A Part of Paris and a Piece of Nice
Le Vieux Nice
August 28, 2008
Bonjour French Property Insider Subscriber,
As Parisians re-enter the city and life starts to come back to normal after the long holiday season, the agents and owners are preparing to offer new properties on the market. Two readers of FPI are purchasing this month — one studio apartment of 25 square meters in the 3rd arrondissement and the other a 154 square meter four bedroom luxurious apartment with a large terrace in the 4th arrondissement. Both have fabulous views in spite of their difference in size and location.
Another reader who recently purchased a fraction of Chez La Tour is here now taking advantage of her good fortune by spending a few days getting to know the new apartment. Read all about it in today’s issue and don’t despair, there are a few shares left if find it as appealing as she did.
The seaside city of Nice is spotlighted today. Lots of focus is being put on the South of France in recent publications, plus I’m still dreaming of it as a perfect rental investment property and great place to vacation. One year ago I was determined to buy an apartment there, then I switched gears to take advantage of the rate of exchange to purchase an apartment for my daughter in New York. Now on the third attempt, I still await news of acceptance or denial from the co-op board. If we are again denied, I’ll be turning eyes toward Nice once again.
Don’t miss the other important articles about new tax laws and France’s economic future thanks to Sarko policies!
If you haven’t already signed up for the Living and Investing in France Real Estate Conference in Paris this coming October, do so soon — and book your stay in any of our delightful luxury apartments near the conference location. For more information, visit http://adrianleeds.com/frenchproperty/conference for more information and to register.
Editor, French Property Insider
P.S. Mark your calendars for Parler Paris Après Midi (http://www.adrianleeds.com/parlerparis/apresmidi.html) La Rentrée gathering September 9th, the Film Producing Workshop (http://www.adrianleeds.com/frenchproperty/conference)
by Judith Merians September 13th and the Parler Parlor (http://www.parlerparlor.com) Rentrée Party Picnic September 20th.
Volume VI, Issue 35, August 28, 2008
In this issue:
* A Piece of a Paris Dream Come True
* What’s So Nice About Nice?
* Capital of the Côte d’Azur
* Investors in France Looking South
* France’s Economic Outlook
* Sarkozy Tax Talk
* French Property Fractional Offerings
* Next Living and Investing in France Real Estate Conference – Paris October 11-12, 2008
* FPI Property Consultation, Search and Relocation Solutions
* Today’s Currency Update from Moneycorp
* Next Parler Paris Après-Midi: September 9, 2008
* Hot Property Picks: Nice Life
* Leasebacks: Madrid, France, Mediterranean Coast, Cannes
* Managing Your FPI Subscription
* Classified Advertising: Parler Paris Apartments — La Bonne Nobel
Chez La Tour
By Adrian Leeds
Sallie Robbins-Druian and her husband, Jay, considered purchasing a pied-à-terre of their own. They are proprietors of a French wine shop in the heart of historic downtown Los Gatos, California (http://www.thefrenchcellar.
offering the wines from the major grape growing regions of France: Alsace, Beaujolais, Bordeaux, Bourgogne, Chablis, Champagne, Languedoc-Roussillon, Provence, Vallée de la Loire & Vallée du Rhône.
They come to France often, as one might imagine, so owning a property in Paris was a long time dream. Sallie attended a Living and Investing in France Real Estate Conference in San Francisco the summer of 2007 to help make that dream come true.
Earlier this year Sallie made an excursion to Paris, visited lots of available properties in their price range, but chose to purchase one month of Chez La Tour — a Fractional Ownership property offered by developer, Steve Navaro, of Paris Home Shares.
The month of usage they bought was February, but because the co-owners have a friendly relationship, they allow each other the use of the apartment when it’s available. Hence, Sallie and Jay came to Paris this month for a brief interlude at Chez La Tour.
