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Rich 2nd Home Priorities: Views, Area Reputation, Size Doesn’t Matter, WSJ

When the wealthy buy a primary residence, their top three priorities are fairly predictable.“Reputation of the area” is first, which translates to the“right address.” West Palm Beach, Fla.? Wrong address. Palm Beach, Fla.? Right address According to the 2010 Wealth Report released annually from real-estate  brokerage Knight Frank and Citi Private Bank Wealth Report, the second priority for rich primary home buyers is security and the third is design. Size ranks fourth, while price ranks seventh and proximity to schools is last.When it comes to buying a vacation home, however, the priorities of rich real-estate buyers gets scrambled. Their first priority? View. Second is climate and third is reputation of the area. Price ranked fifth (slightly higher than the primary-home ranking) and proximity to schools again ranked last.
By Robert Frank, March 25, 2010 WSJ The Wealth Report

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