Dashing hopes of academics that Americans were turning to small condos at transit stops, Americans are buying very large homes again.
For years, academics in planning circles touted the rise of the small, high-density housing alternatives near mass-transit hubs. While this product might be the future of housing, it won’t be due to any preference by Americans for smaller digs. People will substitute down to smaller properties conveniently located near mass transit, but they will do this because the more desirable McMansions in the suburbs will become too expensive.
Builders aren’t concerned with what academics think they should build; builders will provide whatever product buyers in the market want. Right now, the only group of buyers with the cash and credit who can close the deal are move-up buyers who didn’t HELOC themselves into oblivion during the housing bubble. Move-up buyers aren’t looking to move into small condos near transit stops; they want McMansions, so that’s what builders provide.
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http://ochousingnews.com/blog/americans-dont-want-small-houses/
Dashing hopes of academics that Americans were turning to small condos at transit stops, Americans are buying very large homes again.
For years, academics in planning circles touted the rise of the small, high-density housing alternatives near mass-transit hubs. While this product might be the future of housing, it won’t be due to any preference by Americans for smaller digs. People will substitute down to smaller properties conveniently located near mass transit, but they will do this because the more desirable McMansions in the suburbs will become too expensive.
Builders aren’t concerned with what academics think they should build; builders will provide whatever product buyers in the market want. Right now, the only group of buyers with the cash and credit who can close the deal are move-up buyers who didn’t HELOC themselves into oblivion during the housing bubble. Move-up buyers aren’t looking to move into small condos near transit stops; they want McMansions, so that’s what builders provide.
Source: http://ochousingnews.com/blog/americans-dont-want-small-houses/#ixzz35ZA28QiF
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