OK boomer: no one wants your shitty McMansion

[Super_Geo]

Millennials don't want to buy baby boomers' sprawling, multi-bedroom homes, and it's creating a major problem in the real-estate market

https://www.businessinsider.com/mill...roblems-2019-3

[ExtraSlow]

The line between not wanting something, and not being able to afford it, is pretty blurry.

A lot of real estate decisions in the last 30 years seem to be based on the idea that values always go up forever. Maybe that was a faulty premise.

[Lex350]

Based on what I've seen I call bullshit. They want something they can afford.

[Disoblige]

Is there a statistics map somewhere for Calgary that links in the past few years sales related to age range?

I will admit though, the appeal of those big houses with 5-6 bedrooms is very unappealing. I rather have the same square footage but more open concept.

[tonytiger55]

Its a combination of factors.

People just can't afford it and not everyone has stable progressive careers.
There is also a lack of skills from both parties. People dont have the same kind of fix it or slow renovation over the duration of ownership.
Its a new, I want it now mentality.

[Thaco]

maybe people have learned to live within their means? 90% of boomers with those huge ass houses couldn't afford it.

[ZenOps]

What, a double spiral entryway staircase is out of style? Say it isn't so.

[killramos]

Meh. Boomers will be dead soon and it will be up to their millennial kids to deal with the McMansions.

[Disoblige]

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maybe people have learned to live within their means? 90% of boomers with those huge ass houses couldn't afford it.

That's a good point actually. I remember back in the day we used to complain how younger people are buying way too much house than they afford just because they are approved.
Now we are complaining about young people complaining they have no money lol.

What a change!

The annoying thing is when people think "new = better/less maintenance". What I think people want instead is PREDICTABLE maintenance. A new home that was poorly built or used shit materials will not provide predictable maintenance.

[ZenOps]

Millennials are going to inherit a lot of things that they might not want. That being said, if its simply an issue of money, they can always put in an extra bathroom split a Mcmansion four ways, and live like reality show TV people.

To me, its the combustion engine vehicle that may see an abrupt end. I mean really, if you have to spend $6,000 to bring a combustion engine car up to code - why not just put it towards an electric vehicle that may never need repair?

[blitz]

Shit, wrong thread.

[rage2]

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Millennials don't want to buy baby boomers' sprawling, multi-bedroom homes, and it's creating a major problem in the real-estate market

https://www.businessinsider.com/mill...roblems-2019-3

Counterpoint:

As Millennials Get Older, Many Are Buying SUVs To Drive To Their Suburban Homes

https://www.npr.org/2017/09/15/55123...suburban-homes

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Is there a statistics map somewhere for Calgary that links in the past few years sales related to age range?

I will admit though, the appeal of those big houses with 5-6 bedrooms is very unappealing. I rather have the same square footage but more open concept.

I ran the above article by a couple of realtor friends and they see the trend of moving out of downtown/inner city and to the suburbs as they grow their families. As for buy what you can afford, 100% agree. We looked at inner city McMansions a couple of years ago because we could now afford it.

The decimation of the innercity/downtown condo market seems to be correlated to both lifestyle and affordability. There's still bidding wars for SFH in our community in the ~$700k range.

[Xtrema]

I heard of this before until Boomers are all buying even bigger homes before they need to be shipped to assisted living.

EDIT: Rage beat me to it.

I have see a lot of "millenials" ended up buying started home in the burbs as they are ready to start family/kids. Even if you don't want kids, eventually you will stop partying and yarn for quieter burb life style.

My boomer co-work retired and sold out before RE crashed in Calgary in 2016 and moved into Okanagan. And for the amount for retiree I met from all over the country while I was visiting him, seems like it will remain in demand for the foreeable future. So his plan to sell home to fund his assisted living in about 15-20 year totally make sense for now.

And if you McMansion doesn't appeal to kids, your lot it sit on may be ripe for multi unit development if that's where the demand is.

[speedog]

I must be doing it wrong then, above grade square footage is below 1400 and only 3 bedrooms above grade. Guess I fail at being a boomer.

[Buster]

As technology results in easier commutes and less of a need to commute, the suburbs might become more appealing not less.

If I want an inner-city feel, I just jump in an uber and go out for dinner.

Besides, it appears that tight-rolled jeans are back for the youts, and I couldn't look at that all day.

[rage2]

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I must be doing it wrong then, above grade square footage is below 1400 and only 3 bedrooms above grade. Guess I fail at being a boomer.

Nah. Once the kids are out of the house we’re downsizing.

[rx7boi]

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Now we are complaining about young people complaining they have no money lol.

US has 1.2 trillion dollars in student loan debt. Mortgage default rates are like 1.2% but student loan defaults are somewhere in the vicinity of 26%.

I wouldn't have any money either if I took a $150,000 loan out like an imbecile for something stupid like a Masters in Christian Studies, just to realize it would result in a $30,000 a year job.

Between lack of fiscal knowledge/responsibility, living beyond their means, and lack of delaying gratification or understanding of sacrifice, it's no wonder some people won't ever get ahead.

I know this thread wasn't about money per se but I just had to throw this out there haha.

[speedog]

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Nah. Once the kids are out of the house we’re downsizing.

We've been in our current home for more than 23 years now, raised 4 kids in it with no problems. Owning a big hone just isn't a boomer thing, I've been in many large homes that were owned by people who are definitely younger than what a boomer would be - gen X'ers like their big homes as well.

[speedog]

Hey, how about we do a house size/generation comparison to see how things really are on beyond.

I'll start, 1,384 square foot bungalow, 3 bedrooms, 1 bathroom above grade. Another 1,140 square feet down stairs, most of it developed, 1 bedroom and 1 bathroom down there. Total of 2,524 square feet and most definitely boomer generation, raised 4 kids in that space. With kids gone we have rooms that sit empty, would consider downsizing but the small town feel around us will keep us around for quite a while yet.

[ExtraSlow]

Shit, now we all need to deny being millennials. I'll start and say I'm a Xennial (which means Xena the warrior princess fan, I believe. )

I'm in an inner city duplex infill. 1800, 3 bed, three bath above grade. 800, one bed and one bath below.
Two adults, two kids.