Chez La Tour was Paris Home Shares third project. Located in Paris’ most elegant district, the 7th, on boulevard de Latour-Maubourg, it’s a two-bedroom, two bath, 88.1 m2 apartment just a stone’s throw from the Eiffel Tower…and it reeks of bourgeois lifestyle. It’s more than 95% completed and really livable. The floor plan of the original Haussmannian apartment was cleverly redesigned for today’s lifestyle without compromising the original bourgeois details, such as molding, fireplaces and parquet floors.
Steve Navaro, proudly reported that, "Actually, we turned an apartment with one bath and two tiny bedrooms into a good plan with a large master bedroom and decent second bedroom, each with their own bathroom and a powder room to boot. Not too bad in my opinion," he added.
Sallie and Jay are loving their new home away from home in the City of Light and discovering their new neighborhood. It was the perfect solution for what they wanted out of Paris…a great place to stay without the hassles of property management.
There are only four shares left of Chez La Tour selling at 115,000€ per share: November, December, January, March
If you would like to receive more information on this apartment, or about fractional ownership in general, please feel free to write to me at firstname.lastname@example.org or contact Adrian Leeds at email@example.com
Nice is Nice
By Adrian Leeds
Last summer I stayed in an apartment owned by a reader of FPI who is a successful property investor with an apartment in the heart of Paris as well this one in the heart of Nice. It afforded an opportunity for me to become familiar with the city, the adjacent villages and what it might be like to own something that could be enjoyed part of the year and profitable the rest of the time thanks to vacation rental revenues.
Nice, with a population of almost 900,000, is the capital of the Riviera and the fifth largest city in France. It has been one of Europe’s most popular resorts since the 18th-century when Russian and English aristocrats built their mansions there. Later, wealthy Victorians enjoyed its winter climate.
There is a very large community of Anglophones on the Côte d’Azur, and in particular a vital American Community. It would be easy to connect with others via the many organizations for Anglophones. A listing can be found at http://riviera.angloinfo.com/af/46/riviera-clubs-and-associations.html
Vacationers come from all over the world, particularly Italy, the U.K., Germany, North America and of course, the French themselves.
The towns adjacent to Nice are particularly beautiful and chic (from west to east): Villefranche-sur-Mer, Saint-Jean-Cap-Ferrat, Beaulieu-sur-Mer, Eze sur Mer, Cap d’Ail, Roquebrune, Menton and of course, the principality of Monaco. To the east are such celebrated and wealthy spots such as (from east to west): Saint-Paul-de-Vence, Cap d’Antibes, Juan-les-PinsM Cannes, Saint-Raphaël, Saint-Tropez, Hyères, Cassis and Toulon.
Personally, I prefer the towns closer to Italy, which have retained their Italian heritage. Italiannate facades and pastel colors dominate the architecture along with trompe l’oeil decoration and colorful shutters and awnings. There is hardly a difference when crossing the border into Italy, the residents more bilingual than not (French and Italian), each taking advantage of the other’s culture.
The lifestyle in any of the seaside villages does not absolutely require having a car at one’s disposal, but it would be a huge convenience. In Nice, car isn’t as necessary, as the TGV lands in central Nice from Paris
in just six hours. A second train station just north of the old port, "Riquier," services the local trains to the adjacent villages and beaches. The public transportation is quite well-networked for getting around town without owning a vehicle, an advantage for a tourist.
The rental season is broader in some towns than others. Central Nice could potentially rent year-round, particularly because of the various festivals which draw thousands of visitors from all over the world. Cannes is another very rentable spot all throughout the year, thanks to the Cannes Film Festival and film industry trade. The other cities have shorter rental periods, mostly peaking between May and September.
For this reason, Nice is nicer…a better investment bet, if what you’re seeking is more than just a pleasure spot. There are 12 districts in Nice to consider, but for investment purposes, my recommendation is to stick to the center with easy access from the train stations: Nice Centre, Promenade des Anglais, Vieux Nice and Nice Port.
