View Full Version : Sigh.. the outdated, devalued McMansion
A real estate agent friend of mine posted this article (http://www.chicagotribune.com/business/ct-mcmansions-price-drop-chicago-0906-biz-20160902-story.html) which talks about how people who bought McMansions prior to the 2008 housing crash are now finding it very difficult to sell them for what they think they should be worth.
Interesting that these huge 10-15 year old "investments" are considered old-fashioned because they have cherry floors.
Still, people seeking size want homes that are built new rather than the dated McMansions that appealed to early 2000s tastes, said Tim Schiller, an @properties real estate agent who sells in Elmhurst.
iris lilies
9-7-16, 4:14pm
A real estate agent friend of mine posted this article (http://www.chicagotribune.com/business/ct-mcmansions-price-drop-chicago-0906-biz-20160902-story.html) which talks about how people who bought McMansions prior to the 2008 housing crash are now finding it very difficult to sell them for what they think they should be worth.
Interesting that these huge 10-15 year old "investments" are considered old-fashioned because they have cherry floors.
Over on the MMM site there is an entertaining thread about McMansions that features a new website all about Mcmansions. And that is exactly what the owner of the website claims will happen--these giant, cheaply built monstrosities are going to be a thing of the past once people figure out they wont be able to get back much money for them.
In an interview, sHe talked about the problem of furnishing them, how so many people bought them and then, couodnt adford to drape and furnish them. DH worked for a lawn and tree service company, and when he was doing lawns in mcmansionland he saw that very problem, the houses had bare or largely empty rooms.
Of course, let me loose in those houses and (assuming I could stand to be in them for long without the acres of drywall depressing me) I could furnish them quite inexpensvely. But I have time and imagination, neither of which is in much supply for the McDwellers since they all have to run a rat race to work and make payments.
check out the website:
www.mcmansionhell.com (http://www.mcmansionhell.com)
ApatheticNoMore
9-7-16, 4:22pm
The only houses I ever saw that had enough additions to make them McMansiony (they used to be nice homes) were already worth maybe a couple million BEFORE the additions. The additions are not necessarily an improvement aesthetically. But I don't know if that demographic is really that concerned with resale.
Great website! Hilarious! (And you get a bit of an education in architecture to boot!)
The only houses I ever saw that had enough additions to make them McMansiony (they used to be nice homes) were already worth maybe a couple million BEFORE the additions.
My wife and I spent about 7 years lovingly restoring this small 1910-vintage Craftsman cottage, built right on the old village green. It was about 1300 sq. feet or so. Had a lovely carriage house on the back alley, and some great outdoor spaces.
The new purchasers squared off the back, went up and out, and, well, you can see the result. The old house is pretty much the entryway of the new...thing.
https://www.redfin.com/CA/Saratoga/20375-Park-Pl-95070/home/1541618
Property taxes, insurance fees and the cost of lawn care and climate control would make these difficult to live in for most folks.
It was nice while it lasted but the economy changed big time. Now people are existing on next to nothing - it is survival mode.
That is why tiny house or RV living is taking over.
Banks own a gazillion houses but won't reduce the prices. Many of the banks are owned by companies in Asia and other companies.
My county is full of expensive empty homes that are degrading and being vandalized but banks won't reduce prices.
If homesteading for free (like in the pioneer days) was still possible, then people would be doing it.
A lot of counties won't permit tiny houses though. If they did, then more people would be doing it.
My wife and I spent about 7 years lovingly restoring this small 1910-vintage Craftsman cottage, built right on the old village green. It was about 1300 sq. feet or so. Had a lovely carriage house on the back alley, and some great outdoor spaces.
The new purchasers squared off the back, went up and out, and, well, you can see the result. The old house is pretty much the entryway of the new...thing.
https://www.redfin.com/CA/Saratoga/20375-Park-Pl-95070/home/1541618
That would kill me. The "entryway" is gorgeous, though.
What a pretty house it used to be, Bae. We had a similar thing happen with our foursquare in the Chicago area. They added a whole two story addition behind the back of the house, although they did it tastefully, I guess. But it felt like a nicer house before, circa 1898.
I just checked out the McMansion neighborhood in our old area and they were up to about 1.2 mil from about 600k when we lived there, so they don't seem to be having the same issues as the ones in the article, which were in Hinsdale, it seemed.
