According to Trulia’s research department, Americans are showing a preference for smaller homes.

Americans are veering away from the “McMansions” that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet– the same number of who said they’d like their home to be between 800 and 1,400 square feet. Fifty-five percent of Americans would prefer a home between 1,401 and 2,600 square feet.

Forbes described the trend toward smaller luxury homes back in October of 2008.

My experience is that the larger McMansions are struggling to find buyers who are willing to invest the time, energy and money in upkeep.  Moreover, we have found that the enormous spaces so popular in new construction back in the 1990s and early 2000s don’t feel very comfortable.

In 1998, Sarah Susanka wrote The Not So Big House.  This book describes a trend toward quality construction over size.

For more information, visit The Russell Nolting Group’s Luxury Homes website.

Luxury homes have been selling lately.  We’ve added 5 new “Real Buyers” to our market in St. Louis.  This means that the odds of selling your luxury home in St. Louis has increased a few percent, and the “months of inventory” has dropped by about 1 month.  We’re still a solid Buyer’s Market, but the future is looking good.  This is great news.  For a detailed report on the St. Louis Luxury Home Market.

We’ve added a great new listing at 1823 Topping Road in Town and Country, MO 63131.   This sprawling home surrounds a large swimming pool and overlooks 1 1/2 acres of lush landscape.  Five bedrooms, 6.5 bathrooms, a remodeled kitchen, and much more.  This home is priced at $1.175M.

The luxury home market in St. Louis continues at a sluggish pace.  This, of course, translates into buying opportunities.  Currently 72 real buyers are in the St. Louis market for homes priced above $1M.  A recent addition to the market is 3 Indian Creek Lane in Frontenac, MO 63131.  This home boasts 4 bedrooms and 6 beautifully remodeled baths.  The home has been beautifully remodeled and is priced at $1,485,000.  Please contact me if you’d like to see it. 

Russell Nolting, 314.677.6560

Each week, I publish statistics for the Luxury Homes market in St. Louis.  Luxury Homes by Keller Williams is dedicated to becoming the Luxury Real Estate broker of choice in St. Louis, Missouri.  Data report is found here:  August 2, 2010 update for St. Louis, Missouri, Luxury Homes market.

The current luxury market in St. Louis contains approximately 68 “Real Buyers” based on data drawn from the last 3 months of sales.  45% of these buyers will purchase homes between $800,000 and $1M.  Approximately 25% of them will purchase homes between $1M and $1.25M.  Another quarter will choose homes between $1.25M and $1.5M.  A small percentage of the current buyer pool will select a home priced in excess of $1.5M.

If you are a seller, this report and the data contained therein should be used to help you make pricing decisions as you place your home on the market.  For more information, and for a breakdown of new construction vs. resale, please contact me at 314.677.6560.  You can always visit my St. Louis Luxury Homes Website.

The luxury home market in St. Louis, MO, is defined as homes priced about $800,000.  Currently in St. Louis County we have 349 homes for sale in this category.  Approximately 35 homes are in escrow awaiting closing.  In recent months, we have averaged about 23 closings per month.

My current St. Louis Luxury Home Market Overview is available to view.

For more information about the home pictured here, please see 7HolidayLane.com.  This custom built ranch is located in Frontenac, MO and boasts over 7000 square feet of living space, 5 bedrooms, 7 bathrooms.  The home is three years old.

To search for Luxury Homes in St. Louis, visit my website.