Americanâ€™s appetite for big homes and over-sized furniture appears to be shrinking.
New-home buyers began asking builder KB Home for smaller floor plans right after the collapse in subprime lending last year, says CEO Jeffrey Mezger.
The demand for a huge, high-ceilinged great room is giving way to the desire for special-purpose rooms, including media rooms and home offices, says a spokesman for luxury specialist Pulte Homes.
In three of its four new sofa collections, Younger Furniture is offering “apartment size” sofas, which are about 10 inches shorter than full-sized ones. Citing a trend toward smaller homes, Rowe Fine Furniture says it expects its Mini Mod line will account for a quarter of its collection this fall.
“They’re finally getting it,” says Jodi FitzGerald, owner of Door Store Furniture, an 11-store retail chain in metropolitan New York that specializes in small-scale furniture. She estimates the number of smaller offerings has grown by about a third over the past year.
Source: The Wall Street Journal, Nancy Keates (03/21/2008)
Reprinted fromÂ REALTORÂ® Magazine OnlineÂ April 15, 2008Â with permission of the NATIONAL ASSOCIATION OF REALTORSÂ®. Copyright 2008. All rights reserved.
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