Sunday, April 06, 2008

Never enough

Foreclosures come to McMansion country, by Andy Sullivan, Reuters via Yahoo! News.

Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.

The U.S. housing crisis has come to McMansion country.

Just as the foreclosure crisis has hollowed out poorer neighborhoods, "for sale" signs are sprouting in upscale developments so new they don't show up on GPS navigation screens.

Poor people weren't the only ones who took out risky, high-interest loans during the housing boom. The sharp increase in housing costs -- and the desire to live in brand-new, spacious houses with modern features -- led many affluent buyers to take out loans they couldn't afford.

"People had in their head, 'I need a mud room, I need giant columns, I need a media room, and I'm going to do anything to get it,"' said Robert Lang, co-director of Virginia Tech's Metropolitan Institute, a research organization that focuses on real estate and development . . .

A mud room? I cannot understand the entitlement of these people who could probably afford a comfortable house in a nice neighborhood, but instead go above and beyond their means to either build or buy a monstrosity they can't afford. In the words of Charlie Brown, good grief!



oakling said...

And: COLUMNS? I can kind of see a mud room. That's small, right? Whole point is to have a dirty footprinty room where people shed things before going on into the house, or do the messy part of craft projects, and maybe you do the laundry and store stuff in there? I'd go for that. But a media room?! Columns?! Jeee-aay-zus.

Bianca Reagan said...

I thought a mud room was a room for imported mud, like in a spa. Columns are regal, if you have room for them. On a half-acre plot? Not so much.