Current price: $310,000
Peak sale price: $610,000 (Oct. 2005)
Beds/baths: 5/3.5
Square feet: 4,198
The McMansion is back. After shrinking for three years, newly-constructed homes are growing again.
For the first time in six years, Americans are asking for more square footage in new home designs, according to a recent report from the American Institute of Architects.
Existing home buyers are thinking big, too -- especially in markets where home prices have been hit the hardest like Phoenix, said Jed Kolko, chief economist for real estate website Trulia.
In the past several months, many small- to mid-sized homes have sold in the Phoenix area, freeing up sellers who wanted to trade up, explained Marci Burgoyne, a broker with Crown Key Homes in Phoenix.
And many are finding huge bargains. This Spanish Colonial last sold in late 2005 for $610,000. The current asking price is almost half that.
Inside the home, there are five bedrooms (all with walk-in closets), an expansive foyer, vaulted ceilings, tiled floors, balconies and an up-to-date kitchen. Outside, there are fruit trees, an automatic watering system and a swimming pool. And the garage has room for four cars.
For further information: Trulia
NEXT: Seminole, Fla.
