LA residents are buying vacation homes…in LA

Homeowners are buying second homes in the same city for recreational reasons: report

Jun.June 03, 2016 02:00 PM

Sick of your house in the Hills but too busy to fly long distances? With deep enough pockets, here’s an option: buy another property in the same city.

Instead of buying vacation homes in exotic, faraway lands, wealthy homeowners are now buying second homes in their hometowns as vacation properties, the Wall Street Journal reported.

Take Compass’ Andrew Rhoda and his husband, J. Ben Bourgeois, for instance. The couple owns a Spanish-style three-bedroom in the Hollywood Hills, but they also enjoy a DTLA loft with 17-foot ceilings in walking distance to restaurants and galleries.

“It’s a very different experience from the beach or the Hills,” Rhoda told the Journal. He and his husband use the loft once a week for date nights and when they have showings or work events in the neighborhood. They purchased the apartment for $395,000.

Buying property for the purpose of staycation isn’t unique to L.A. In New York, the Journal featured a couple living in Midtown who bought an apartment in TriBeCa as a weekend getaway. And in Miami, another couple opted for a bungalow on a nearby island rather than a beach town like Naples.

“If we go too far from home, we’re never going to go,” said Beatriz Barrios of South Miami.

Real-estate agents say the trend is largely a result of busy professionals whose work requires them to remain close. Not to mention, have a second is convenient for out-of-town guests and reducing time spent in traffic. It could also be a good investment. [WSJ]Cathaleen Chen

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