Nice Centre with a balcony and views of the city, if not of the water, and close proximity to the train station, can make an excellent rental apartment, with studios as inexpensive as 75,000€ and a lot of property is available in this large district. Charm is what it might lack in exchange for convenience.
The Promenade des Anglais provides views of the sea, the most desirable spot for a tourist, if not so ideal for a resident. Most of these apartments are contemporary with large balconies. Two-room apartments start about 200,000€.
Vieux Nice is my personal favorite, with its narrow winding streets, ancient buildings and bustling tourist activity. Here there is very limited property available, with two-room apartments starting about 165,000€. Elevators are rare and sunlight is hard to achieve if the apartment is not on an elevated level. Balconies are fewer, but character is abundant. Expect more noise from neighbors and the restaurants and clubs below. Because of the gentrification of Old Nice on the rise, here is where appreciation could be best and rental season longest.
Nice Port can be a perfect investment compromise between Old Nice and Nice Centre, still a real neighborhood with plenty of charm, and in close proximity to Old Nice and the Riquier train station. Balconies are more likely than not, but watch for views of contemporary and unsightly modern buildings. A car can be convenient, but not entirely necessary. This is where Ray’s apartment is located, and from his report, rentals are quite good and profitable. Apartments can be as inexpensive as 150,000€ for two rooms.
Yes, Nice is nice, for many reasons. If you’re considering an investment property there, as I am, you can begin by perusing the current listings in Nice and all of the Côte d’Azur at http://www.tendance-immobiliere.com/ and if you’re seriously interested in finding a property on the Côte d’Azur, contact French Property Insider Consultation at firstname.lastname@example.org for assistance.
Nice, the Capital of the Côte d’Azur
Nice, the capital of the Côte d’Azur is a truly cosmopolitan tourist destination. This part of the glorious French Riviera is the perfect resort for sun lovers, with many people choosing to relax along Nice’s spectacular coastline during the sunny summer months and mild winters, where you are able to sunbathe, paddle in the azure sea, swim, water ski, parascend, jet-ski, or simply sip a smooth cocktail. Nice is home to many free stretches of beach and also a total of 15 private beach areas, referred to as ‘plages concédées’, where sun loungers can be hired for a nominal charge.
Many visitors staying in Nice enjoy a stroll along the Promenade des Anglais (Promenade of the English), which dates back almost 200 years and lines the city’s Mediterranean coast at the Baie des Anges (Bay of Angels). Central to life within Nice, this legendary boulevard is better known as simply the ‘Promenade’ and stretches for around 6 km / 4 miles, featuring many bright blue chairs where you can sit, relax and enjoy superb sea views.
A recent thinktank report in Britain suggesting that millions in the north think of looking for a new home in the south was roundly derided, but when it comes to buying property in France the south comes highly recommended.
This is not just because of the sunshine, sea, climate, wine and fashionable, upmarket locations, though of course all these are part of the immense appeal of the region. But as investments there are places to suit every taste, according to French property specialist firm VEF.
Founder and managing director of VEF Trisha Mason said that of all the different regional markets in the country, this was the best, commenting: "It has consistently outperformed all other areas of France in terms of capital growth over the past ten years and demand for top class properties remains very buoyant."
However, if som
e may ta
ke that as evidence that the region is only for the wealthy, with every property having appreciated to a high value and no bargains about for new investors, the reality is different, according to Ms. Mason.
She stated: "At whatever level investors look to enter the property market in the south, there is something of interest. Small studios and apartments achieve good rental yield either for holiday lettings or for full time lets and larger properties remain in high demand for summer rental with weekly rents of €6,000 (£4,742) and upwards."
Of course, there are wealthy investors getting involved in the area, with Ms. Mason mentioning Russians in Nice and an influx of celebrities, all of which has increased interest and demand. But she also pinpointed the villages of Var as a good investment spot just inland from the coast.
As ever, of course, investors should make sure they are taking plenty of good advice and are well prepared when making their plans and following through their purchases.
