PORTLAND – Many homeowners downsized during the recession, but now that the market is recovering, big is back for some local builders.
Interest rates are still at historic lows and experts say buyers with children are taking the opportunity to purchase homes that have room to grow.
Builders are responding, adding developments of large homes. But many of these custom “McMansions” are different than the cookie-cutter homes that defined the trend in the '90s.
Renaissance Homes, the Portland-based custom home-building company, is confident their new McMansions will find buyers.
“They are planning on the future,” said Kelly Asmus of Renaissance Homes. “Maybe they have kids, they want to have more kids, or have their family move in.”
The company’s new McMansions are listed for $800,000 and above, and often top 4,000 square feet of living space.
The median home size in the U.S. hit an all-time record in 2012 of 2,300 square feet, and projections show that this year’s average is increasing by 7 percent.