Less is More…Smaller Homes Thrive and SurviveDecember 8, 2008
This may be the one time in history where you will see the return of smaller homes. Eco-conscious buyers are now more concerned with keeping costs down, reducing energy usage and affordable home prices. To some, this is called “Frugal Chic” and you will see more of it in the near future.
As recent article in the Seattle Times (http://community.seattletimes.nwsource.com/archive/?date=20020324&slug=newhomecottage24) shared about this emerging market.
I predict they are correct. Gen X & Y buyers are not as concerned with size as they are with space planning and affordability. Seniors moving down are more interested in having homes they can easily manage.
In addition, all you have to do is go to an IKEA store and see what they can do with 200 square feet of living space to know that the next generation of buyers may be very happy with well designed small spaces. IKEA is overrun with buyers on any given day of the week.
Builders are already adjusting to the new demand and buyers will respond. It’s a good thing.
PS: Look for luxury buyers to also accept smaller living spaces in prestigious locations – it’s already happening in trendy places around the country. Frugal Chic is here to stay.