>Between global warming and running out of oil & gas, people with big houses are going to eventually get squeezed.<
Moreover, at the risk of sounding like a broken record, I expect colossal houses to go out of fashion. I’m not sure when this will occur, but I’m very sure that it will occur in due course.
Fashion is, IMO, a much, much more consequential factor in the housing market than almost anyone is willing to acknowledge.
We had to remodel our apartment in HK to the tune of $100,000 USD for the very reason you mentioned, efficient space use. We carved a study off excess space in the bedroom as my second child took my study. Apts in HK generally do not have closets so we had to build in wardrobes, etc. If we had only taken care of the space issue, it probably would have only cost $10-15,000. But we also had to re-do 30 year old pipes as well as our balcony and floors. I think a lot of space use is local contracting.
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