The Dual-Location Lifestyle

An apartment in Manhattan’s Financial District exudes metropolitan glamour. I Olive Woods House in the Catskills, by architect Alessandro Ronfini, offers its owners a rustic country getaway just two hours from New York City. T WAS, admittedly, a luxury problem: a condo in Tribeca that served as a primary residence for my husband, Doug, and me five days a week until—as if on cue—we would stampede in a crush of likeminded warriors out to weekend waterfront getaways on Long Island. Overnight stays on Sundays felt wildly indulgent. And yet even with those extra nights, our usage was rigidly compressed—so much so that it failed to compensate for the outlay, which left us feeling increasingly resentful of our second home. (Sorry, beloved beach house.)

And then 2020 came along, and the in-office dictum as we knew it flew out the window. No longer trapped in two-domicile imbalance, we were suddenly free to adjust the equation, spending equal time in

This stunning penthouse with interiors designed by RDAI at 87 Park in Miami set a record when it sold in 2020. each of our homes. We discovered newfound advantages (no need to pack! midweek beach guests! finally learning to compost!) while scuttling the downsides (rush-hour commutes, for starters). We began to appreciate both properties more, and in the process, we now get more of what we love out of life. Talk about wellness.

As it turns out, we aren’t alone. My husband and I are part of a surprising, if at times counterintuitive, shift in the market.

“More of my clients are now splitting their time evenly between multiple properties, moving away from the idea of having a pied-à-terre just in case, or a small country house for weekend getaways,” says Kirsten Jordan, a licensed associate real estate broker for Douglas Elliman in New York.

“It’s almost always a residence in the city paired with a home in Miami or just outside the city in Westchester, the Hudson Valley, or Connecticut,” Jordan says. “Some secondary markets are becoming full-time residential destinations, and some primary suburban markets are becoming attractive for a second or third residence.”

VALUE ADDED

The biggest surprise? “Contrary to what you might think, this new lifestyle trend is actually stimulating the luxury market in New York City, because more buyers are looking for bigger homes that accommodate the whole family and guests, and months-long stays. They’re upping the budget,” says Jordan. She understands the dynamic well, not only as a professional but also because she lives it: She recently purchased a home in Westchester to complement her family’s lifestyle on the Upper West Side.

Esther Haynes adopted a similar dual-location lifestyle when she and her husband purchased a rustic lake house in Athens, New York, to supplement their co-

We began to appreciate both properties more, and in the process, we now get more of what we love out of life. Talk about wellness.

The author’s A-frame house on Fire Island was built in 1965 but given a chic renovation.

op in West Harlem. The couple were looking for a base from which they could reconnect with nature. Initially, they spent extended weekends in Athens with their two kids, while listing their lake house on Airbnb to help cover the mortgage. But when COVID hit, they relocated to the lakefront residence for 18 months—and proximity to nature took on a deeper meaning.

“It’s been a great place for the kids to learn and love nature, and we started getting in touch on a different level,” Haynes explains. “We started to see patterns we hadn’t before.” They marveled at bird migrations, nesting, and the spawning of fish, and soon delighted in naming their resident groundhog and muskrats. They also loved paddleboarding and swimming (“every day at 6 p.m.!”), meeting new friends at the farmers market, and being close to Hudson and its restaurants.

THE BUSINESS CASE

The dual-location lifestyle was gaining popularity before the pandemic, but prior to 2020 the trend was driven primarily by tax advantages, according to Jordan. “It’s now the biggest shift in the luxury market because of hybrid work and more flexibility overall in the workplace,” she says. Equally appealing to buyers, she adds, is the fact that owning two homes in two places allows them to capitalize on multiple growth markets.

Tech entrepreneur Christopher Lockhart and his partner Babak split their primary residences between Florida (St. Petersburg and Miami) and New York (NYC and the Hamptons). For them, living in multiple primary residences works well from both a business and a lifestyle perspective. The setup allows their employees to work remotely as well, an arrangement they appreciate. “[My partner and I] both have companies in

the tech sector,” Lockhart explains, noting that it’s a field where remote working has long been ingrained. “Having an agile approach with our teams has enabled us to be effective across various timelines and in some cases increase our footprint. I’m finding that when everyone enjoys their work environment, they intentionally and unintentionally work longer and harder.”

Being able to cherry-pick weather patterns is also a plus. “Juggling work and the weather plays an important role in where we are at any given time,” Lockhart says. “We are in constant pursuit of a healthy, good worklife ratio. Sometimes I feel we’ve become fair-weather friends in the most literal sense.”

In Lockhart’s experience, the outlays for two homes in two locales justify themselves over time, “depending on where your second dwelling is. We buy and sell based on investment,” he says. “Our focus is to always weigh the economic pros and cons before making a decision.”

“The best part is how much fun I’m having learning about my inner city mouse vs. country mouse.”

—Christopher Lockhart, tech entrepreneur

Designed by Douglas VanderHorn Architects, this grand property in Greenwich, Connecticut, lets the owners feel as if they’ve jetted off to a manor house in Normandy.

PRACTICAL MATTERS

Other general financial advantages to owning two homes can include renting out the properties during peak periods (Fire Island waterfronts can safely net $20K during select weeks) or, if you choose not to rent them out, certain tax breaks, such as being able to deduct a portion of your property taxes and interest on your mortgage payments. (Editor’s note: Talk with your real estate agent and consult your accountant or a tax expert when you’re considering buying a second home to ensure that you understand the full picture, including how your taxes may be impacted if you eventually decide to sell one of your homes.)

As with any change in living arrangements, there are bound to be challenges as one settles into a new routine, from integrating into a new community to finding a good property manager. Fortunately, the rise in smart home technology makes the latter less of a concern for some homeowners.

“Our homes are all smart-enabled, which allows us greater peace of mind from leaks and uninvited guests, along with cheaper utilities,” Lockhart says. “Our home actually calls us if the thermostat drops below, or goes above, a certain temperature, and our cameras are equipped with AI to identify a person and or any species on the property.”

Esther Haynes’s family lake house, too, is equipped with smart technology. However, she believes analogera advice is still well worth remembering: “Get to know your neighbors,” she advises. Not only is there a safety factor in being friendly, but getting to know those around you is often an excellent way to pick up recommendations for everything from the best scenic hiking and biking trails to great eateries only locals know about.

Beyond that, many homeowners are delighted by the unexpected upsides they discover when they settle into life in two places. Christopher Lockhart, for example, says the best part is “how much fun I’m having learning about my inner city mouse vs. country mouse.”

A retreat in the Rocky Mountains makes an ideal haven for a ski getaway, though it’s equally appealing in every season.