children who preferred apartment living. Less taxes, lower maintenance costs, no need for armies of servants — and all the family money went into building those palaces.
The article points to why both the cities and suburbs are getting more conservative and trending Republican.
So there’s been a flood of homes on the market over the last 1-2 years as more and more middle-aged homeowners have found themselves in that position. The thing is, the typical couple is not desperate to sell and they’re dead-set on getting a certain price for the home. So they put the home on the market for $800,000 (for example), and it sits there for months or even a year or two without any buyers and without any reduction in the price. The end result is that we have a bunch of these homes on the market right now, and the imbalance between sellers and buyers is pushing down the sale price of any home that actually does get sold.
Boomers Want to Stay Home. Senior Housing Now Faces a Budding Glut
November 14, 2019
Wall Street Journal, Nov. 12, 2019–Peter Grant
The rise of technologies that help the elderly stay in their homes threatens to upend one of commercial real estate’s biggest bets: Aging baby boomers will leave their residences in droves for senior housing.
Many of us have retrofitted our homes via contractors to eliminate stairs, to have walk in showers, and other elderly aides. Friends living in two story homes have opted to put in electric chairs to take people up and down stairs. Others have put in ramps to get in out of their homes and to get up and down a few stairs.
We spread the word among our friends re good contractors, yard people and home cleaning people and vice versa. One of our furnaces/ac had a problem. We got the name and number of a good service man from church friends. He came here the day after we called and replaced the board causing the problem.
We call these good people our H team or home team.
We had enough dorm living in college and my 6 years in the Navy to say no retirement homes for us. We wake up when we want to and my wife cooks what we want. Then we eat the meals when we want to, not on a schedule.
We got a reverse mortgage which handles the upkeep and eliminated mortgages and their payment. That handles the upkeep and helpful changes like ramps.
Pure socialist Democrat thug propaganda.
What a get-rich-quick scam by investors that was. I remember my buddy in VA telling me about an old farm out in the hinterlands he drove past one day, and found an access road that led to a nice, non-pressured bass pond, hidden from view. All grown over around it, apparently not even the property owner bothered with it. The field was fallow, and the farmhouse itself was collapsing. He had a spinning rig with him in his truck, and dropped a line in. He was using a topwater lure and was pulling out ditch pigs as fast as he could cast. We went there about a year later, thinking we were gonna be shooting fish in a barrel. Trophy City. When we pulled up, there was an entire community of McMansions built in the field, all but complete. The pond was cordoned off with orange construction fencing and was being used as a rainwater retention pond. The water was the color of coffee and there was nothing alive in it. Totally lifeless. Washington needed more pens to harbor the federal GS pigs, and a realtor destroyed a picture postcard fishing hole in the process. They probably drained it and backfilled it afterwards for liability purposes, lest some Stepford Wife's little bobblehead tottered into it face-first and drowned. And I'll bet those perfumed crackerboxes have been flipped ten times since I first saw them in the 90's. Washington and everyone in and around it disgust me on so many levels.
We sold our big house when we retired. Now we do quite well with 1561 sq ft in Alaska and a winter home in Arizona that’s a little bit bigger. Both homes are ranch style, and when only one of us is left, one home gets sold and the other can still be easily maintained by the survivor.
In process of selling now and did see some truth in the article. House is historic, 2020 sq ft, built in the mid to late 1800’s in the country. I love history and antiques. But.... younger people aren’t into that.
Older homes do not have expansive bedrooms and bathrooms which is what the millennial buyers want. When they look at the house they talk about knocking down walls.... lots of them. :-o
The market has definitely changed.
FMCDH(BITS)