For many, the era of mega estates is over. Increasingly luxury homeowners are being drawn to “jewel box” homes. These are smaller homes decked out with upscale amenities and deluxe features. The number of new luxury homes of 3,000 square feet or less has jumped nearly 20 percent since 2013, according to data from the National Association of Home Builders. This has corresponded to a decrease in large, high-priced homes.
“Empty nesters want to downsize but they want luxury homes, not starter homes—luxury kitchens, marble survaces, all the latet and greatest,” Tim Costello, CEO of Builder Homesite, told the Wall Street Journal recently. Some homeowners don’t want the hassle of maintaining a large home so they opt for smaller ones. However, finding that home that fits jewel box profile isn’t always easy. Yet, increasingly builders are starting to experiment with them.