Writing in French Property News, expert Cherise Wilson advised that patience is indeed a virtue when it comes to finding the right property, rather than rushing in. But more importantly, she suggested, the financial and legal aspects need to be carefully considered.
In the first instance, she stated, French agents tend not to be interested in doing business unless the financial means to buy a property are in place. Moreover, the money must be there before any purchase can be made.
Equally, the legal aspect can also be hazardous, particularly for anyone not conversant in French. Those unsure, Ms. Wilson advised, should make sure they get independent legal help.
Such preparations should, of course, be a watchword for anyone buying abroad in order to ensure everything goes smoothly. For those investing in the south of France, preventing things from going wrong is a wise move, given all that can go right in a region that has performed better than the rest of the country.
Country Focus: France
By Patrick Leniston, Country Manager for EC Harris
President Nicolas Sarkozy’s honeymoon period may be at an end, but France is weathering the credit crisis relatively well and the construction industry is still a bastion of the economy, reports Patrick Leniston of EC Harris
Overview of the economy
France took over the six-month rotating EU presidency on July 1 this year, but the EU’s relationship with the nation — the eurozone’s second-largest economy after Germany — has not been an especially happy one lately. Last July, the reform-focused Sarkozy administration disappointed the EU with a promise to balance France’s budget by 2012, rather than the 2010 goal that the EU had set for its members.
Then in May, prime minister François Fillon promised to cut the 2007 French deficit of 2.7% of output to 2.5% in 2008 and reach the 2009 objective of 2.0%. However, in June the European Commission warned Paris of contrary forecasts that France’s public deficit could rise to 2.9% of output in 2008, hitting 3.0% (the Maastricht cap) in 2009…
To read the entire article, please visit http://www.building.co.uk/story.asp?sectioncode=661&storycode=3119848&c=0
Britons Face Nicolas Sarkozy Tax Rise to Fund French Welfare Plan
By Adam Sage
The Times Online http://business.timesonline.co.uk
President Sarkozy will face accusations that he is turning his fiscal policy on its head today when he announces an increase in tax on investment revenue to finance a back-to-work program.
The 1 per cent rise on share, property rental and other investment income is designed to help to pay for the French President’s promise to end the so-called welfare trap, in which it can be unprofitable for jobless people to return to employment.
The tax will be wide-ranging and could affect thousands of Britons who let their properties in France in the holiday season.
Critics argue that the move signals the death of Mr. Sarkozy’s tax-cutting crusade as he struggles to implement Blairite electoral pledges while trying to limit the €50 billion (£40 billion) French budget deficit…
To read the entire article visit http://business.timesonline.co.uk/tol/business/economics/article4622158.ece
Fractional Property Offerings from French Property Fractional
If you are interested in traditional fractional ownership properties currently offered by our Fractional Ownership partners, see below:
|Paris: LE PETIT TRESOR
|Paris: CHEZ LA TOUR
|Languedoc-Roussillon: MAISON BLEUE
|Meaux: CHÂTEAU LIVING FRANCE
Adrian Leeds of the Adrian Leeds Group, LLC and John Howell of The International Law Partnership Present the…
Living and Investing in France Real Estate Conference
October 11-12, 2008
Chez Jenny, Paris, France
If you’ve always dreamed of spending more time in France, enjoying a "pied-à-terre" of your own in Paris that you can profitably rent when you like, or just make a smart investment in the strong Euro by owning property in France…then this power-packed conference is a MUST. There is no doubt, from the hundreds of others who have attended conferences of this kind and fulfilled their dreams…this weekend in Paris will point you in the right direction to really make it happen!
You will discover…
* Why Invest in Property in France?
* How to Minimize Your Tax and Maximize the Benefits!
* How to Find Your Dream Apartment in Paris or Home in the Country!
* How to Buy and Own Property in France!
* How to Obtain a Mortgage in France!
* How to Reduce Your Currency Exchange Risk!
