McMansions Aren’t Totally Out of Style

by Mark Wellborn

A home built by Niroo Masterpieces.

Despite signs pointing to the contrary, at least one area home builder believes that newly constructed mega mansions are not completely a thing of the past.

CNBC reported this morning that a 32,000 square-foot mansion is being built “on spec” in Potomac, MD. The homebuilder is Niroo Masterpieces, a Potomac-based firm that has constructed a number of oversized spec homes in the past several years, seven of which have sold.

Here is what Niroo Masterpiece’s David Niroo told CNBC on why he is still bullish on this market:

“People are realizing the value of Washington,” notes Niroo. “If you take this house, it’s 32,000 square feet, and you drop it in Aspen or you drop it in Jersey, it’s at least double the price. So they can see the value and they can see the growth in this town.”

Still, there are number of indicators that don’t bode that well for Niroo’s outlook. For one, home builder confidence dropped unexpectedly in January. For another, as we have reported, new and future generations of home buyers are eschewing large homes in favor of smaller properties that are well-located. And lastly, as the CNBC article notes, there are a number of McMansions out in Potomac that have sat on the market for awhile and even with price reductions, are not getting any offers.

Niroo plans to list his latest mansion for $6 million when it hits the market. We will try and follow how successful he is in selling it.

See other articles related to: potomac, mcmansions, cnbc

This article originally published at http://dc.urbanturf.com/articles/blog/mcmansions_arent_totally_out_of_style/2864


  1. janson said at 5:41 pm on Tuesday January 18, 2011:

    32,0000 at six million is about $187.50/sqft which is, if you have the cash, super cheap, like buying an old kmart building and seems much lower than anything else on the market in that size. On the other hand, if that 32,000 sqft includes the garage or the patio, forget about it.

  1. j said at 2:01 am on Wednesday January 19, 2011:

    But they totally lack any character or history…and who wants to live in Potomac and commute for hours a day into civilization!  I’d rather have a 6,000,000 historic Dupont house at 5000 sq footer than that monstrosity any day.

  1. lucy said at 10:18 am on Wednesday January 19, 2011:

    @j-I completely agree with you!

  1. John said at 11:16 am on Wednesday January 19, 2011:

    Yeah. I’d rather have an old historic house with a pool in the palisades than this thing out in potomac. 6 million buys you a lot of house even in DC proper.  This house in one of DC’s richist neighborhoods on an acre with pool and tennis court.  http://www.redfin.com/DC/Washington/2930-Foxhall-Rd-NW-20016/home/9941581
    Sure the home needs some updates but its only 4.2 mil.  This doesn’t mean that they won’t find a buyer for their mcmansion. Money doesn’t buy you class after all.

  1. Tom A. said at 12:33 pm on Wednesday January 19, 2011:

    Isn’t there a difference between a Mcmansion and a spec home mega mansion?  I think a lot of us tend to call McMansions those 700-900k mass-produced homes on top of each other that aren’t really mansions at all.

  1. jj said at 3:27 am on Thursday January 20, 2011:

    @john..lol…you’re either the agent or the owner, good luck with that sale, looks nice.

  1. John said at 10:24 am on Thursday January 20, 2011:

    JJ- Sadly I am neither. I suspect if I was the owner I would not be reading Urban Turf at work.  Prob be off to the islands for the winter.

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