The real estate listings of major cities, like New York (NY), are flooded with the term Pied-à-Terre. It is certainly a fancy word that attracts the most buyers, but many fail to understand what Pied-à-Terre actually is. This article will help you understand the meaning of Pied-à-Terre, specifically, in New York’s real estate and why you should consider it?
Literal Meaning of Pied-à-Terre- It is a French word that means “foot on the ground.”
What is Pied-à-Terre In New York?
In real estate, the term Pied-à-Terre refers to an apartment that is the owner’s second home, which he uses temporarily. It is not a vocational home but a home in a city where the owner spends his time frequently. A professor at NYU Wagner, Martha Stark, analyzed the data on the city’s Pied-à-Terre. According to her analysis, the Pied-à-Terre is a property that is not owned in an individual’s name. New York is a famous city where the wealthy park the money; however, Pied-à-Terre is not just for the wealthy class. It is a popular purchase for empty-nester buyers, international buyers, and buyers who work in the city for a few days or weeks.
Why should you consider a Pied-à-Terre in New York City?
There are many reasons to buy a Pied-à-Terre in a city like New York. It serves purposes ranging from leisure to business. Some buyers have a family or a college-going child in the premier city, so they can buy a Pied-à-Terre for their convenient stay, close to their family or child. International buyers often look for a comfortable place where they can stay, relax, and work when they visit the city again and again. Thus, a Pied-à-Terre saves their money and time, which they spend to find comfortable places in the city.
Additionally, as an inhabitant of a city like New York, the preferable thing is “Location”. Many people just buy the Pied-à-Terre to cut down the long distance between their workplace and primary home. Then there are those buyers who love Weekend Theater, shopping, dining, and parties but avoid long-distance traveling at the end of the day. Although the luxurious Pied-à-Terre sounds costly, it does not cost you a tight seven-figure amount.
Furthermore, a Pied-à-Terre comes with many attractive amenities, like a building staff member who looks after your place in your absence, privacy, work-from-home space, fitness center, spa, lounges, relaxing city’s view, great location, pet allowances, rooftop clubs, and more.
Renting a Pied-à-Terre
It is not in everyone’s range to own a Pied-à-Terre; thus, renting a Pied-à-Terre is a good option for them. Even renting a Pied-à-Terre comes with different advantages; you do not need to worry about the down payment, maintenance expense, and other taxes. But not all the buildings in New York City allow short-term rentals. Your real estate agent can guide you better in this matter.
If it sounds good to you and you’re looking for a comfortable space with a luxurious environment, the Pied-à-Terre is something to consider while choosing a place.