* How to Learn More About the Best Kept Secret in Offshore Banking and Investing!
* How to Renovate and Rent Your French Property for Profit!
* Plus, answer all the rest of your questions during a Q and A panel with the presenters!
You’ll have an opportunity to ask questions and learn all you’ll need to know to make your dream to live in France come true or how to take part in the profits of owning property there.
Click here for the complete full-day schedule… http://www.adrianleeds.com/frenchproperty/conference/LIF_Paris_2008/schedule.html
Reservations and information: http://www.adrianleeds.com/frenchproperty/conference/LIF_Paris_2008
If you’d like to know more about the conference or reserve your place, email Schuyler Hoffman, Conference Coordinator, at email@example.com
Paris Office 9 a.m. to 6 p.m. Paris Time Phone 1-310-427-7589
TODAY’S CURRENCY UPDATE
Visit the FPI Web site and click on the link on the left panel or click here for Currency Convertor by Moneycorp Global Money Services: http://www.adrianleeds.com/frenchproperty/insider/moneycorpconvertor.html
for up to the minute conversions of all major currencies.
Compare currency values easily and quickly by visiting:
The charts below are updated every ten seconds.
The prices shown are "inter bank" exchange rates and are not the rates that you will be offered by Moneycorp. Your rate will be determined by the amount of currency that you are buying. Please speak with an Moneycorp dealer or your consultant for a live quotation.
Parler Paris Après Midi
Come for a drink and to meet and chat with other readers in Paris…
The next gathering is September 9, 2008, and every second Tuesday of the month.
HOT PROPERTY PICKS: Nice Life
Each week French Property Insider features a range of properties which we believe are on the market at the time of writing. These properties are featured in order to give readers a sample of what is currently available and a working example of prices being asked in various regions of France and districts of Paris.
As we are not a real estate agency. These properties do not constitute a sales listing. For those readers seriously interested in finding property in Paris or France, you can retain our services to do the whole thing for you. For more information, visit http://www.adrianleeds.com/frenchproperty/consultation
***Nice, 3 rooms, approx. 55m²
Located in the pedestrian zone, steps from La Place Massena in the heart of the city and close to the beach, the old city and many large stores. This apartment is quiet and on the interior courtyard of a traditional niçois building. Includes living room, American-style kitchen, a large bedroom, a smaller bedroom with balcony, modern bathroom with glass sink and separate toilet, all just completely renovated. Double paned windows, wood floors, plus new electricity and plumbing, digicode and cellar.
Asking Price: 318,000€ + 2.5% Finder’s Fee
***Nice, 3 rooms, approx. 85m²
In a quiet environment , with an open view of the city and sea, this apartment contains three rooms including a fully equipped kitchen, two bedrooms, bathroom, separate toilet and a large terrace. The building is equipped with a swimming pool. Also includes a cellar and parking. Totally renovated
Asking Price: 415,000 € + 2.5% Finder’s Fee
***Nice, 3 rooms, approx. 95m²
With an open view, this spacious apartment has three rooms including a living room, kitchen, two bedrooms, bathroom. The terrace offers a superb view of the sea and château.
Asking Price: 565,000€ + 2.5% Finder’s Fee
LEASEBACK NEWS FROM IMOINVEST
France, Mediterranean Coast, Cannes
One Bedroom 55m² to 55m² €468,000 to €468,000
Two Bedrooms 75m² to 83m² €632,000 to €680,000
Three Bedrooms 102m² to 102m² €800,000 to €800,000
EXPECTED RENTAL INCOME UP TO: 4.00%
New build residence in t
he heart of Cannes on the French Riviera
just a stone’s throw away from the infamous Croisette. Discover Residence Madrid’s beautiful townhouses, villas and apartments located in the residential neighborhood of La Basse Californie, stationed just a short walk from Port Canto. Cannes’ exceptional location, only 36 km from Nice, 55 km from Monaco and 60 km from the Italian border makes for an excellent Buy to Let venture as well as a fantastic addition to your portfolio as a holiday home investment.
