Fifteen years ago or so the trend in warm climates such as Texas, Arizone, North Carolina, Florida etc. was for new retirees (mostly Baby Boomers) to advertise their success in life by building huge 5 or 6-bedroom homes. This, of course, was a time of easy credit and real estate was booming.
These days, of course, everything is different. Keeping up with maintenance is very costly and the owners are that much older. Even more challenging is the fact that these large homes are proving to be very difficult to sell. Younger buyers aren’t interested in these mansions, opting instead for more modest homes. A recent survey revealed that more than half of would-be buyers are looking for homes priced $200,000 or less.
In Scottsdale, Arizona there are currently 349 homes valued at more than $3 million on the market with many being listed at discounts of up to 50 percent.