Tuesday, February 10, 2009

Second House First in Domino

Amy Barrett wrote a piece on how urban city dwellers were opting to purchase their summer or weekend homes before purchasing their city pads, if purchasing a city pad at all. Back in 2005 when the housing market was still soaring, this made a ton of sense. Living in a different economy today, this mentality still applies today.

Sophie Munro

Most of urban folks are renting, it's just based on what is available in what areas. I know my apartment of eight years on a highly coveted street in West Hollywood but 75% of the residents are long term renters. My landlord occupied our duplex close to forty years ago and held onto it when she moved out to the Valley to buy something bigger for her growing family.

Sophie Munro
Good points the article touched on were trading convenience for space, accessibility to transportation for your own driveway, etc. The couple profiled were Manhattanites who purchased an upstate crafts-style home on five and a half acres for far less than what they would have paid for a glorified closet in their current neighborhood. They kept their rental and spend Monday through Thursday in the city and head upstate for a day of telecommuting on Friday and the weekend in the country. They enjoy quiet weekends, antiquing and shopping to outfit their latest digs.

Suburbanites cannot understand this train of thought, but us folks born and raised in busy cities just can't stand the idea of not being able to walk two blocks to buy a coffee.

I find myself thinking this may make better sense for me as well. I love my apartment and obviously living there for eight years has made me somewhat attached to it. Marrying last year and now in my early thirties, I am thinking about starting a family one of these days but our current place is not big enough. If I were to buy in our neighborhood, I would wind up with something Spanish (yuk!), small, and probably needing work for close to a million bucks. My tastes are mid-century, post and beam and I'd even take modern-contemporary but moving to Beachwood Canyon takes me out of the convenient local of our current pad. Maybe just buy a great house with a yard and pool in Palm Springs and spend the weekends there all the while saving a few hundred thousand? My plan makes perfect sense, and the article is there to back me up. Now I just need to convince hubby

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