Cathedral Ceilings -- Housing Hummers?

For the last 30 or so years, cathedral ceilings have been a signature element in many second homes — from modest vacation chalets to Chapin McMansions. In the past few months, I've been out with a number of buyers who see these vaulted, voluminous spaces as more a liability than an asset. Basically their comments come down to, "Wow, that's a lot of useless space to heat." Certainly this reaction to cathedral ceilings is a function of rising energy costs, but also seems to reflect a new attention to the overall, ongoing costs of running a home — from taxes to utilities to maintenance. And all things being equal, smaller is cheaper.

Comments

[JM]

Yes DK, the return of consumer psychology of hoarding money, spending within limits, "bunker down mentality" is what economists have been speaking about in a vicous deflationary cycle already underway at full force. Since this downwards cycle is here, it will take years to get out of this. Bottom in the housing market, as many optimists think is going to be this year or next, are not realists. This is going to take many years to reach bottom. Keep in mind that the bottom in the housing market is delayed by 2-4 years after a recession has passed. Sellers will fight a losing battle for years to come.

Please read www.RGEmonitor.com for more info from NYU's economists.

[JM]

Perhaps 35 more years of New Hope on Casino Fever:

http://www.recordonline.com/apps/pbcs.dll/article?AID=/20080207/NEWS/802070313

[Tom Fry's Ghost]

re: cathedral ceilings

I commented on this this past year. They're especially wonderful with skylights that after four or five years begin to leak.

Once again it's CAVEAT EMPTOR.

[Tom Fry's Ghost]

jm

you are pissing into the wind.

p.s.

i agree with you.
"what's the sound of 'denial' in a vacuum?"

[David Knudsen]

JM, I don't think you can chalk up the desire for smaller, more efficient houses solely to a recessionary, bunker down mentality. There is some of that, to be sure. But younger home buyers I see tend to be much more environmentally conscious and aware. Even before all the doom and gloom "R-word" economic news of the last 3 to 6 months, they've been gravitating towards smaller houses. Just look at the success of Chuck Petersheim with his Cottage Series.

[CP]

DK- thanks for the plug. Truth of the matter is, like you said, the trend towards smaller is better started during the boom, not with the end of the boom. Even when things were very vibrant, there was a true demand for sensible spaces - and nobody was supplying them.

The reason nobody was supplying them is because it's easier to make money building a bigger house - more room for mistakes, less margins.

But as you have said many times, a tried and true price point for sullivan county is $300k, and these buyers want the same attention to detail as the larger homes offer - so they are very willing to sacrifice size for detail and price. And 1300 sq ft really isn't that small.