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Old 10-15-2017, 04:46 PM
 
29,818 posts, read 34,907,142 times
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Quote:
Originally Posted by yourown2feet View Post
Just to be contrary, I note that in my end of our county, new SFH's run 4500 square feet and up, and are selling briskly to people with small kids - in other words, mostly under age 40.
And the 30 year old houses ones owned by boomers.
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Old 10-15-2017, 05:36 PM
 
Location: Tennessee
23,651 posts, read 17,632,423 times
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If these people are selling out somewhere in the northeast, there will be plenty of buyers because that is where the best jobs are.
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Old 10-15-2017, 05:42 PM
 
Location: DFW - Coppell / Las Colinas
32,048 posts, read 36,697,670 times
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In DFW I've had quite a few Boomers who would like to downsize in price and footage. Problem they have is it will cost them an additional $100-150k to do so and many are staying put in their larger homes. Inflation has locked them in their current home.

It's also getting difficult to buy a newer 1 story since they require a larger lot which is difficult to find and the $$ per sqft gets too high.

I'm considering downsizing and as someone in the business I'm stumped on where and how. I've now got to move way way out to get a smaller cheaper home.
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Old 10-15-2017, 06:02 PM
 
29,818 posts, read 34,907,142 times
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Quote:
Originally Posted by Rakin View Post
In DFW I've had quite a few Boomers who would like to downsize in price and footage. Problem they have is it will cost them an additional $100-150k to do so and many are staying put in their larger homes. Inflation has locked them in their current home.

It's also getting difficult to buy a newer 1 story since they require a larger lot which is difficult to find and the $$ per sqft gets too high.

I'm considering downsizing and as someone in the business I'm stumped on where and how. I've now got to move way way out to get a smaller cheaper home.
Our neighborhood is 11 years and under in age. All of the homes have first floor master bedrooms. Our model which is the most popular also has a massive second floor master with bathroom and its own screened in porch. first floor masters are important for many boomers and the foot print of a one story with good sq footage is expensive land wise.
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Old 10-15-2017, 06:44 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,868 posts, read 54,582,197 times
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Here itís the big homes selling, with the young families buying them that are moving from Seattle for the good schools, and coming from other cities/states/countries with families. The new homes start at 4,000 sf at 1.2 million and are selling out. Many boomers are staying in their smaller, 2,000-3,000 sf homes even after retiring, because they like it here. So far 3 neighbors have retired recently that bought new in the late 70s and they are still here.
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Old 10-15-2017, 07:21 PM
 
6,851 posts, read 3,884,515 times
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Quote:
Originally Posted by TuborgP View Post
And the 30 year old houses ones owned by boomers.

In Portland both are selling to the under 40 very well. Some want the new with minimal yard, others are willing to update the older in order to have more yard and often much better construction.
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Old 10-15-2017, 08:14 PM
 
Location: Laguna Niguel, Orange County CA
9,809 posts, read 7,730,860 times
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This is location specific. 6200 sq foot mcmansions selling for 2.7 million in Arcadia by Taiwanese/Chinese will successfully be sold to other Taiwanese/Chinese buyers. Have no fear. Those boomers have nothing to worry about.
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Old 10-15-2017, 08:29 PM
 
4,451 posts, read 2,626,458 times
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I never could understand why someone NEEDS a 3 or 4k sqft house. Some retail stores are that.

And thise who have them do nothing but complain about property taxes being so high. Well, duh! You've got the equivalent of a Victorian sized mansion! Victorian mansions were either for 1) the very wealthy, or 2) muliple generations under one roof.

It's no wonder they will have trouble unloading it when they "downsize".

Give me 1k OR LESS ( our house is 896 sqft, bonus room included) any day.

Now, I don't have kids, but they don't all need their own br and bathroom. They can be bunked with a sibling, after all when they get married, they will share a room with a spouse......itll be good practice.

And if you need not one, but 2 or more "walk in closets", perhaps you have too many clothes, not just not enough closet space.

And WHY have " two (or more) of everything " in a single house? (Living room AND family room AND a bonus room; or dining room AND breakfast nook)? Two bathrooms WOULD BE NICE, but my OH deal with JUST one. I grew up with one bath shared by 4 people. It was a miracle to my parents to actually have indoor plumbing!!!

If they can't sell, or can't get what they consider a fair price, they got to enjoy it, and get what they deserve for being greedy.

The trend towards smaller or "tiny" houses fuels the smaller house generation, who doesn't want a "McMansion" to clean and keep up.

So I don't feel sorry for them, as I sit in my cozy "little house".
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Old 10-15-2017, 09:27 PM
 
Location: Idaho
4,639 posts, read 4,484,350 times
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Quote:
Originally Posted by Travelassie View Post
Guess it depends on where the home is located and the local market...
Absolutely. My old home has been on the MLS for one week now and we've received three offers. We rejected two of them and the third is still under consideration. It is from an investor who will be renting the place. We'd rather avoid that, (for the sake of my old neighbors. Yeah, why should I care? But, I do.).

In the Antelope Valley, aerospace is starting to ramp up again. One rejected offer came from someone relocating from Seattle for her aerospace job. Today, another young couple who works for the same aerospace company stopped by, asking if it was on "open house". "No. But come on in anyway and I'll show you around." I'm waiting a day or so to see if they want the place because I'd really like to see them have it instead of investors.

We'll see. But, 'yes'. It is very location dependent. And whatever the local economy is doing.
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Last edited by volosong; 10-16-2017 at 04:38 PM.. Reason: typo
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Old 10-15-2017, 10:27 PM
 
Location: Seattle Eastside
640 posts, read 335,422 times
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I think they are confounding many issues here. Inequality reduces the buying market for these homes especially in some areas that arenít seeing investment (economic liability). Also, there is a trend in the middle class, now more the working / professional class, to reduce risk and go for location and style over sheer square footage (size liability). Finally there is the location of some of these homes which is not commensurate with the square footage. Like you have these McMansions developed on main thoroughfares or behind a bus depot... who wants that?
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