Homes get homey again
Chicago Sun Times
May 21, 2006
By Sandra Guy, Staff Reporter
A shift in home buying toward smaller, amenity-packed houses is making a subtle yet significant impact in the real estate market.
Home buyers looking for a more manageable size are no longer empty-nesters seeking to downsize. In many cases, they are married couples with demanding jobs who choose to spend their scarce down-time in luxurious surroundings that require little upkeep.
"Families are coming to realize that a 'starter castle' or a 'McMansion' of 5,000 or 6,000 or more square feet can be too much," said Peggy Holloway, a design consultant with Ferris Homes, a Northbrook-based home builder.
"Homeowners come to understand that they can own a huge house, but they cannot afford to furnish it or buy the custom drapes it requires. Families are screaming through intercoms to communicate," Holloway said.
Though families who come to this rude awakening want smaller space, they still crave luxury, and are demanding it in custom choices such as spa showers, laundry chutes, home-stereo speakers and guarantees of lawn and outdoor maintenance, Holloway said.
Yuri Birg, CEO of Greenview Homes in Lincolnshire, said the market for smaller homes includes home buyers who value architectural statements such as a rotunda-style living room, turret-style roof details and fireplaces that add distinctive decor.
Sue and Mike Miller exited their 3,500-square-foot, 5-bedroom house after eight years in favor of a 2,200-square-foot town house in the Liberty Grove development in Libertyville. Ferris Homes built Liberty Grove, a development of $640,000 to $729,000 single-family homes across the street from the Independence Grove forest preserve. The association provides lawn maintenance and snow removal and maintains a security system for $208 a month.
"We work really long hours, and keeping up with a big house was becoming a burden," said Sue Miller, a corporate executive whose husband owns his own distribution and marketing business.
The tipping point was when Sue realized that the family had sat out on the patio of their bigger house only once last summer.
"We didn't have time to deal with even the simpler things in life," she said. "For me, it felt like a big dark cloud."
The Millers aren't alone. Research by the National Association of Home Builders shows that a counter-trend is developing to the 40 percent increase in square footage of new homes that took place between 1978 and 2005. (New homes jumped from 1,750 square feet 27 years ago to 2,433 square feet last year.)
"There are those who no longer need something so huge. They may be willing to pay for something smaller but with high-end upgrades and closer to a job, closer to amenities or closer to family," said Steve Melman, director of economic services for the Washington, D.C.-based association.
The Millers picked Liberty Grove because of its high-quality workmanship.
They have environmentally friendly bamboo flooring on the main floor, a finished basement with a den and room for a craft-making nook, and a gourmet kitchen featuring a Viking stove, a butler's pantry and a porcelain sink.
Sue envisions herself sitting on the covered porch many times this summer, sipping coffee while she's reading a good book.
Nicole and Matt Hickey, a couple in their mid-30s, had previously lived in large, 4-bedroom homes in Cincinnati, the last of which forced them to spend weekends mowing, mulching doing yardwork.
"I enjoy gardening and working out in the yard. But social events and family obligations come up, and then you feel guilty because you're not keeping your yard looking nice," Nicole said.
The couple never used the formal living room, either.
The Hickeys hold demanding jobs -- Nicole is an attorney in the legal division of a local pharmaceutical company, and Matt is an assistant vice president of a large bank in Chicago.
The couple chose a maintenance-free, 2,900-square-foot house that has a 2-1/2-car garage and a tray ceiling in the great room in the Liberty Grove development. They expect to close on the house by June.
They will upgrade in areas where they'll spend the most time.
They added a glaze to the kitchen cabinets to complement the stainless steel appliances, upgraded the shower door in the master bathroom to a thicker glass, and added custom lighting and flooring throughout and a marble fireplace surround.
"This house is a manageable size," Nicole said. "We can keep it nice and tidy without spending the whole day."
Liberty Grove sales office, (847) 680-0001.
Ferris Homes, (847) 509-9600.
sguy@suntimes.com
