Here’s a Nice Summer Diversion: Take a Tour of McMansions That Won’t Sell
Now that summer’s getting into full swing, it’s time to slow down and take a few moments to daydream and compile wish lists. In that spirit, Time offers a gallery of McMansions across the country that just won’t sell, despite prices that have been drastically slashed. All this is part of a bigger problem in the housing market, as Time and others have explained: First-time homebuyers are snapping up foreclosed homes at bargain prices, but more expensive homes aren’t selling. With few move-up buyers trading up from their current homes, the housing market remains stalled overall, despite spikes in foreclosure sales.
That’s worth keeping in mind, whenever new housing numbers come out and you try to understand what’s going on. Also, if you somehow hit the lottery, you could snap up a dream house at a bargain. Take a look. My favorite is the house in California, just a five-minute drive from the beach. It won’t sell, despite being priced almost $1 million lower than its initial listing, because there are so many houses even closer to the beach that are better bargains. It’s hard to remember that just a few years ago, buyers would have wildly outbid each other to snag a home a short drive from a California shore.
In McMansionland, a market with a dearth of move-up buyers is giving new meaning to the concept of affordable housing.