Luxury buyers spurn square footage, focus on amenities

TRD NEW YORK /
Feb.February 08, 2014 10:00 AM

 Sprawling luxury homes are falling out of favor, according to brokers. Well-heeled buyers across America are now opting for less square footage, while demanding just as many amenities.

“I think smaller has many more advantages than larger,” Joanne Montgomery told the Wall Street Journal.  Montgomery recently purchased a luxury home on Washington’s Puget Sound that measures a mere 1,888 square feet. “You want to have a place that is beautiful but not overbearing on your life, especially if you have multiple homes.”

Big has always been the defining adjective when it comes to America luxury home building, with the average size of newly built homes growing from 1,660 square feet in 1973 to over 2,500 square feet today, according to the U.S. Census Bureau. But brokers told the Journal that buyers are increasingly looking to shave off square footage, prioritizing quality over quantity.

“I’ve sold a lot of massive houses in my 20 years. My clients typically tell me when they go to sell, ‘We will never need that much space again,’ ” said Mikel Muffley, a broker with Muffley & Assoc., custom builder of small homes in Atlanta. [WSJ] Christopher Cameron


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Here are the week’s top luxury sales

Here are the week’s top luxury sales

781 Fifth Avenue (Credit: StreetEasy, Beyond My Ken via Wikipedia)

Full-floor Sherry-Netherland pad relists — at nearly half its 2015 ask

Hovnanian Enterprises CEO Ara Hovnanian and 292-294 West 4th Street

Big names, big properties, big price: $26M for Village homes

Linda Ellerbee and 17 St. Luke’s Place

Famed journalist and singer unload their New York City homes

166 E. 81st St. (Credit: Google Maps, iStock)

UES townhouse once described as “infested with vermin” goes into contract

The penthouse at 15 Union Square West and 121 East 22nd Street (Credit: StreetEasy)

Luxury market checks off another disappointing week of sales

arrow_forward_ios
Loading...