Glad you posted. We are looking at downsizing in four years. We bought a 2 bedroom condo in Florida this spring and hopefully will use the family cottage we share in the summers (after selling our house). We don't have a huge cape but we do have a lot of stuff. And I do have the spare bedroom for all of my sewing stuff, craft stuff etc.
We didn't plan on moving so fast on Florida property but we found a real deal that we couldn't pass by. I had just bought a treadle from a friend too. That won't be going to Florida! My backup plan (just a pipe dream, really) would be to have a little RV in the driveway at the cottage just for sewing.
Lots to think about!