The Age of Downsizing

The Age of Downsizing

Once upon a time people wanted a large home. They wanted 5000, 6000, and 7000 square foot homes decked out to the nine with wine cellars, billiard rooms, multiple kitchens, living rooms, great rooms, and a basement the same size as the upstairs. They wanted these “McMansions” to support their egos or the egos of their builders. However, times are changing and now it’s the age of downsizing.

I have a buyer that is looking for a main floor master home under 3000 square feet but with finishes of a million dollar home. She currently resides in a 6000 square foot house. She wants smaller, better use of space, but with the high level finishes. She doesn’t mind paying up to 1.6 million for this home as long as the details are met.

This is a growing custom that we’re seeing in Colorado and I’m guessing across the country. We currently have a 3 million dollar listing in Larkspur that’s as energy efficient as you get. We made around 100 phone calls to agents in the Castle Rock area letting them know that our sellers would buy their million dollar home if they’d upgrade to a larger more expensive house. 95% of the phone calls ended with their clients would downsize not move up.

The age of downsizing is upon us. Sure they are still building estates and McMansions throughout Colorado. However those that have lived in these homes for the past ten years are looking for fewer stairs, less square footage to walk, and less maintenance. Ultimately they’ll begin to produce less and less of the larger homes and start to build more smart and sophisticated smaller homes.

When my clients were looking at building in The Preserve within Greenwood Village they asked what is the smallest home allowed for a ranch and for a two story. This was not even a question they would have had to answer ten years ago. Today they know it by heart and the majority of people building don’t want a large home they want a smart home.

If you’re considering building a home today don’t go for the massive McMansion; this style of home is now considered dated, ostentatious, and will sit on the market when you go to resale. Think of how you can utilize all the space of the home smartly. Keep the level of finishes high. Less is more. This is the future of the million-dollar home.

Marc Bayes is a Broker Associate with the Colorado Dream House Team, Keller Williams Realty DTC. Contact Marc at 303-619-3052, marc@coloradodreamhouse.com,codreamhouse.com or coloradodreamhouse.com  

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