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

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”

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

Here are the week’s top luxury sales
19 Strong Place and 161 Warren Street (Google Maps, iStock)

Brooklyn’s luxury market has best week since before the pandemic

Brooklyn’s luxury market has best week since before the pandemic
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
1 Prospect Park West and 557 9th Street in Park Slope (StreetEasy; Google Maps)

Park Slope homes lead Brooklyn’s luxury deals this week

Park Slope homes lead Brooklyn’s luxury deals this week
389 Bergen Street and 219 Jefferson Street (Google Maps)

Nearly $30M in Brooklyn luxury contracts signed last week

Nearly $30M in Brooklyn luxury contracts signed last week
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...