If I were stuck in an upside down mortgage on a McMansion I'd invite my grown kids and their families to move in with me. Might as well fill it up if you can't sell it!
Or rent it out as a co-housing kind of deal. There was one house in my old neighborhood that had 7 kitchens. That seemed extreme even for my old neighborhood!
My last co-housing experience looked like this. It sort of turned me off the concept.
http://1.bp.blogspot.com/-9StmdUmmnu0/Uk3fl9Z9dsI/AAAAAAAAJUw/lbJ-AXjSo-8/s1600/20130927_111129.jpg
I wish my state permitted co-housing but it is prohibited.
Living like the Waltons (except for one bathroom) would be awesome.
I found out that some states have free homesteading (small nowhere towns). They have strict requirements though.
iris lilies
9-7-16, 10:56pm
I wish my state permitted co-housing but it is prohibited.
Living like the Waltons (except for one bathroom) would be awesome.
I found out that some states have free homesteading (small nowhere towns). They have strict requirements though.
That is interesting, I wonder what kind o f law(s) they have to prohibit it? Is it real estate conveyance laws that cover this, or ? I am just thinking out loud, dont really need an answer unless you happen to know.
Gardenarian
9-8-16, 1:05am
My last co-housing experience looked like this. It sort of turned me off the concept.
http://1.bp.blogspot.com/-9StmdUmmnu0/Uk3fl9Z9dsI/AAAAAAAAJUw/lbJ-AXjSo-8/s1600/20130927_111129.jpg
That would do it.
If I never have a roommate again it'll be too soon.
I must say, most of the McMansions on the links are WAY prettier than the stucco box developments I've seen.
When we were looking for a house ( less than 2 years ago) McMansions were still very popular in Oregon. Now it seems everyone wants a smaller eco-house - not tiny, but under 1,200sf, with solar power, raised beds, deer fencing, smaller lots - planned communities are big here.
The McMansions still sell, but aren't being built (good.)
That is interesting, I wonder what knd f law(s) they have to prohibit it? Is it real estate cnveyance laws that cover this, or ? I am just thinking out loud, dont reslly need an answer unless you happen to know.
Not exactly sure, but knowing the USA legal system it probably requires numerous permits because otherwise everyone would divide their homes up into multiple sections, then you have the tax regulations, insurance laws and so forth.
There are a few older homes in my area that are divided into apartments because it was done before the laws changed. Those are high-crime areas because so many people are living in close proximity to each other.
I might be wrong about other counties though, not sure but I know my states is in denial about the economy.
Interesting that on PBS there was show tonight about tent cities and apparently Michigan has a huge one and is overlooking the illegality of it. (I don't live in Michigan)
Like I said a gazillion empty homes and apartments and landlords will not reduce rent to fill the things up. Doesn't make sense to me at all.
You know nowadays if a family like the Waltons lived that way with only one bathroom and a lot of kids in one or two bedrooms or in sheds outside, they would be in trouble with the law.
Of course, the pioneers and today, the Amish have out houses and lots of children and lived in one or two rooms.
Teacher Terry
9-8-16, 1:56pm
Sandy at one point i was a SW in child protection and we did not care if the home only had 1 bathroom and multiple kids sharing rooms. We cared about kids being beat, starved, etc.
Of course, the pioneers and today, the Amish have out houses and lots of children and lived in one or two rooms.
I grew up in an Amish area, and still visit, and they have indoor plumbing and houses with more than 1-2 rooms...
I live in a heavy McMansion town. My kids' friends often lived in one. I had to laugh because the majority of the time they were barely furnished and not decorated the way you would expect looking from the outside. Two fancy cars in the driveway, country club membership and they were probably in debt up to their eyeballs. Then there'd be the inevitable divorce and inability to sell the McMansion for anywhere near what they paid for it. We lived around the corner from one development and being one of few townhouse communities in the area, kids called where we lived "the ghetto". Until they moved in with their mom.
I live in a heavy McMansion town. My kids' friends often lived in one. I had to laugh because the majority of the time they were barely furnished and not decorated the way you would expect looking from the outside. Two fancy cars in the driveway, country club membership and they were probably in debt up to their eyeballs. Then there'd be the inevitable divorce and inability to sell the McMansion for anywhere near what they paid for it. We lived around the corner from one development and being one of few townhouse communities in the area, kids called where we lived "the ghetto". Until they moved in with their mom.
