"PS Your opinion that houses will downsize pegs your demographics. In my circles the people under 35 all 'need' 3500 sf"
I would consider myself to be rather affluent and under 35. I don't ahve a singel friend my age who has or wants a house over 3500sq ft. Most of these upper middle class people are around 30-40 and are looking a 1000sq ft. condos and would rather be rent than live in the suburbs.
but then again, i live in San Frnacisco and the average 1000 Sq ft condo is $850,000 and the average 3500 sq ft home is about $4million.
but speaking on principle, most of my peers think the generation before us has overdone it....built too much waste, had too much greed and we are paying for it.