The Elgin Fox Valley housing market is barely making a comeback after hitting rock bottom and home builders are touting the features on their new homes. For a big part of 2000’s it was all about big, bigger and biggest. A result of the cheap money mortgages meant a lot of older homes in established neighborhoods were torn down and rebuilt to enormous sizes, aka a “McMansion”. Not only did the new builds overwhelm the eye, but many long time residents were appalled at the changes to the view as well.
According to an article from the Huffington Post, the average size of a new home in 2011 increased slightly by 88 square feet to 2480 from 2010.
As far as an official comeback on McMansions, the cheap money is once again available. The difference this time is that fewer people are in a position to take advantage of it, due to lost income, job changes and other economic distress that make renting more affordable.
Do you have a McMansion on your block? Has it improved your neighborhood or is it an eyesore?