For the past several years, the trend among many luxury homebuyers in the U.S. has been clear: bigger isn’t necessarily better.Buyers
For the past several years, the trend among many luxury homebuyers in the U.S. has been clear: bigger isn’t necessarily better.
Buyers who could easily have sprung for sprawling estates have instead opted for so-called “jewel box” mansions, comparatively small spaces with just a few bedrooms that can be customized to the hilt with cash the owners might otherwise have spent on extra bedrooms or acreage.
As with so many other aspects of day-to-day life, the coronavirus pandemic has turned all that on its head.
“For the longest time, people have been trending toward smaller and more manageable, simplifying their lives,” said Dana Koch, a Corcoran agent based in Palm Beach, Florida. “Now it’s the opposite. I don’t have a single client right now who’s looking to downsize.”
Preferences vary by price range and region, but buyers in every market are eyeing extra space. “I would say [buyers are looking at] a 20% to 30% increase in size, whether in the number of bedrooms or square footage,” said Stephanie Anton, who was until recently the president Luxury Portfolio International. [She was interviewed for this story before she announced on June 23 she was leaving her post]. “It’s a jump-up a category or two across the board.”
Versions of this trend are playing out in markets all over the U.S., making it an opportune moment for sellers looking to unload…