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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (13578)	9/9/2003 2:41:18 PM
From: Les H	Respond to of 306849

Elderly hit by low interest income, dividend yields charleston.net

To: Les H who wrote (13578)	9/11/2003 10:48:49 AM
From: Les H	Read Replies (4) \| Respond to of 306849

Whopper homes nynews.com Michael D'Alessio knows some people see golden arches over the homes he has developed. Houses that he has built on Arlington Road and Lake Shore Drive in Eastchester have been called "McMansions" by upset neighbors. "Of course we don't find anything wrong with it," he said. "The demand is for bigger houses regardless of whether the property is small or not." Though the trend seen in some towns toward large homes crowded on relatively small lots has spawned many a nasty zoning meeting, D'Alessio said home buyers want contemporary amenities such as large kitchens, master baths, family rooms and plenty of bedrooms, and they don't care so much about yards. A recent Time magazine story detailed the modern American desire for "great rooms" and media rooms, calling it a "lust for space." And that lust causes particular problems in rich communities, such as Scarsdale and Bronxville, that are built to their borders and are desirably close to the well-paying jobs in New York City. Many residents are horrified when they see older, smaller homes being torn down and replaced, or large additions built that can double the size of a house. In Eastchester, residents began taking notice when a home on Hillary Way was knocked down and three huge ones were built on the same land, said Supervisor Jim Cavanaugh. Robert Wals of Scarsdale said one older house in his neighborhood looks as if it is at the bottom of a gully, because two large houses were built on either side. "You look at it, and you see what's happening," he said. "The character of the neighborhood on Windmill Lane is changing drastically." But even towns such as Bedford and North Castle, which have more space and are farther from the city, are hearing complaints about out-of-scale housing. Growing concern during the past several years that McMansions were altering historic or wealthy neighborhoods has caused many municipalities to impose new zoning restrictions. The new homes on Hillary Way in Eastchester inspired the town to pass a law in November 2000 with tighter restrictions on bulk and height. Some communities also have added or broadened setback requirements. New restrictions have been passed in White Plains, Dobbs Ferry, Mamaroneck village and other towns. Ardsley and Larchmont are considering laws now. In Scarsdale the huge homes began popping up about 10 years ago, said village planner Elizabeth Marrinan. "It was happening all throughout the entire community," she said. Neighbors complained the new homes were out of place next to the classic Scarsdale homes built in the 1920s. "It had become more economic to expand your house than to sell it and buy in an expanding real estate market," said Jeffrey Watiker, president of the East Heathcote Neighborhood Association in Scarsdale. In March the village passed an ordinance limiting the bulk of homes through a floor-area ratio. FARs, which set a limit on the total usable square footage of a home in relation to the size of the property, are popular tools in the fight against McMansions. Likewise, Bronxville is considering a moratorium on some residential demolition, construction and additions out of concern about "out of character" homes. In Rockland, the affluent village of Montebello has begun thinking about ways to squelch the potential for McMansions. A new draft comprehensive plan recommends height and FAR restrictions to prevent their development. "The problem is the real estate market very much supports the monsters," Cavanaugh said. Builders and real estate agents are concerned that strict size limits will put a damper on a town's real estate values, he said. "I'd characterize the situation as sort of an uneasy truce between those who want to build the homes and those who don't want them," Cavanaugh said. Above article from the "Priced Out" special section on real estate nynews.com