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Two Story Homes the Majority of New Construction
June 20th, 2006 categories: Tampa Real Estate, Tampa Condos, Tampa Florida Real Estate
Over the last 30 years, new homes with two or more stories has increased from 23% to 55% of the total homes built. This coincides with the fact that the average size of these same homes has increased from 1645sqft in 1975 to 2434sqft in 2005. This data, from the U.S Census Dept., is not suprising to anyone in the real estate business. Value has been primarily related to the size of the home. Want to add value? Add square footage. Price per square foot has been the general indicator when comparing home sales. Home size, generally speaking, has been the indicator of one’s wealth.
There are some, including myself, that feel that the trend going forward, will be to scale down. How much space do we really need? We tend to fill whatever space we have available. After that, we purchase more storage space in the form of self-storage units. We are collectors by nature and having the space to store and display our collections has become the norm. The cost, be it time or money, to maintain our large spaces has increased. Added cleaning, cooling/heating and other costs are real.
I have noticed buyers and sellers alike looking to downsize, and this is not just the empty-nesters so to speak. This is a general trend that I am noticing. I don’t see the average new home size decreasing much 5 years down the road, but I do think we’ll see a decrease as the trend gains momentum.
See the Census Stats Here
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