To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

With the real estate market active again, it seems more people are now looking to make New York City their second home.

"With prices down, with interest rates historically low, there’s a whole new pool of buyers that have the opportunity to buy a pied-a-terre," says Jennifer Breu of Heddings Property Group.

"Pied-a-terre" means "foot on the ground" in French, and it seems more people now want to have a foot here in New York, whether it be those from the suburbs, out of state, or even those from overseas.

Breu says she has a number of clients looking for a pied-a-terre right now. She says they visit the city so often that they find it makes more financial sense just to buy something.

"So if you're looking at the cost of spending money on a rental, or a hotel room, where there’s no tax benefits, in the long term, the interest on your mortgage is tax-deductible," says Breu. "In addition, if you are purchasing in a co-op, there’s a certain percentage of your maintenance that's also tax-deductible."

A buyer needs to know that every building has specific rules and regulations about a pied-a-terre, especially co-ops.

"You have to find out if the building actually allows pied-a-terres, they either do or they don’t, and sometimes is a case-by-case basis," says Breu. "But generally speaking, the board and the building are trying to protect the other shareholders. If there's an apartment that is vacant most of the time, there is the opportunity for the owner to have people coming and going all the time and have people stay there, and the board is looking to protect the community of the co-op."

It may be best to invest in a condo. The buyer can do what he or she wants with the apartment and may even gain some income from it.

"If you have subletting rules that allow it -- if you are going to be out of the apartment for an extended period of time and you need to pay the maintenance and the upkeep -- you can bring in a renter to offset those costs," says Breu.

Potentials buyers of a pied-a-terre may want to consider a building with a live-in super or a doorman. This way, when the owner is not there, someone could have access to the apartment if there is a problem. It is also good for security reasons.

To help understand one's needs and navigate all the restrictions, it's recommended to work with a knowledgeable broker who can help streamline the process and help get a buyer's foot in the door for a pied-a-terre.