Tell me what you think of a pied-à-terre

[Anonymous]

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

You must love NYC to be there so much and also have flexibility and $$$

[Anonymous]

My parents have a pied-à-terre that they've had since 2000. They used to live an hour's drive away, now a very short (40 min?) flight. They loved it for going to museums, plays, and operas, or hosting the occasional visiting relative. They had it fully stocked with their clothes so they never had to pack (not even a toothbrush). When the pandemic hit, my brother moved in for a year and did a bunch of renovation work while he was there. It's worked really well for our family.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It only makes financial sense if the total cost of ownership is less than the total cost of an acceptable hotel in the same area for the same number of days use. The math doesn't work for most people unless you expect to spend a lot of time in the specific place you're considering, year in and year out.

Not true. Having your own place has its value AND its monetary value also appreciates with time. Money going to hotels is going down the drain.

If money is an issues don't get a second place. This is for people with extra disposable income they won't miss and those who don't mind burying 100s of thousands into an asset that may not appreciate much after all is said and done.

The difference in cost is staggering. How many luxury hotel stays do you think you need to accumulate to amount to 500k-1 mil + 2K of monthly tax/fees you will never get back? You either live there part time and consider it your home, or it's not worth it. Even if you spend a month there it's not worth it.

[Anonymous]

Anonymous wrote:My parents have a pied-à-terre that they've had since 2000. They used to live an hour's drive away, now a very short (40 min?) flight. They loved it for going to museums, plays, and operas, or hosting the occasional visiting relative. They had it fully stocked with their clothes so they never had to pack (not even a toothbrush). When the pandemic hit, my brother moved in for a year and did a bunch of renovation work while he was there. It's worked really well for our family.

Where is the pied-a-terre?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My parents have a pied-à-terre that they've had since 2000. They used to live an hour's drive away, now a very short (40 min?) flight. They loved it for going to museums, plays, and operas, or hosting the occasional visiting relative. They had it fully stocked with their clothes so they never had to pack (not even a toothbrush). When the pandemic hit, my brother moved in for a year and did a bunch of renovation work while he was there. It's worked really well for our family.

Where is the pied-a-terre?

San Francisco.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

Own or rent?

Rent first and see if it works for you. You can rent a furnished place for a year and see how much you use it and if you enjoy the lifestyle enough to invest more. It's very expensive to own an apartment in any city (obviously you'd be buying in a nice convenient neighborhood, which is $$$).

[Anonymous]

Anonymous wrote:Highly recommend. My wife loves it. We save a ton of money/time without booking hotels/having to pack bags. Plus, my girlfriend loves it because she has a place to stay even when I am not in town.

I see what you did there, stud.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It only makes financial sense if the total cost of ownership is less than the total cost of an acceptable hotel in the same area for the same number of days use. The math doesn't work for most people unless you expect to spend a lot of time in the specific place you're considering, year in and year out.

Not true. You left out the convenience factor. Who wants to make reservations, check in, check out, and pack every time?

And on the flip side, who wants to deal with maintenance and furnishing?

There’s very little maintenance involved in a small condo that you don’t live in all the time. You’re just being contrarian.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We had one in Logan when we lived in the ‘burbs. It was cool. Eventually we sold our place in the ‘burbs and move into DC permanently. The ‘burbs are hell if you don’t have kids.

Say ‘burbs again and then you will officially sound cool.

Ok. ‘Burbs.

[Anonymous]

My parents had one in NYC and then bought a neighbor's larger apartment and switched to living in NYC full time. I hope to have a pied-a-terre in NYC at some point. The coop fees are high though (I prefer coops in NYC to condos).

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

You must love NYC to be there so much and also have flexibility and $$$

Money, flexibility, and careers that regularly send us to New York.

[Anonymous]

Anonymous wrote:

Anonymous wrote:College kids can stay for college, internships or jobs in DC.

Don’t do this. I hated this when I was dating. There are few things less appealing than a young man living in a condo daddy bought for him that they are all pretending is an investment or a pied a terre. If you have a girl it’s probably less damaging but it’s still bad.

That is a really weird thing to dislike.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:College kids can stay for college, internships or jobs in DC.

Don’t do this. I hated this when I was dating. There are few things less appealing than a young man living in a condo daddy bought for him that they are all pretending is an investment or a pied a terre. If you have a girl it’s probably less damaging but it’s still bad.

That is a really weird thing to dislike.

Moral superiority illusion is often rooted in inferiority complex and jealousy. Wealthy, even UMC families tend to buy investment properties to avoid family members draining $$$ in rent. Probably, it seems daunting to people who aren't used to it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

You must love NYC to be there so much and also have flexibility and $$$

Not PP, but NYC is one of the most exciting cities in the world. I’d love to have a pied a terre there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have one in NYC. I’m there now. It’s great to be able to jump on the Acela and go without having to worry about carrying a bag. The kids (college-aged) love it for spring break and the summer. DH and I are here at least one week per month.

You must love NYC to be there so much and also have flexibility and $$$

Not PP, but NYC is one of the most exciting cities in the world. I’d love to have a pied a terre there.

Well, if you are within in couple of hour drive, having a pied a terre is practical, if its a longer drive or flight then it becomes useless if you have health issues, gain a disability or start aging.