You are right on! We moved from a 5000 sq ft home with basement and extra large 2 car garage. We now live in a 1500 sq ft villa with one and and a half car garage. We have all the space we need. In fact we still have room for more. Just don't bring all that stuff you have never really needed, didn't remember you had and will probably never need again. Stuff just weighs you down and complicates your life. If you must have it again, buy it again. Chances are you can borrow it or rent it or do without.

my resale villa had shelving in both closets up to the ceiling. I'm able to store all my college age son's stuff in one bedroom closet. Don't even have the top shelves filled in the master.