The Anna Maria Island Sun Newspaper

Vol. 11 No. 19 - February 9, 2011

REAL ESTATE

McMansions on the endangered list?

Are McMansions, those oversize houses that came into fashion during the oversize economic growth of the late 1990s and early 2000s, going the way of McDonald’s supersize portions? Could be; recent surveys indicate home buyers are into a "less is more" frame of mind.

After more than 30 years of steady increase, the size of the typical American house appears to be finally leveling off. A study about a year ago by the American Institute of Architects concluded that McMansions are officially out of style. After surveying 500 residential architects the outcome indicated that only 4 percent of their clients were looking for houses with more square footage.

Home buyers are apparently less interested in large expensive homes for a couple of reasons.

Obviously the economy has brought people down to earth forcing them to make decisions on what is actually essential in their lives. Sensitivity to the environment is also dictating to some home buyers what size home they really need.

In addition the vast majority of home buyers are either empty-nesters or first time home buyers, two groups that lean towards smaller houses. This dynamic will only continue to dictate home size as the baby boom generation’s families grow up and boomers start to retire. In 2000, 33 percent of households included children; by 2030 only 27 percent will.

In 1978 the median home size was 1,650 square feet and the average family size was 3.33. By 2008 the median home size had increased to 2,224 but the average family size had decreased to 3.15. According to the National Association of Home Builders the Generation X-ers, who are just starting to become home buyers, want more amenities than previous generations, and they are willing to trade away space to get them. Bells and whistles are more important to younger buyers including high end professional style appliances and exotic woods. With two career couples the norm it’s not surprising that smaller is becoming more popular, who has the time to maintain large homes, not to mention the cost of heating, cooling and lawn maintenance - it comes down to quality not quantity.

This was confirmed by a 2004 nationwide survey by the National Association of Home Builders who asked the question “For the same amount of money which of the following would you choose: a bigger house with fewer amenities or a smaller house with high quality products and amenities?” Only 37 percent of the 2,900 randomly selected respondents wanted the bigger house. 63 percent said they would prefer the smaller house with more amenities.

So what does all this mean to the real estate market? It may mean that if you have a cottage on the beach or an arts and crafts bungalow in town your home could be more marketable. Undoubtedly there will always be a desire for large homes; they are, after all, still status symbols just as much as mega yachts and foreign sports cars, but for the majority of buyers a new era has begun.

Hey don’t get me wrong, every once in a while a supersize portion of French fries from McDonald’s is the just the thing you need, but a steady diet not so much. Same with supersize homes, too much of a good thing eventually just turns into too much.

Real Estate Transactions
Real Estate Transfers from Dec. 1 to 29, 2010
Sponsored by Alan Galletto Island Real Estate

Style | Sold Date | List Price | Sold Price | Sq. Ft. AC | Address | Lot Dimensions | Subdivision | BR/BA
Anna Maria

SFR 12/29 291,000 265,000 1044 260 Gladiolus St 72 x 111 Luana Isles 2/1
SFR 12/30 445,000 400,000 1716 9405 Gulf Dr 148 x 157 Bimini Bay 3/2
SFR 12/06 475,000 415,000 960 209 Palm Ave 52 x 110 AM Beach 2/2
SFR 12/20 565,000 475,000 1282 120 Park Ave 100 x 100 Gulf View 3/2
SFR 12/13 650,000 585,000 2572 210 Lakeview Dr 70 x 110 Lake La Vista 3/3
SFR 12/10 1,499,000 1,150,000 3884 408 Spring Ave 104 x 145 AM Beach 5/4
SFR 12/17 2,190,000 1,800,000 1527 109 Magnolia Ave #A 48 x 110 AM Beach 4/2

Bradenton Beach

Condo 12/15 79,000 79,000 429 2503 Gulf N Dr # 304 NA Club Bamboo South 1/1
Condo 12/23 147,500 156,000 1194 107 S Eighth Street # 8NA Island Getaway Condo 3/2
Condo 12/21 229,000 215,000 1282 601 Gulf N Dr # 206 NA Gulf Watch II Condo 2/2
Condo 12/01 319,900 265,000 962 901 Gulf Dr # 11 NA Pelican Cove Resort 2/2
Condo 12/21 299,900 275,900 1543 306 Bay S Dr # 306 NA Old Bridge Village 2/2.5
Condo 12/21 299,000 299,000 1268 248 17th St N # 30 NA BB Club Bldg 4 2/2
Condo 12/17 349,000 310,000 1750 2311 Avenue C # 300 NA Ilexhurst 3/2
Condo 12/17 475,000 420,000 1065 104 S Gulf Dr # 205 NA Gulf View Condo 2/2
SFR 12/31 199,999 228,000 1030 300 22nd St 50 x 100 Ilexhurst 3/1

Holmes Beach

Condo 12/02 349,000 331,000 730 3215 Gulf Dr # 7 NA Palm Isle Village 1/1.5
Condo 12/23 389,900 350,000 1092 5608 Gulf Dr # 113 NA Sun Plaza West 2/2
Condo 12/07 399,900 350,000 1426 6400 Flotilla Dr # 41 NA Westbay Pt Moorings 2/2
Condo 12/15 419,900 400,000 1426 6500 Flotilla Dr # 124 NA Westbay Pt Moorgs II 2/2
Condo 12/10 499,000 475,000 1470 3209 Gulf Dr # 5 NA Palm Isle Village 2/2
Condo 12/01 852,200 852,200 1337 101 66th St # 8 107 x 158 Mainsail Beach Inn 3/2
SFR 12/10 319,000 285,000 2015 304 62nd St HB 17th Unit 3/2
SFR 12/27 310,000 300,000 1522 266 S Harbor Dr Sportsmans Harbor 2/3
SFR 12/10 369,500 341,000 1700 306 55th St 76.5 X 100 HB 11th Unit 3/2
SFR 12/23 499,000 360,000 1494 213 70th St West Wind Shores 3/2
SFR 12/15 439,800 437,250 1985 617 Foxworth Ln Key Royale 13th 3/2
SFR 12/16 549,000 450,000 2046 7700 Marina Dr 188 x108 Marina Isles 3/2
SFR 12/16 529,900 488,000 1944 527 77th St 9810 Units Bay Palms 2/2
SFR 12/30 540,000 490,000 2226 508 59th St 90 x 212 HB 16th Unit 4/2
SFR 12/17 539,900 500,000 1903 516 56th St 82 x 91 HB 12th Unit 3/2
SFR 12/16 639,000 599,000 2399 521 77th St 90 x 106 HB 4/2
SFR 12/29 699,900 625,000 1840 620 Dundee Ln Key Royale 9th 3/3
SFR 12/20 699,000 650,000 2800 4112 Fifth Ave Casanas 5/3.5
Inc 12/29 223,000 170,000 1500 3016 Avenue C 50 x 100
Vac 12/22 399,000 300,000 121 47th - A Unit N St 50 x 100.0

Source: Manatee County Property Appraiser’s Office


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