Who would have thought that my uncle Stanley and his family, the owner of a sprawling housing estate sizing up to about ten soccer outfields, would have to do with a 150 square feet duplex flat? But while the ‘Bull’ has lost its horns against the rampage of the ‘Bear’, a million ‘Stanleys’ would rather stay in small homes than lose their way (financially of course!) in the huge, sprawling mansions. Extreme times call for extreme measures
The present scenario
This is the direct consequence of the economic downturn in the US today. While the going gets tough for the world it is Christmas time for smaller residential property investors and resellers!
The economic meltdown has forced thousands to go jobless. Millions seek to cut down on their expenses to tide over the harrowing times. Smaller homes have become the ideal residential destination for many. A 200 square feet home would cost about $15,000 to $20,000 in the States today, and the costs of maintenance and utilities are pretty minimal, coming to around $15-$25 a month.
Small home rules
Bid adieu to MTV-Cribs styled mansions. Say hello to small homes. Small homes are selling like hot cakes, with people from varied backgrounds and age-groups queuing up. These include:
· Retired people with a fixed income
· Young professionals and students
· Nuclear families within a regulated income group
Most of the affluent families hit by the downturn are selling off or mortgaging their lavish properties and are settling into these modest homes instead. The prices of residential properties, especially smaller and mobile homes have also depreciated in the recent years, and hence acquiring a smaller home in the same locality of the previously owned estate.
Just like the sparkling limousines, which today are being used to serve special purposes only, extravagant residential estates too are now being reserved for special times. Times when the ‘Bull’ will find its feet and so will the fiscal condition of the people living off it!