My town's history typifies the concept of upward mobility and buying "up." The township itself was completely rural until the 50s/60s when developers came in and carved out a couple of villages--one of which I live in. The first wave of housing were cookie cutter ranches, and it was anchored by two schools and a strip mall and roller rink.
In the 70s, my development was built--a step up from the little ranches, they were/are 70s split levels like what you would see on The Brady Bunch. We moved in in the mid-80s and shortly after that, in the early 90s, all our friends were "movin' on up" to the NEW development which was basically the pre-cursor to the McMansion. I KNOW there was a class difference in school between the kids who lived in the "old" development vs the new.
The true McMansions came later, and we have a few, and surrounding towns have even more. Princeton was able to stave them off for a while, but there are now quite a few push-downs, former ranches that are making room for big monstrosities on tenth-of-an-acre plots.
Not many mcmansions hereabouts--maybe not any. But I'm sure anything with a lot would sell around here, and at inflated prices.
ToomuchStuff
9-8-16, 6:07pm
Part of the reasons for not reducing them:
Tax advantages. (losses verses profit, reducing taxes)
Want to sell to someone who can afford it. (would rather take cash then drop price and have someone mortgage it through you)
Make up for losses elsewhere. (look at some of the housing situations where title couldn't be proven)
Multitenant dwellings fall under the categories of commercial and rental stuff. It requires more inspections, licensing, other guidelines for them. Fire inspections and number of people per square foot, also come into play.
From that website, those look less like what I see referred to a McMansions, but they don't show property lines. The ones I have seen, tend to leave postage stamp yards, and build the houses out to the maximum edge that they can build on.
But I don't know that I have a good idea of what a regular mansion is. I know a friend that was a builder, built one of the local baseball players a house, that they had to buy an extra lot, so the roof of the gymnasium, wouldn't appear above the regular house. But I wouldn't call that a Mansion, the ones I would, jokingly have been referred to by one friend as tenement complexes (look more like an apartment complex).
Two other houses come to mind. One belonging to a Dr. friend, and it is on acreage (looks closer to the ones on that website), and one belonged to another successful friend, but it looked like a large house, compared to the looks of the other.
I don't see though why I should feel good or bad, about how someone else chooses to spend THEIR money. I have a real estate lady that I know, that when I paid off my house, at first she pushed me to look for something else. (so did others) A customer had a similar discussion one day, and I broke out laughing listening to it. My view was the same as theirs. Why would I want to go back into debt, for something that is going to cost me more in taxes, heating, cooling, roofing, etc. for what is a box I sleep in.
My real estate friend gave up on getting me to look, and when 2008 hit, her sales were hit so bad, that she ended up having to sell her house (had a mortgage), and ended up moving in with her daughter. I see what she did as a bad decision, but it was her and her husbands to make.
My brother was a mortgage broker before he retired, and when I was refinancing my house I asked him for his advice and he told me to get an interest-only loan because houses were appreciating so fast and you could use the cash for other stuff. Somehow that didn't sound right to me, so I went against his advice and got a 15 yr, 2.75% conventional loan. I'm so glad I did. So much for the wisdom of experts.
iris lilies
9-8-16, 6:23pm
My brother was a mortgage broker before he retired, and when I was refinancing my house I asked him for his advice and he told me to get an interest-only loan because houses were appreciating so fast and you could use the cash for other stuff. Somehow that didn't sound right to me, so I went against his advice and got a 15 yr, 2.75% conventional loan. I'm so glad I did. So much for the wisdom of experts.
yeah, my cousin was a banker when I bought my first house and advised "always borrow as much money as you can" because in those days, the imterest rate only went up.
surprisingly, my cousin is very frugal to the point of absurdity, he is the multi millionare next door. I doubt he would advise that today.
Looking at houses in different parts of the country as we search for our retirement home has been very interesting. Outside of Denver and Colorado Springs there are miles and miles of these new monstrosities going up. Apparently, many are still chasing that dream. We are still concentrating on an inner city location. All I can say is that there are some really ugly houses out there - big and small.
Looking at houses in different parts of the country as we search for our retirement home has been very interesting. Outside of Denver and Colorado Springs there are miles and miles of these new monstrosities going up. Apparently, many are still chasing that dream. We are still concentrating on an inner city location.
