posted on Mar, 6 2013 @ 07:38 AM
A former real estate agent here....
McMansions are a result of the US housing boom (bubble) of the 90s/early 2000s. Interest rates dropped and all of a sudden for the monthly mortgage
payment of what USED to be the value of 1500 sq ft house, you could get 3000+ sq ft (along with the de riguer granite counters, stainless steel
appliances, walk in closets, soaking tubs, cathedral ceilings, etc). And you could acquire said abode BEFORE your 30th birthday. Then the housing
bubble "burst" (alot of bank/political collusion--people who should not financially have been given mortgages were--and the resulting value plummets
from multiple foreclosures on the same blocks crashed values). I could go on and on ...but
Most McMansions from the early "boom" years were quickly built, cookie cutter homes that looked gorgeous initially, but whose builder's lack of
attention to detail; cutting costs on materials (usually in the "invisible" parts of the structure--foundation; wall studding; joists) leads to
structural issues as the building ages. Granite and hardwood in the 18 by 20 kitchen is lovely, but if the floor isn't level and the ice maker water
Sadly it wasn't uncommon to see 3000 sq ft homes furnished with a card table and mattresses on the floor (the financial by product of buying "too
much house.") on the market as a short sale. That said, and as someone. Who worked in the industry, I believe in the free market--if you can afford
it and want it l, buy it--just be financially realistic.