Homeowners often reach a point when a large, luxurious property no longer fits their lifestyle. Maybe their children have moved out, or retirement calls for less maintenance. Others need less space because they no longer entertain as often. All are reasons to downsize to a smaller, more manageable property, says Stafford Manion, third-generation owner of Gladys Manion Real Estate in Clayton.
“People’s priorities change as years pass,” says Manion, a licensed senior residential specialist. “The general market is clearly indicating that buyers want smaller, more efficient and energy-conscious homes. The population is aging, but it’s also healthier than before, so many people are downsizing into houses with workout rooms and other healthy lifestyle features.” Manion says buyers also want more automated conveniences, spacious bathrooms and closets, large mudrooms and utility areas, and homes where the kitchen and family room are open and connected.
“Other benefits of downsizing are less maintenance and the ability to travel without worrying about your house,” Manion says. “Especially in an older luxury home, things tend to break down. If you own a condo or smaller new home, you can just shut the door and leave town without stressing about pool maintenance, old pipes freezing or finding someone to take care of everything.” He says St. Louis downsizers often want to stay in the area, and many gravitate toward luxury condominiums in the Central West End and Clayton. “That’s where the action is,” he notes. “There’s high demand in those areas, and they draw buyers from all over.”
Manion says downsizers look for specific ‘features’ in a real estate agent, too. “Luxury homeowners’ first concerns are privacy and confidentiality,” he notes. “They don’t want an agent who comes off as predatory when he or she finds out they are selling an expensive home. When a client calls us, we work hard to make it a confidential, positive and professional experience.” Downsizing sometimes can take a year or two, so it’s important for the agent to be supportive over the long haul, Manion explains. “There are a lot of moving parts with valuable family possessions and other considerations,” he says. “It can be an emotional situation, so the agent has to know how to work well with everyone.”
Manion says his team slowly warms clients up to the idea of smaller spaces. “Educating them is a process,” he says. “Agents should be willing to do casual walk-throughs and see how the spaces feel without the pressure of a buying decision. Can the clients envision living in a property like this? Can they see their furniture and artwork fitting here? Which possessions will they need to part with?”
It’s easy to assume downsizers make the switch to save money, but that’s not usually the case, according to Manion. “Often there is not much price difference between the home being sold and the one being purchased,” he notes. “Many luxury condos are in the $1 million to $2 million range these days.” Whatever the client’s needs, Manion says his company is highly experienced in the market and ready to assist. “We have been helping downsizers for more than 30 years and have represented many original condo developments in downtown Clayton,” he notes. “We talk with our clients about how fortunate they’ve been to make great memories in a beautiful house, and help them understand how they can enjoy a lower-maintenance lifestyle in a smaller home.”
Gladys Manion Real Estate has been family-owned and operated since 1936, offering knowledgeable, professional assistance to home buyers and sellers. Pictured on the Special Section cover: Maryland Walk Condominiums in Clayton. For more information, call 314.721.4755 or visit gladysmanion.com.
Cover courtesy of Gladys Manion Real Estate
Cover photo by Brandon Monzyk of Square 1 Media Productions
Pictured above: Stafford Manion.
