It’s no secret that luxury real estate is booming in the suburbs. Many families have chosen to relocate from the city in search of more space, but not everyone is ready to cut their ties to the city just yet.
Pied-a-terres, or smaller living units, may soon be benefitting from a variety of factors that could lure savvy buyers back to the city. Here are just a few reasons to believe it’s poised for a turnaround.
Maintain a City Presence
Although plenty of homeowners have left the city, they still want a base in the urban center that they can return to when needed. Having a bedroom or two in the city provides a comfortable place to stay overnight for those who have to head into the office for a day or perhaps access one of the city’s many amenities. They may no longer need a primary residence downtown, but a pied-a-terre provides flexibility.
A Place of Your Own
In the past, those who frequently visit the city, for work or otherwise, might have opted to stay at a hotel or temporary rental unit. These days, though, it’s far more appealing to purchase a small second home if you can afford to do so.
In many cities across the country, inventory is at a high while buyers are few and far between. For those who have the means to make a timely investment, this presents a rare buying opportunity that hasn’t been seen in years. With all the activity taking place in the suburban market, there are plenty of good buys to be found in various metro areas.
Undeniably, many recent changes will be permanent, such as working remotely and how we value our homes. The way this current crisis has impacted cities, however, is likely temporary, as our cities will once again boast all of the amenities and advantages that previously attracted so many people.