Two faces of the housing market
You might be excused if, reading the paper today, you wondered what on earth is going on with the housing market.
On the one hand, there are owners of larger homes having a hard time downsizing because -- agents say -- it's a hard-hit part of the market. On the other hand, the Ritz-Carlton Residences just sold a nearly 12,000-square-foot penthouse condo -- a unit that was originally three separate penthouse condos -- for a record-setting $12.6 million.
Does the really, really high end have more going for it than the merely high end?
Before you start adding thousands of square feet to your home in hopes of attracting a buyer, remember that few have the financial heft of novelist Tom Clancy, who (The Daily Record reported in a keen scoop) is the buyer of the huge penthouse.
How big is 12,000 square feet? As big as five typical new U.S. houses.
But the prevailing trend is smaller, not bigger -- as you might expect during a prolonged downturn. Last year, the median new house was smaller than it was the year before, the first drop since 1995.