Real Estate

When Your Second Home Is the First One You Buy

Though the price of shopping for in a rural space could be considerably decrease than within the metropolis, the pandemic shopping for spree has meant competitors has been fierce. Final yr, first-time consumers Anna Lewkowska and Alex McKean purchased a second residence in Yucca Valley, Calif., close to Joshua Tree Nationwide Park. They put in presents on three totally different homes earlier than touchdown the profitable bid on a two-bedroom, one- and-a-half toilet home with about 2,000 sq. ft and panoramic views. They paid $517,000 — greater than $120,000 over the checklist value.

That’s nonetheless a fraction of what it could have price them to personal a house in Santa Monica, the place the median value right this moment is $1.9 million, in keeping with Ms. Lewkowska, 31, who owns a expertise administration enterprise, and Mr. McKean, 32, who works in product administration for a pipe manufacturing firm, stated they love the place they dwell close to the seaside in Santa Monica, however they knew homeownership was not inexpensive there. “We all know that actual property is a good funding,” stated Ms. Lewkowska. “However right here in Los Angeles, it’s extraordinarily costly.”

They’ve spent the previous yr going backwards and forwards between the 2 locations whereas renovating the Yucca Valley property, doing a few of the work themselves. They’ve dubbed the home the Mandarin Escape and describe the design type as “trendy retro” with gold fixtures and a sundown, ‘70s colour theme. The plan is to lease it out on Airbnb, beginning later this spring. Ms. Lewkowska stated they suppose they will cost between $250 and $1,000 an evening, relying on the season. “It was the fundamental economics of it, for us,” Mr. McKean stated.

Different first-timers are shopping for second properties now with the concept of transferring into them afterward. Jackie Puerta, a 48-year-old ultrasound technician who lives in North Bergen, N.J., stated she turned enamored with Miami within the ’80s watching “Miami Vice,” the TV present. Earlier this yr, she purchased a Sixteenth-floor condominium in Miami’s Edgewater neighborhood for $310,000. She spent the primary few weeks staying on the condominium on an air mattress. “Simply to get up to that view, it was all price it,” she stated.

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