Thanks to Residence Madrid’s exceptional environment, owners will benefit from a haven of tranquillity while at the same time being just a few minutes from the Croisette, the world-famous street, which runs along the shoreline of Cannes, full of upscale shopping opportunities. The residence boasts an elegant and refined architecture comprising spacious apartments enhanced by top-quality appointments. Facing due south, the apartments ensure that owners and tenants alike will take full advantage of the superb climate on the Côte d’Azur and the floral gardens that surround the site. Apartments offer, large terraces, central air-conditioning, fully fitted bathrooms, electric roller blinds and built-in closets. In addition, the residence offers complete security via videophone entry and safe car parks.
Investing in the Provence Alpes Côte d’Azur region is one of the best ways to capitalize on property in the South of France. Residence Madrid is a new build project with an expected completion date set for the second quarter of 2009. A new build means that investors will purchase now and pay later. Property owners will pay approximately 30% up front and the rest through stage payments that are in synch with the progression of the construction work. Investors will not be required to pay the total sale price in full until after completion of the project. Therefore, investors may purchase their investments now at 2007 prices and not have to pay the full amount until 2009.
SEEKING A MORTGAGE IN FRANCE?
When you make a purchase as important as a piece of real estate in a foreign country, you want to know that you can trust the people you are dealing with. Adrian Leeds has developed a network of professionals that meet only the highest of standards. With the expertise and experience of Adrian and her team, you can depend on getting the best advice and support to feel completely confident that you are making an informed investment decision.
Managing Your French Property Insider Subscription is Easy!
We receive many emails from French Property Insider Subscribers who want to change their email address, or update personal information. But did you know that you can make these changes yourself?
2. Click on "Manage Subscription." You’ll find it under the "Subscribers Only" section in the sidebar.
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5. Once you’ve made the changes, scroll down to the bottom of the page and click on "Save Profile."
Of course, we’re always happy to help, so if you do need assistance, send an email to firstname.lastname@example.org
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HELPFUL CONVERSIONS FOR REAL ESTATE
1 square meter = 10.7639104 square feet
1 hectare = 2.4710538 acres
For more conversions, refer to: http://www.onlineconversion.com/
Welcome to your home in Paris. Home is how you will feel in a private apartment in Paris that has the "seal of approval" from Parler Paris Apartments and me, Adrian Leeds.
Parler Paris Apartments offers high quality accommodations to make your stay in the City of Light as enjoyable and memorable as possible. We at Parler Paris know each and every apartment owner or manager personally, and stand behind the quality of those we represent. We understand your needs and desires, all the small details that make a rental apartment a warm and welcoming home – and a much better alternative to an impersonal hotel!
Parler Paris Apartments is administered and serviced by the same great team as Parler Paris, French Property Insider and French Property Consultation. You can trust that Parler Paris Apartments and all those with whom it is associated will do their best for your 100% guaranteed satisfaction.
La Bonne Nobel
Rue Nobel – one of Montmartre’s Most Charming Streets
Two-Bedroom (One-Bedroom + Bedroom/Office), Sleeps 4
Rue Nobel is one of Montmartre’s most charming staircases — the romantic Montmartre we now know as depicted in the popular movie "Amélie Poulain."
On the third floor of an elegant "pierre-de-taille" building with an elevator, on a quiet stair-stepped street in Montmartre, with no through traffic or hint of noise, sits "La Bonne Nobel." Completely renovated in late 2007, this gem is bright, shiny and luxuriously comfortable. Every surface and corner of the apartment has been exquisitely decorated in soothing tones of pale blues, beiges and soft browns.
Reserve now! Visit http://www.adrianleeds.com/parlerparis/apartments/rentals/nobel.html
or email: Apartments@AdrianLeeds.com
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Copyright 2010, Adrian Leeds®
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