Builders look to start small construction projects in Westchester County
Homes for sale in Westchester County, New York, will look much different in the coming months and years. It seems that homebuilders are steering clear of the mega-mansions that were popular before the housing market tanked, in favor of more economical construction plans.
"The builders I work with know the market isn't there for these monster houses anymore," local real estate professional Sally Slater said to The New York Times. "What buyers of new homes don't want now is to rattle around in an 8,000-square-foot house with huge living rooms that sit empty because they've spent so much on the house they can't afford furniture."
A new survey conducted by the National Association of Home Builders (NAHB) forecast the characteristics of the average home in 2015 to be widely different from what builders created in the past few years. New construction plans already show that living rooms will be merged with other spaces, and super-size master suites are no longer essential aspects of a luxury home.
Additionally, the NAHB predicts the typical size of new homes across the nation will shrink to an average of 2,152 square feet within the next three years. The decline indicates homes will be 10 percent smaller than the average new home built in 2010.
While the bigger-is-better mantra hasn't exactly vanished, builders are finding customers are looking for a wide variety of property types when searching for bargain deals. According to the New York Times, communities like Scarsdale, Larchmont and Rye continue to see mega-mansions, as Manhattan transplants still prefer super-sized homes.
For example, in Scarsdale, the average real estate sale price is $1,293,591, according to ZipDataMaps. In Rye, the average sale price is $1,662,503, the source reports, and in Larchmont average sale price is $1,239,013.
Prospective homebuyers considering Westchester County for their next home should evaluate trends that look to alter the face of the area greatly. If looking for a mega-mansion, it's wise to search for homes in communities like Scarsdale, Rye and Larchmont, but if the objective is to invest in a more economical home, buyers might want to try the community of Bedford or surrounding villages. Slater indicates Bedford is one town that has looked to downscale the construction of larger properties.