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Depends on what you really want. Most folks here want the smaller place. However I can't say it is right for all. Just remember there are lot of things you can change, but the one you can't is location. However if you in small lot with strict HOA you may never be able to make the house any large at and price due to HOA limitaions. So in that case it is location and floorplan/size.
Now as for resale if the neighborhood is as nice as you say resale should be good due to that alone. People like to live in nice plays and giving up 400 sq ft is not that big of a deal. Still some familys just won't settle for less. You can't change that. Where you you see yourself being most comfortable. How much space do you have now? Family growth plans? And is 1400 sqft layed out well enough to use. I have see 1500sq places feel large and others feel tiny.
You are dealing with the value principals that appraisers reference as Progression and Regression. This is when a superior house takes on the inferior characteristics of it's neighborhood (Regression) and an inferior house takes on characteristics of a superior neighborhood (progression). It is based on the concept of homogeneity, where a properties maximum value is is generated when the subject is as similar as possible as it's neighbors.
While the larger house may be more attractive in many respects, there are other attributes to consider. First is cost of maintenance. The larger house will take a bit more work to maintain than the smaller one. Second is energy. A smaller house will take less energy to heat and cool.
A third consideration is the potential future market. As the baby boomers/empty nesters get into retirement they are going to require less house to maintain and pay for....so the future market is going to remain strong.
If the smaller house meets your needs, then it is probably best for you. If the larger house feels more comfortable to you, then it is best.
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