In 2005, Ahmad Hamadanian and his wife, Mitra, bought a new 5,600-square-foot home in Stone Canyon Preserve, a luxury development in Claremont, Calif. They paid more than $1 million for the stucco mansion with five bedrooms and 5½ baths. In a few years, they figured, they could sell the house and make a bundle of cash in the rising real estate market.
"We thought it would be all right," Ahmad said.
Derisively nicknamed "McMansions," these mass-produced luxury homes fueled the real estate...Full Story