Hong Kong came in third, and Singapore was fourth.
New York comes in second with 17,4000 multimillionaires owning second homes in the city. According to a 2014 study from New World Wealth, London is the top spot for pied-à-terres among millionaires, with 22,300 owning a second home in London. Not surprisingly, most pied-à-terres are found in large cities.
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“So a pied-à-terre closer to the office helps them avoid that.” How to buy a pied-a-terre “Their primary home may be just 20 minutes away without traffic, but with traffic they would sit for hours a day,” she explains. Yvonne Arias, owner and broker of The Property Lab in traffic-clogged Los Angeles, says she even sees people buy pied-à-terres to avoid a long commute. Pied-à-terres are also popular among parents of college students who want to visit, and retirees who like occasional jaunts to the city without a long slog home. “They offer the same benefits as a vacation home-a place to get away to, often a small apartment, which gives you the ability to spend time in a favorite area,” says Rebecca Knaster, an associate real estate broker at William Raveis New York City. They aren’t just for business travelers either. “If you’re spending at least one week in a hotel every month over 10 years, a pied-à-terre is usually the cheaper option,” Epstein continues. Pied-à-terres not only allow their owners to travel light, but they may end up costing less in the long run as well. Since there’s space to keep your clothes and often a kitchen, you can jump on a plane with just a briefcase and not worry about packing a bag or having to choose between eating out or ordering in (which can boost your travel bill fast).
“So a person who comes to Los Angeles to do business doesn’t have to pack a bag,” says Jill Epstein, a Realtor® with Beverly Hills–based luxury real estate firm Nourmand & Associates.
Typically smaller than a vacation home, a pied-à-terre is often seen as a more comfortable alternative to a hotel room. Basically anyone who visits a destination regularly should weigh whether a mini second home might be right for them. Typically associated with the affluent, a pied-à-terre can make financial sense for all types of people, from business travelers to retirees. Pronounced “pee-AY-dah-TARE,” it’s a second (or third or fourth) home that’s not as large as one’s primary residence, used on an occasional basis and requiring minimal upkeep.Ī French term, pied-à-terre translates to “foot on the ground.” So while your home base may be elsewhere, you still have a foothold in this other place. Every so often you may hear someone (no doubt someone sophisticated) mention their pied-à-terre.
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