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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]In my searches in Arlington, there is often not that much of a price difference between well maintained, older 3-4 bedroom houses with 2500 sq ft (often around $1.5-$1.7 million) and relatively new McMansions with 5-6 bedrooms with 4000-5000 sq ft (often around $1.8-$2.0 million). So it can make lots of sense to just go for the bigger house, even if you don't really need the extra space.[/quote]

Something doesn't add up.  Usually new construction home are 2x the price of older homes in the same area, I think you are underestimating just how much new construction homes cost these days, and based on prices for older homes your area must be expensive.  I would think new construction huge homes would cost about 3 mil these days, big difference.  [/quote]

I'm not sure why you think I'm making this stuff up. Older 2500 sq foot homes:
https://www.redfin.com/VA/Arlington/4323-24th-St-N-22207/home/11232394
https://www.redfin.com/VA/Arlington/5729-19th-St-N-22205/home/11238721

Newer, 4000+ square foot homes costing the same or slightly more:
https://www.redfin.com/VA/Arlington/5231-19th-St-N-22207/home/11236727
https://www.redfin.com/VA/Arlington/6412-27th-St-N-22207/home/11225553
https://www.redfin.com/VA/Arlington/2300-N-Kentucky-St-22205/home/11237932
https://www.redfin.com/VA/Arlington/2260-N-Upton-St-22207/home/22674827
https://www.redfin.com/VA/Arlington/2264-N-Upton-St-22207/home/11232645
[/quote]

Why would people pay so much money for older homes if new bigger homes are not that much more?  And how do builders make money if older homes are selling just for a few hundred grand more?   Something isn't the same here, I am guessing the old homes in the area with the new builds were much cheaper and smaller (think 1200 sq.ft ramber/cape cod on a postage stamp lot) for the builders to turn enough profit selling new construction for these prices.  Maybe older homes are in better neighborhoods with bigger more scenic lots (at least one of them seems this way, it has nice private lot and views).  I don't know anything about these areas in particular to comment.  Even 5 min drive away there could be a different neighborhood vibe, different price points for older tear down, older remodeled, and new homes.  Buying a brand new larger home with all modern luxury finishes in the exact same area with the same type of lot as the older renovated home with who knows what quality work sort of sounds like a miracle. [/quote]

This was the point behind my original comment. People are criticizing folks for buying huge houses, but in many cases, it is actually the rational thing to do. The reason I can rattle off these examples is because this is the predicament I am finding myself in. I'd love a nice, older 2000-2500 sq ft home that has a few good sized bathrooms, decent closet space, and nicely proportioned rooms -- but every single time one of those rare gems has come onto the market, it has been bid up to $1.5 to $1.7. It seems like too many people are looking for the same thing as me. So I am probably going to end up buying a 4000 sq foot McMansion that costs about the same price, even though we really don't need or want that much space. [/quote]

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