I have a nice Victorian home I'm about to sell in the Old North End of Colorado Springs - easy walking distance to the old downtown and the College, if you are looking for something like that. It might be too large/multi-floored for a retirement home, though my relative lived in it until she was in her 90s. There are lots of lovely homes in that part of town if Colorado Springs is on your radar.
Oh Bae! I would have thought I had died and gone to heaven if I could live in Old North End (and afford it). I am looking near there however the investors are out in full force so no luck yet. I do have a great realtor who specializes in the area if you need one though.
Oh Bae! I would have thought I had died and gone to heaven if I could live in Old North End (and afford it). I am looking near there however the investors are out in full force so no luck yet. I do have a great realtor who specializes in the area if you need one though.
Pinkytoe, don't know if this one is in your price range:
http://www.homescoloradosprings.com/listing/8452118-324-e-caramillo-street-colorado-springs-co-80907/
Pinkytoe, don't know if this one is in your price range:
http://www.homescoloradosprings.com/listing/8452118-324-e-caramillo-street-colorado-springs-co-80907/
Oh, that's droolworthy!
catherine
9-10-16, 10:55am
Oh, that's droolworthy!
Definitely droolworthy! (good word, Jane!)
Going against the grain here, but I think now at my ripe old age of thinking, that each person should have the home of their dreams IF it is within their ways and means. If someone wants a tiny home wonderful, a MM super because we do not know if that person grew up very poor and really dreamed of one someday.
I don't have anything against large houses in general--many of them, especially the old ones were handsome, lovingly crafted, and stand the test of time. My grandparents' house was like that; it housed a family of seven plus live-in help, so they really needed the space. It's the "Mc" part of McMansions that indicates cheaply made, poorly designed, and destined to be torn down before its time, I think.
ToomuchStuff
9-11-16, 10:22am
It's the "Mc" part of McMansions that indicates cheaply made, poorly designed, and destined to be torn down before its time, I think.
I always took the Mc part, to mean something like going into an existing area, tearing down current, slamming up the maximum size possible to the neighbors, using quick and proven building methods. (aren't necessarily cheap, but typical commercial construction)
I always took the Mc part, to mean something like going into an existing area, tearing down current, slamming up the maximum size possible to the neighbors, using quick and proven building methods. (aren't necessarily cheap, but typical commercial construction)
Portland is being overrun with these cheesy infill houses these days, and it isn't sitting well.
We have so called McMansion rules in Austin but I can't tell that they have helped much with infill size. Most are still 4 bed, 3 bath or larger and fill up a good chunk of a lot. I call them metro boxes as they look like shoe boxes turned upwards. No light, shadow or character as so many older homes have. Also a lot of faux Tuscan houses out in fields and far away from everything. I concur that we all get to decide what we are attracted to but The simple side of me doesn't get overly large due to related expenses.
I wonder how the average person felt back in the day when the large Victorian Homes were being built in the cities? I bet they felt they were over top too for the era. Every city USA has areas of town where these huge homes were built. Detroit is the saddest when looking at the old mansions. Talk about devalue.
iris lilies
9-13-16, 10:05am
I wonder how the average person felt back in the day when the large Victorian Homes were being built in the cities? I bet they felt they were over top too for the era. Every city USA has areas of town where these huge homes were built. Detroit is the saddest when looking at the old mansions. Talk about devalue.
Yep, that is true. I live in a neighborhood where the merchant class lived and built houses 150 years ago, and the houses are, for the most part, 2800 sq ft and up. But my own house was built as a rental,with upstairs and downstairs units. They were quite modest.
There has always been a 1%.
ctg492, that's a great question. I guess for the answer, watch The Magnificent Ambersons and watch how the Greek chorus of the townspeople watches and waits for Georgie Amberson "to get his comeuppance."
Yep, that is true. I live in a neighborhood where the merchant class lived and built houses 150 years ago, and the houses are, for the most part, 2800 sq ft and up. But my own house was built as a rental,with upstairs and downstairs units. They were quite modest.
There has always been a 1%.
If you can't afford furniture for your McMansion you're not the 1%. You 're a poser.
Portland is being overrun with these cheesy infill houses these days, and it isn't sitting well.
Seattle, too. I actually like a lot of modern designs, if they are done well. But many are not. And the people who build houses in the PNW with flat roof decks? Asking for trouble.
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