I came across an interesting article on twitter via @builderbuzz..Americans living larger as new home sizes defy economy, that describes how the size of new homes being built…and sold…have unexplainably become larger, rather than smaller. Even in this economy!
This exact thing is happening right here in Tenafly, and elsewhere in Bergen County…though very few homes are being built. Let’s not go wild with the idea that everything in housing is getting better and larger throughout the entire marketplace, when in fact this is just a microcosm of the housing market
The article talks about how Toll Brothers, one of the largest home builders in the country is building a new project in Randolph New Jersey, and the homes are large and they’re sitting on large properties.
Slightly more than 1 in 4 new homes built last year were larger than 3,000 square feet, the highest percentage since 2007
To a large extent, people are still putting off new homes. The number of new single-family dwellings built last year fell to 447,000, off 72.9 percent from the 2006 high of 1.65 million. About 236,000 of the new ones, or more than half, were built in the South
I think that all of the new homes that were built in Tenafly as spec homes, were more than 3,000sf….probably 20% larger. And this means that they have to sell for higher prices (hopefully). And there have even been a few ultra luxury spec home the have been built in Tenafly that are well over 6,000 sf and are listed between $3.4-$4 million. One has sold in in this price range in 2012 in Tenafly.
Frankly, I’m one of those who believed that people were over the idea of buying huge homes, because of their price, cost to maintain and mostly because of the insanely high property taxes that we so much enjoy paying in Tenafly. and elsewhere in New Jersey. We do have the distinction of having the highest property taxes in the country, and the highest auto insurance rates in the country as well.
However, if the getting larger thing continues, then Tenafly, Cresskill, Alpine and Demarest will get it fair share of the pie.
Big is a big deal in these towns