Will unwanted McMansions lead to blighted communities?
After a wonderful vacation in Canada (which never got as crazy with bad loans as the U.S. did), I’m back at the computer. Time magazine has an interesting article about reinventing the McMansion. Apparently many of these huge houses have fallen out of favor in this economic climate and rather than let them become bloated blighted structures, some jurisdictions are allowing them to be converted into group homes, film studios, and greenhouses, among other things. Of course, this would require a significant change in local zoning laws. One of the concerns voiced by a real estate professor in the article is about blight in the suburbs if these houses lose their appeal. You can find the article at http://www.time.com/time/magazine/article/0,9171,1924506,00.html
Glad you had a great vacation. VP does not really have “McMansions” though there are some “upper end” homes on the south side. Has this been a problem in Hinsdale? We are starting to slowly see some houses get picked up, mostly “starter” type homes. The problem has been owners turning these into rental properties. Nothing beats a live in owner.
Have a good one.
Definitely one of the better posts I’ve read in a while. Thanks!