Vacation homes have typically
been cottages, condos or cabins near beaches, mountains and other resort locales
that fit the traditional definition of where a "vacation" should be. However,
there has been a growing trend of people buying second homes in cities, mainly
because many major urban centers are undergoing a "gentrification" process that
is bringing property buyers downtown.
The pied-à-terre
usually denotes a small apartment where you
can stay while visiting a city for business or pleasure. "We’re definitely
seeing growth in this market of buyers interested in second homes around
Manhattan," says Scott Kinder, a Realtor with MLBKaye International Realty in
New York. "For whatever reason, they want to keep a home in the city while their
primary residence is elsewhere."
 Illustration by Michael Austin. (Click image to enlarge)
The latest Census Bureau statistics show that the number of
second homes in Manhattan jumped 52 percent between 2000 and 2002, and an even
bigger jump is expected in fu-ture studies. "We’re seeing a big trend here;
people seem to be going back to cities," says Paul Bishop, manager of real
estate research for the National Association of Realtors.
It is a trend that is also being noticed in other areas. "I’ve
seen the number of clients looking for a second home in the city double
compared to last year," says Andrew Roth of Andrew Roth Real Estate in San
Francisco. "It’s a real mix of people—some are regular visitors because of
business or family and they want to put down some roots, others are
empty-nesters who are choosing a city environment over the beach or desert."
Roth points to one of his recent clients, a Dallas
physician. "He and his wife bought a vacation home in Mendocino, about a
three-hour drive from San Francisco. They love it there, but they also wanted to
have a place in the city so they didn’t have to face a long drive after a
long flight from Texas, and they could enjoy a nice restaurant or go to the
theater."
"Buyers are looking at the lifestyle and convenience factor,"
says Bishop. "I know of one family whose primary home is a couple of hours
outside Washington, D.C., where the husband works. They purchased a condo in
D.C. that he can use during the week or where they can stay on the weekend."
Easier communication and travel are also playing a role. "You
can stay connected to your office and work anywhere nowadays, and the fact that
big cities generally have good airline service makes them attractive," says
Bishop. "I would much rather jump on a plane to my destination than face a long
drive."
Overall, it may be a trend that will continue to rise. "Lots of people
move from the city to the suburbs to start a family," says Bishop. "When their
children move out, they may feel a pull to move back, which could make
cities the new vacation destination."
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